Insurance regulator sets standard on information disclosures
Reports should include financial accounting, insurance liability reserve, risk management status, solvency capacity and major transactions
The China Banking and Insurance Regulatory Commission has released new rules to further regulate and clarify information disclosures for the nation’s insurance companies, The Paper reported.
The new rules makes it clear that disclosures by insurance companies should include basic information, as well as that involving the company’s financial accounting, insurance liability reserve, risk management status, insurance products operation, solvency capacity and major transactions.
Meanwhile, it is worth noting that for companies selling life insurance products, the disclosure shall include the name of the top five products bringing in the most premiums, including the main sales channels and the surrender value.
Also, the name of the top three products held by policyholders, including the main sales channels and the new payment and surrender value for the year are also required to be disclosed.
The new rules are to take effect on July 1.