China launches probe into insurance fund use to curb risk -report
FILE PHOTO: People walk in the Central Business District (CBD) on a hazy morning in Beijing, China, October 25, 2021. REUTERS/Thomas Peter
SHANGHAI : Chinese regulators have launched an investigation into the use of insurance funds in a bid to combat any illegal use and to curb risk in the industry, the state-backed Shanghai Securities News reported on Thursday.
It said an earlier routine inspection had found some insurance institutions had serious compliance issues.
Institutions now have to formulate rectification plans - including holding accountable staff responsible for violations or lapses - deeply analyse the root causes of problems, re-examine assets and promote reasonable capital replenishment, the newspaper said.
(Reporting by Brenda Goh; Editing by Christopher Cushing)
