In a major exercise lasting over seven months, to detect, curb and resolve insurance fraud cases, the Chinese police and regulatory authorities have been able to resolve over 1400 insurance fraud crime cases amounting to more than CNY1.5bn ($205m).
Allianz China and Fudan University of China have forged strategic partnership to advance finance and insurance research in the country.
As the year-end approaches and the new year begins, the 'Kai Men Hong' (translated to 'a prosperous beginning') season - a critical time for boosting performance - is in full swing.
With long investment horizons, large capital pools, and a preference for stable returns, insurance funds are well-suited to invest in high-quality real estate. Such investments help insurers extend asset durations and achieve better asset-liability matching.
Since last year, both insurance companies and intermediaries have been closing branches on a large scale, a trend the industry has dubbed "streamlining and quality enhancement."
Regulatory oversight in agricultural insurance is intensifying. End of last year, the National Financial Regulatory Administration, Ministry of Finance, Ministry of Agriculture and Rural Affairs, and National Forestry and Grassland Administration jointly issued the 'Ten Guidelines for Promoting Precision in Agricultural Insurance Underwriting and Claims' (referred to as the guidelines). This policy emphasized standardizing the agricultural insurance market. Soon after, local regulators began responding.
On 7 January, the Opinions of the Central Committee of the Communist Party of China and the State Council on Deepening the Reform and Development of Elderly Care Services were released. The document emphasizes improving fiscal support policies, with central budget investments actively supporting the construction of the elderly care service system. It also calls for the vigorous development of elderly care finance to meet the credit and financing needs of elderly care institutions.
On 8 January, the National Financial Regulatory Administration announced its approval for Guomin Pension Insurance (Guomin Pension) to increase its registered capital by CNY228m, with the funds contributed by Allianz Global Investors (AGI).
These are the updates on insurance regulation across China this week.
These are the highlights for all events and updates across the industry this week.