Tightening regulation on insurance market
Authorities have moved to tighten regulation on the insurance sector as they put priority on preventing systemic financial risks, sorting out irregularities and strengthening areas of weakness. On January 22, 2018, the national insurance supervision and regulation meeting was held in Beijing. According to the statistics released from CIRC’s press conference on the same day, in 2017, 720 institutions, 1046 relative personnel and 150 million yuan are included in the penalties, which is 56.1% higher than that of 2016. In 2018, special inspection in insurance industry will be strengthened.