China to Implement Comprehensive Measures to Enhance Insurance Sector and Mitigate Risks, Reports Reuters

BEIJING (Reuters) – On Wednesday, China’s state council announced plans to introduce specific guidelines aimed at enhancing supervision and mitigating risks within the country’s insurance sector.

The comprehensive initiative will involve strict regulations governing the establishment of new insurance agencies in order to elevate the overall quality of the industry.

Furthermore, the government intends to support qualified businesses in their participation in the reform of insurance organizations to address potential risks. It will also facilitate the establishment of legal entities and branches for eligible foreign insurance institutions in China.