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China's State Council announced a series of stringent measures aimed at improving the insurance sector and preventing financial risks. The measures include strict prohibitions on firms with illegal cross-business operations, excessive leverage, and serious credit violations from becoming major shareholders. Additionally, the qualifications of management personnel will be rigorously reviewed. These steps are part of a broader initiative to enhance supervision and mitigate risks in the country's insurance industry, as outlined in a statement released on Wednesday during the Global Public Security Cooperation Forum. China also proposed 10 measures to handle new risks at the forum.
China to issue broad measures to improve insurance sector, prevent risks https://t.co/NsPI5O2Ius https://t.co/ia5h7QMuzR
🔵 CHINA TO ISSUE BROAD MEASURES TO IMPROVE INSURANCE SECTOR, PREVENT RISKS China's state council on Wednesday said it will issue concrete guidelines to strengthen supervision and prevent risks in the country's insurance industry, according to a statement. FinvizJoin millions… https://t.co/y0Cpv8l0Ss
⚠ CHINA'S STATE COUNCIL: **WILL ALSO STRICTLY REVIEW THE QUALIFICATIONS OF MANAGEMENT PERSONNEL **WILL STRICTLY PROHIBIT FIRMS WITH ILLEGAL CROSS-BUSINESS OPERATIONS, EXCESSIVE LEVERAGE, SERIOUS CREDIT VIOLATIONS FROM BECOMING MAJOR SHAREHOLDERS **INSURANCE INSTITUTIONS…
