Please try another search
Economy15 hours ago (Nov 24, 2021 09:30PM ET)
© Reuters. FILE PHOTO: People walk in the Central Business District (CBD) on a hazy morning in Beijing, China, October 25, 2021. REUTERS/Thomas Peter
SHANGHAI (Reuters) – Chinese regulators have opened 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.
Regulators will look into investment activities of insurers which was beyond the allowed investment scope, including those invested into commercial real estates projects, and into unlisted property developers, the report said, citing unnamed sources from insurance firms.
It will also look into areas where insurers helped to raise funds for property projects irregularly, or even breached the fund raising limit, the report added.
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.
Related Articles
Football, family and parade floats: Traditions return on U.S. Thanksgiving Day
By Reuters – Nov 25, 2021
3
By Daniel Trotta (Reuters) -Americans returned to parade routes on Thursday as they prepared to pack football stadiums and gather more freely for family feasts, grateful to…
Supply chains add to Mexico economy slump, piling pressure on central bank
By Reuters – Nov 25, 2021
(Reuters) – Mexico’s economy contracted 0.4 percent in the third quarter, receding faster than previously thought as services slumped and supply chain issues bit, challenging the…
Who will be the Bundesbank’s next chief?
By Reuters – Nov 25, 2021
FRANKFURT (Reuters) – Germany’s Social Democrats, the senior partner in the three-way coalition that is forming a new government, are expected to pick a new head of the…
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Comments are closed