"The CIRC is very serious about stamping down on these risky investment practices," said Sam Radwan, co-founder of consultant ENHANCE International, which works with CIRC and China's top insurers.
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Lime, Bird, Circ, Dott, Jump and B-Mobility are still around.
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The CBRC and CIRC could not be immediately reached for comment.
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CIRC said it will take control of the company from February 23.
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"The comprehensive partnership entails the creation of designated parking spaces at key strategic locations in railway stations and explores digital integration as Circ and SBB introduce ways to create seamless mobility for rail and e-scooter users," says Circ.
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The CBRC and CIRC did not immediately respond to faxed requests for comment.
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The CIRC, China Life and Ping An did not respond to requests for comment.
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There's some circ number that's kind of pretend, but no one's monitoring your performance.
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In the European theater, they're essentially all one-syllable names: Tier, Voy, Wind, Circ.
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The China Insurance Regulatory Commission (CIRC) will step up supervision over the use of insurance funds, with focus on "chaos" such as irrational stock market fundraising and overseas acquisitions, said Guo Jing, vice head of the finance and accounting department of the CIRC.
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A spokesman for Anbang Insurance Group declined to comment and referred to the CIRC announcement.
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The CIRC said that Anbang's debts and obligations will not be impacted by the takeover.
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In Cologne, Spin will find itself competing against the likes of Bird, Lime and Circ.
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"The problems reflect the lack of responsibility of some companies in product management," said the CIRC.
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Circ, Tier and Voi charge 1 euro to start the ride and 0.15 euros per minute.
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The CIRC also said Anbang's chairman and key shareholder, Wu Xiaohui, had been prosecuted for economic crimes.
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The CSRC, CBRC, CIRC, PBOC and State Council Information Office did not respond to requests for comment.
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"It's a seasonal business, we have less riders in the winter than summer," explained the Circ founder.
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The CIRC is the top insurance regulator in China, determining which providers are issued licenses to sell insurance.
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Foresea Life was later suspended from selling universal life insurance by the CIRC, the Nikkei Asian Review reported.
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CIRC also said its draft rules will forbid insurers to use wealth management funds to invest in themselves.
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The decline comes as CIRC intensifies its widespread regulatory crackdown on the excessive use of universal life products.
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The main financial regulators include the China Banking Regulatory Commission, the China Securities Regulatory Commission (CSRC) and CIRC.
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Xiang said CIRC wouldn't allow the insurance industry to become "a rich man's club" or hideout for "financial crocodiles".
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The China Insurance Regulatory Commission (CIRC) has clamped down on excessive use of short-term, risky universal life products.
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The CIRC said on Saturday it would force three major insurers - Ping An Insurance (Group) Co of China (601318.
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The CIRC is currently seeking opinion on the new rules and did not disclose when they will become effective.
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Evergrande declined to comment on the CIRC proposal, while calls to Baoneng's Foresea Life head office were not answered.
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The firms must make the necessary adjustments and report their changes within a month, the CIRC said in the statements.
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In Cologne alone, TechCrunch notes that Spin will be competing against three other ride-sharing companies; Bird, Lime, and Circ.
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Bird has announced that it will acquire Circ, a leading electric scooter rental business in Europe and the Middle East.
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In December, the CIRC said it would restrict the business of insurers which have a low rating for asset liability management.
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On that note, Circ says it has joined the Union Internationale des Transports Publics (UITP), the worldwide association for public transportation.
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CBRC, currently headed by Guo Shuqing, was carved out of the central bank in 2003, while CIRC was created in 1998.
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Insurance premium income reached 1.88 trillion yuan in the first half, up 37 percent from a year earlier, the CIRC said.
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The total sales of China's top 100 real estate developers soared 35 percent last year, according to private research firm CIRC.
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The CIRC said in a statement on Monday it will tackle illegal activities in the insurance market and fend off financial risk.
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While newly named Circ has moved very fast to reach 1 million rides, riding fast is not what the company is about.
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In three separate statements, the China Insurance Regulatory Commission (CIRC) said investments abroad by Ping An Insurance (Group) Co of China (601318.
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Anbang Life intentionally designed a long-term annuity insurance product as a two-year product, circumventing rules, CIRC said in Friday's notice.
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Finally, Gadowski says the move to swappable battery technology means that Circ can run more efficiently and therefore also requires fewer people.
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We also understand Circ was in the midst of trying to raise a Series B, which is what prompted talks with Bird.
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In February 2015, instead of the much called for tightening, CIRC removed the 2.5 per cent cap of guaranteed return for universal insurance.
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Citing an official with the Communist Party, Xinhua said Xiang had now been removed as chairman of the China Insurance Regulatory Commission (CIRC).
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Xiang Junbo, who turns 59 this month and is chairman of the China Insurance Regulatory Commission (CIRC), is the leading candidate, they said.
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Circ — then called Flash — raised €55 million in Series A funding in January, with Target Global leading the round via its mobility fund.
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This deployment comes shortly after Bird acquired European rival Circ, while simultaneously announcing a $75 million extension of its Series D funding round.
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"We fully support CIRC's decision," a company spokesman said, referring to the China Insurance Regulatory Commission (CIRC), which announced the one-year takeover.
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Confirming the restructuring, Circ issued the following statement, citing the move to swappable batteries and a shift of focus to "efficiency and ops excellence": After fast growth in the initial stage now we focus on efficiency and ops excellence, including switching our operations mode to swappable battery scooters, [we] just introduced the Circ "KAISER" vehicle in a few German cities.
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Quietly launched in Zurich, Switzerland in mid-January this year, Berlin-based Circ says it has since expanded to 21 cities across 7 countries.
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Guo also said CIRC will prevent risks stemming from peer-to-peer (P2P) lending and internet finance from spilling over onto the insurance industry.
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First, there are just too many scooter startups — Bird, Bolt, Bolt by Usain Bolt, Circ, Dott, Hive, Jump, Lime, Tier, Voi, Ufo and Wind.
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Lime, Bird, Circ, Dott, Jump and B-Mobility are still around, but I'm sure there will be more consolidation over the next 12 months.
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In Decmber last year the CIRC had already suspended Evergrande Life from making equity investments for engaging in speculative and frequent high-volume trading.
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In January, the CIRC said the fund had directed part of its first fund to finance Russia's $27 billion Yamal liquefied natural gas project.
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The finance ministry's inspectors on the ground were told to closely monitor the matter and report any wrongdoings to the ministry and the CIRC.
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China's insurance assets have nearly doubled over the last three years, reaching 15.1 trillion yuan ($2.19 trillion) at the end of 2016, CIRC data shows.
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Those who did so could potentially have their licenses revoked or be "kicked out" of the industry, said Xiang Junbo, the chairman of the CIRC.
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The crackdown on the insurance market follows what the CIRC has called risky activities by some aggressive insurers, particularly those engaged in stock market speculation.
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CIRC said in December it had suspended Foresea Life from selling "universal life" products until the firm addressed problems in managing customer accounts and information.
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I'm also told that this year Circ has seen "positive unit economics" in cities in about one-third of its countries (five out of 14).
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The CIRC said inspection teams sent into Evergrande Life in December had identified a number of issues, including irregular stock investment activity and weak internal controls.
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The CIRC said it planned to reduce the upper limit of a single shareholder's stake in an insurance company to one-third, from 51 percent presently.
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The move will give insurers "more flexibility in choosing investment targets," said the announcement posted on the official website of the China Insurance Regulatory Commission (CIRC).
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Last month CIRC indicated its concern by suspending Evergrande Life from conducting stock market investments due to what it called its speculative, frequent, high-volume trading.
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CIRC has launched an inspection of insurers' risk controls over stock, private equity and real estate investments, the official Shanghai Securities News reported earlier this month.
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He Xiaofeng, head of the commission's working group in control of Anbang and a director at the CIRC, said the regulator faces difficulties authenticating fund sources.
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CIRC has been particularly focused on the widespread issuance of higher yielding, short-term products by some insurers, and the potential systemic risk stemming from their use.
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In a news briefing conducted in Beijing, the chairman of the China Insurance Regulatory Commission (CIRC) said that insurers who engaged in speculation would face severe punishments.
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As the A share market crashed by 30 per cent, CIRC lifted the insurers' investment ceiling in blue chip stocks by a quarter to 40 per cent.
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The CIRC said on Friday that it had sent a working group to Anbang in June 2017 and that at present the company's operations are "generally stable".
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Meanwhile, along with most competitors, such as Circ, Tier is keen to position itself beyond e-scooters alone and is now calling itself a "micro-mobility" company.
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Beijing is prosecuting a sector-wide crackdown on what the CIRC says are risky activities by some aggressive insurers, particularly those that engage in stock market speculation.
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"Merging the CBRC, CSRC and CIRC under the central bank would be reverting to the old system when the PBOC had too much power," this person said.
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The new rules, effective from Monday, follow a buying spree by Chinese insurers in equities and real estate after CIRC loosened restrictions on insurance investment in 2014.
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In December, CIRC suspended Foresea Life, a unit of financial conglomerate Baoneng Group, from selling universal life products until it addressed problems managing customer accounts and information.
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Bird, the LA-founded e-scooter giant, has confirmed that it is acquiring European competitor Circ, the micromobility company founded by Lukasz Gadowski of Delivery Hero fame.
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The electric scooter wars of 2019 The subsumption of Circ comes after other scooter companies underwent layoffs themselves, and in some cases, struggled to raise fresh capital.
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China's insurance industry saw its first-half earnings slide 54 percent to 105.6 billion yuan ($15.9 billion), the CIRC said in July, squeezed by falling investment returns.
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On Anbang, the CIRC official said that, contrary to what media reports suggest, the regulator had no plans to ask the company to sell its overseas assets.
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The CIRC earlier this week said that it had stopped Foresea Life from selling "universal life insurance" products until it addresses problems in managing customer accounts and information.
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During the takeover, the company would be managed by officials from the China Insurance Regulatory Commission (CIRC), the central bank and other key financial regulators and government bodies.
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The China Insurance Regulatory Commission (CIRC) said in a statement posted on its website that insurance products issued by Hong Kong insurers were not protected by mainland laws.
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Investor confidence was shaken by Wednesday's media reports that the vice chairman of the China Insurance Regulatory Commission (CIRC) had said insurers were not platforms to enrich speculators.
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CIRC said earlier this week it would soon send two inspection teams to check compliance at Evergrande Life and Foresea Life, a unit of financial conglomerate Baoneng Group.
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This buying spree, often funded by the issuance of short-term products, had sparked alarm among regulators, leading the CIRC to restrict insurers selling universal life and other products.
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The CIRC was referring to attempts made by Foresea Life, the insurance arm of Baoneng Group, to use capital from its insurance products to launch a takeover on Vanke.
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Since its 2018 launch, VOI, whose competitors include Circ, Tier, Lime and Bird, has built up more than 4 million registered users and recorded more than 14 million rides.
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The China Insurance Regulatory Commission (CIRC), which has not published any data on the sector's overall cash flow position, could not be reached for immediate comment outside business hours.
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Circ, the Berlin-based e-scooter rentals — or so-called micromobility — company founded by Lukasz Gadowski of Delivery Hero fame, has made a number of layoffs, TechCrunch has learned.
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Although, when it comes to stand-up e-scooters the firm is already invested in Berlin-based Circ so will presumably be looking to spend elsewhere on that front.
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The industry's real capital amounted to 3.4 trillion yuan ($493.47 billion) at the end of March, an increase of 189.9 billion yuan from the start of the year, CIRC said.
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Vice chairman Chen Wenhui of the China Insurance Regulatory Commission (CIRC) said at a forum in Beijing that the insurance industry was "incorrect" in prioritizing asset management over risk management.
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The regulatory punishment came amid an intensifying sector-wide regulatory crackdown on what CIRC calls as risky activities by some aggressive insurers, particularly those that engage in stock market speculation.
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In recent months, CIRC has repeatedly vowed to crack down some "barbaric" insurance players to prevent the sector becoming a "club of the rich" or a "hideout for financial titans".
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The China Insurance Regulatory Commission (CIRC) urged Evergrand to stick to the principle of long-term value investment and strengthen risk controls, according to a statement on CIRC's official microblog.
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In order for an insurer to issue a product, it has to get a certificate from the CIRC and the assets backing the product will be scrutinized, the sources said.
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The draft China Insurance Regulatory Commission's (CIRC) proposals, unveiled last week, would cap individual ownership limits in insurance companies at 33 percent, down from a previous limit of 51 percent.
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CIRC also suspended Foresea Life last month from selling universal life products, and instructed the firm to "improve customer service, (and) strengthen risk monitoring and response to maintain company stability".
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The China Insurance Regulatory Commission (CIRC), which has not published any data on the sector's overall cash flow position, did not immediately respond to a request seeking comment outside business hours.
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In recent months CIRC has repeatedly vowed to crack down on some "barbaric" insurance players to prevent the sector becoming a "club of the rich" or a "hideout for financial titans".
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Last December, CIRC suspended Foresea Life, a unit of financial conglomerate Baoneng Group, from selling universal life insurance products until it addressed problems in how it managed customer accounts and information.
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Some insurers have adopted aggressive operations and investment strategies, creating possible liquidity problems and causing greater exposure to risk, CIRC said in a statement in July, announcing the forthcoming rules changes.
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The rules, which now have 94 provisions from 37 before, come after the China Insurance Regulatory Commission (CIRC) seized Anbang Insurance Group, a firm dogged with allegations of opaque shareholding structures.
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The CCDI and the CIRC did not provide any further details regarding the investigation into Xiang, who is the most senior financial regulator to be caught up in Beijing's fight against corruption.
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The China Insurance Regulatory Commission (CIRC) also banned the firm's chairman, Yao Zhenhua, from the insurance business for 10 years in February, citing violations of regulations in its usage of insurance funds.
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The function of making important laws and regulations of the CBRC and CIRC will be transferred to the People's Bank of China (PBOC) as the central bank takes on a bigger role.
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Bohai Life also has been barred from conducting any fund-related connected transactions with HNA during the period, the China Insurance Regulatory Commission (CIRC) said in a notice released on its website.
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Chen Wenhui, the vice chairman of the CIRC, said 80 percent of insurance assets were invested in credit-related assets and credit risks were rising, even as insurance firms chase higher yields.
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The merger of the China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) is aimed at resolving existing problems such as unclear responsibilities and cross-regulation, according to the parliament document.
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The CIRC plans to cut the 15 percent overseas investment threshold to low single-digits for firms that have weaker solvency ratios and face asset and liability mismatches, two of the people said.
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The China Insurance Regulatory Commission (CIRC) required Evergrande Life to properly address the problem by improving its stock market investment practices and strengthening its risk management, the regulator said in an online statement.
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Circ, the formerly independent scooter shop, was struggling to have enough cash on hand and had undergone layoffs, despite having raised €55 million a year ago (that round was announced in January 2019).
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Earlier this year, the China Insurance Regulatory Commission (CIRC) banned the chairman of Foresea Life from the insurance business for 10 years, citing violations of rules in the firm's use of insurance funds.
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The CIRC proposal, which is unlikely to apply to large, mostly state-backed insurers, will be implemented after consultation with the industry, and the regulator has not set a firm timeline for implementation.
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The Central Commission for Discipline Inspection (CCDI) said on Sunday Xiang Junbo, head of the China Insurance Regulatory Commission (CIRC) was suspected of "serious disciplinary violations" - a phrase typically used to refer to graft.
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The group will seek to undertake an equity restructuring of the insurance giant, even as it keeps Anbang operating as usual, protecting the rights and interests of its consumers and stakeholders, the CIRC said.
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A notice from the insurance regulator, the China Insurance Regulatory Commission (CIRC) and the Ministry of Finance said insurers were banned from offering illegal financing services for local governments or local government financing vehicles.
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In one of the options currently under discussion, China's top financial regulators - the China Securities Regulatory Commission (CSRC), the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC) - would be merged.
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The China Insurance Regulatory Commission (CIRC) said in a statement on its website that Yao has been dismissed from the position of chairman of Foresea Life, an insurance unit of financial conglomerate Baoneng Group.
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The move is the latest in a slew of measures introduced by the China Insurance Regulatory Commission (CIRC), which has been taking steps against overbearing shareholders, funding term mismatches and risky acquisitions, among others.
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The China Insurance Regulatory Commission (CIRC) has adopted a slew of measures this year to reduce risks from insurers, from reining in aggressive acquisitions to investing in long-term assets using short-term funds.
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The China Insurance Regulatory Commission (CIRC) said in a statement on its website that Yao has been dismissed from the position of chairman of the Foresea, which is a unit of financial conglomerate Baoneng Group.
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The comprehensive solvency ratio for the industry reached 238 percent at the end of the first quarter, compared with 247 percent at the end of 2016, said the China Insurance Regulatory Commission (CIRC) in a statement.
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In four separate notices, the CIRC has also banned Pearl River Life Insurance, Shanghai Life Insurance, Sunshine Life Insurance and Junkang Life Insurance from conducting some financial transactions with related parties in the next six months.
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Also on Wednesday, CIRC said it had suspended two insurers from online insurance business and ordered them not to apply for new product approvals for three months - the latest move to put insurers under closer supervision.
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The investigation arm of the China Insurance Regulatory Commission (CIRC) found that some insurers were disrupting the mainland insurance market by mis-selling insurance products and using devious marketing methods, the paper said, without disclosing its sources.
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It forms part of a broader push by the CIRC to clean up the world's second-largest insurance sector amid concern that rampant expansion by many smaller firms has caused rising systemic risk in the financial sector.
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Insurance industry profits grew 10.03 percent year-on-year to 116.1 billion yuan ($17.26 billion) in the first half of 2017, said an official with the China Insurance Regulatory Commission (CIRC) at a press conference in Beijing.
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Insurance companies' return on investment declined to 294.5 billion yuan, down 42 percent from a year earlier, Duan Haizhou, deputy head of the China Insurance Regulatory Commission's (CIRC) statistics management department, told reporters at a news conference.
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CIRC said in December it had suspended Foresea Life from selling "universal life" products until the firm addressed problems in managing customer accounts and information, amid a wider crackdown on risky activity by some players in the sector.
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Outstanding investment by insurers stood at 16.583 trillion yuan as of the end of September, up 9.38 percent from the start of the year, Duan Haizhou, an official at CIRC, told reporters at a quarterly briefing in Beijing.
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The letter, dated April 28, added that Foresea expected 60 billion yuan ($8.70 billion) of redemptions this year, and asked the CIRC to quickly reinstate sales of its universal insurance products to help raise its cash flow levels.
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The China Insurance Regulatory Commission (CIRC) said in a statement on its website that it would restrict the insurer's share trading and ban two senior officials at the firm from the industry for between three and five years.
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Life insurance companies generated 308.4 billion yuan ($45.36 billion) from products related to so-called universal life in the Jan-May period, according to statistics released on Wednesday on the website of the China Insurance Regulatory Commission (CIRC).
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Spot checks and third-party assessments will be used to assess the capabilities of insurance firms to manage assets and liabilities, based on cash flow and cost matching, the China Insurance Regulatory Commission (CIRC) said in an online statement.
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One senior source, who spoke on the condition of anonymity, told Reuters that CIRC officials were told at a meeting to support the government's decision to investigate Xiang, to "maintain the stability of the industry" and "be on guard against risks".
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During the government takeover of Anbang Group, which will last for one year starting from Friday, the company will be managed by a group of officials from the CIRC, the central bank and other key financial regulators and government bodies.
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Beijing has merged the China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) to resolve problems such as unclear responsibilities and cross-regulation as the government beefs up oversight of financial services to reduce risks in the banking system.
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The CIRC said on Saturday it would force three major insurers — Ping An Insurance (Group) Co of China, New China Life Insurance and China Re Asset Management Co — to take steps to deal with overseas investments that had violated regulations.
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The move is the latest in a barrage of measures introduced in the last month by the China Insurance Regulatory Commission (CIRC), which has been taking steps against overbearing shareholders and risky acquisitions in an attempt to clean up the industry.
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An insurance company shall ensure the independence of the compliance department and if the firm dismisses the person in charge of compliance it has to report to the CIRC and provide a reason within 10 days, according to the rules.
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The China Insurance Regulatory Commission (CIRC) will require insurers to report any large stakes they hold in other companies and apply for permission before undertaking any significant market activity which may lead to a take-over of a listed company, Caixin reported.
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The China Insurance Regulatory Commission (CIRC) said in a post on its website it had found problems with 8,495 products, including unclear and incomplete statement of terms, improper classification and not making clear the terms that reduce insurer liability, among other things.
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Tier, the Berlin-based e-scooter rental startup that competes with the likes of Voi, Lime, Wind, Circ and a host of others, is rolling out new hardware today in a bid to further improve the usability and unit economics of its service.
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Under the new regime being discussed, the CIRC plans to look more favorably on large, solvent insurers including China Life Insurance Co Ltd and Ping An Insurance Group Co and support their expansion plans, both at home and abroad, the people said.
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Government agencies under the direction of a Communist Party central reform group led by President Xi Jinping are drafting a plan that would combine the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC), Bloomberg reported without naming its sources.
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Economists say the meeting this weekend will likely focus on how the central bank can better coordinate with the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC) to tackle weaknesses in the financial system.
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The China Insurance Regulatory Commission (CIRC) said loopholes should be plugged, and in its latest bid to curb "aggressive" insurance money, it barred Anbang Life Insurance, a unit of Chinese conglomerate Anbang Group, from applying to issue new products for three months.
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The plan being discussed would see the China Insurance Regulatory Commission (CIRC) move from a one-size-fits-all regulatory framework to a regime calibrated to insurers' assets, solvency ratios and risk tolerance, four people with knowledge of the talks told Reuters.
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Under the new regime being discussed, the CIRC plans to look more favourably on large, solvent insurers including China Life Insurance Co Ltd and Ping An Insurance Group Co and support their expansion plans, both at home and abroad, the people said.
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Government agencies under the direction of a Communist Party central reform group led by President Xi Jinping are drafting a plan that would combine the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC), Bloomberg reported without naming its sources.
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In a brief statement, the Central Commission for Discipline Inspection said Xiang Junbo, head of the China Insurance Regulatory Commission (CIRC) and a member of the central bank's monetary policy committee, was suspected of "serious disciplinary violations" - a phrase that usually refers to graft.
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BEIJING (Reuters) - The China Insurance Regulatory Commission (CIRC) will soon send two inspection teams to check compliance at Foresea Life, a unit of financial conglomerate Baoneng Group, and Evergrande Life, the insurance arm of China Evergrande Group, the regulator told reporters late on Tuesday.
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But a Beijing-based lawyer who works with the CIRC and other regulators said senior officials at the insurance regulator had been watching Anbang closely since last year as its liabilities from the sale of shadow banking products grew, raising questions about the company's solvency.
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Bankers and analysts expect China Life to issue another US dollar Core T2, but there is considerable speculation that the offering could be in a new form of preference shares, currently under CIRC consultation, which would rank junior to all other forms of debt.
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Chinese insurers are allowed to make investments in 25 developed markets, including the United States and Singapore, as well as 20 emerging markets such as Brazil and Indonesia, state media Xinhua said in a report, citing CIRC rules on overseas investment of insurance funds.
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The upper limit of a single shareholder's stake in an insurance company will be lowered to one-third, from 51 percent presently, to prevent any improper transfer of benefits, the China Insurance Regulatory Commission (CIRC) said in a draft document released on its website.
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The China Insurance Regulatory Commission (CIRC) is reducing the industry total premiums from such products to between 500 billion yuan ($77.3 billion) and 13 billion yuan a year, from 650 billion yuan in 2015, said Yuan Xucheng, director of its life insurance supervision department.
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The CIRC and Ministry of Finance "resolutely ban" local governments from illicitly starting new projects and building new debt through channels such as local government financing vehicles or government investment funds "in the name of attracting insurance companies," the guidance from the bodies said.
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BEIJING, Dec 6 (Reuters) - The China Insurance Regulatory Commission (CIRC) will soon send two inspection teams to check compliance at Foresea Life, a unit of financial conglomerate Baoneng Group, and Evergrande Life, the insurance arm of China Evergrande Group, the regulator told reporters late on Tuesday.
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The China Insurance Regulatory Commission (CIRC) withdrew one agency's permit and shut down 35 websites or public accounts on WeChat - a leading instant messaging platform - during a targeted investigation launched last year that was aimed at those products, the regulator said in a statement on Friday.
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In a statement on its website on Saturday, the Central Commission for Discipline Inspection (CCDI) said an investigation had determined that Xiang Junbo, former chairman of the China Insurance Regulatory Commission (CIRC), had "committed serious violations of political discipline and rules" in order to serve personal political interests.
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In a copy of a letter purportedly from Foresea Life to the China Insurance Regulatory Commission (CIRC) circulating on Chinese social media and reported by local and overseas media, Foresea told the insurance regulator to resume new product approvals to "avoid inciting mass incidents by clients and localised and systemic risks".
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Industry premiums have increased by an average 22 percent a year since 234.3, according to the China Insurance Regulatory Commission (CIRC), but in an environment of low interest rates and unreliable stock markets, insurers have increasingly looked to alternative investments to make the returns they need to service their growing business.
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Industry premiums have increased by an average 24 percent a year since 25, according to the China Insurance Regulatory Commission (CIRC), but in an environment of low interest rates and unreliable stock markets, insurers have increasingly looked to alternative investments to make the returns they need to service their growing business.
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"China has recently taken a series of moves with strong financial impact - restricting outbound capital flows, enacting de-leveraging policies, removing former CIRC Director Xiang Junbo, questioning Anbang CEO Wu Xiaohui, assessing commercial bank exposure to outbound mergers and acquisitions," said Brock Silvers, managing director at Shanghai-based investment advisory Kaiyuan Capital.
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It has also pushed insurers to team up with trusts, because their regulator, the China Insurance Regulatory Commission (CIRC), is seen as being stricter than its banking counterpart in approving financial products, said two people at two different trusts and one person at an asset manager connected to a major insurer actively looking for a trust firm.
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No changes to text.) * CIRC discussing loosening rules for large insurers - sources * Changes would allow bigger firms more M&A * Smaller, riskier insurers to come under greater scrutiny * Plan follows lobbying by large firms eyeing overseas expansion By Sumeet Chatterjee and Julie Zhu HONG KONG, March 5 (Reuters) - China's insurance regulator is considering an industry shake-up that could see the biggest and most solvent firms resuming an overseas expansion, while smaller, riskier insurers would come under tighter scrutiny.
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