China Insurance Watchdog Vows to Severely Punish Speculators
- CIRC to curb ‘aggressive’ pricing, high returns of products
- Regulator’s Chairman Xiang Junbo speaks in briefing in Beijing
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The chairman of China’s top insurance regulator vowed to impose “stringent” rules and “severely” punish short-term speculation by insurers, the latest sign of tightening controls on the nation’s industry.
The watchdog will also curb “aggressive” pricing and the “unreasonably” high returns of some insurance products, Xiang Junbo, Chairman of the China Insurance Regulatory Commission, told reporters in Beijing on Wednesday. Insurers shouldn’t attempt to interfere in the management of listed companies, Xiang said.