China -Insurance regulator to gain increased power
Saturday, 09 26 2015, Category: Insurance and Reinsurance, Country: Asia
The China Insurance Regulatory Commission (CIRC) will launch an electronic platform using big data technology and cloud computing to monitor and regulate the country's insurance agencies, the regulator said on Wednesday.
The system will empower the commission in its crackdown on illegal activities such as misleading sales and illegal financing by insurance agents which have mushroomed in recent years.
Development of the system will start by the end of this year or early next, and will take three years to complete, Zhao Wei, a CIRC official in charge of regulation of insurance intermediary sector said.