Chinese regulator controls product irregularities
Saturday, 02 17 2018, Category: Insurance and Reinsurance, Country: China
The China Insurance Regulatory Commission (CIRC) has found 19 insurers guilty of product irregularities in its latest move to reduce risk in the country’s burgeoning financial industry.
The CIRC said that 8,495 insurance products from the 19 firms had flaws such as unclear and incomplete statement of terms, improper classification, and unclear terms regarding the reduction of insurer liability, according to a report by Reuters.
“The problems reflect the lack of responsibility of some companies in product management,” the regulator said in a post on its website. It also detailed the various irregularities and gave instructions on how to correct them.
Source: Insurance Business