- Brexit-light at the end of the tunnel for UK financial services?
- Lloyd's announces aggregated market loss of £2bn for 2017-the first loss for six years
- London Market agrees a mandate to use electronic placement with a sliding scale by quarter
- ABI and leading UK insurers welcome a Bill to reform the law relating to whiplash claims and the way in which the personal injury Ogden Discount Rate is set
- Insurance Europe develops a template that could help companies meet the obligation under the General Data Protection Regulation(GDPR)
- The Institutes and the International Insurance Society(IIS) announce a strategic affiliation
- gradient A.I., a Milliman predictive analytics platform, now aids management of workers' compensation risk expired
- SSP Keychoice extends long-term relationship with RAC for a further five years expired
- Atradius reports a strong 2017 result expired
- IGI profit dips but 19% growth in GWP expired
- Ping An net profit up 43% in 2017 expired
- Liberty Mutual Specialty Markets appoints Hitchcock to new position of Paris-based Terrorism Underwriter with a European roving role expired
14th March 2018
China to merge insurance and banking regulators handing more responsibility to People's Bank of China
China is giving its central bank the power to write the rules for the financial sector, as part of a sweeping overhaul aimed at closing regulatory loopholes and curbing risk in the $43tr banking and insurance industries.
The China Banking Regulatory Commission(CBRC) and the China Insurance Regulatory Commission(CRIC) will be merged in the biggest industry overhaul since 2003. Some of their functions, including drafting key regulations and prudential oversight, will move to the People’s Bank of China, according to a proposal unveiled yesterday during the National People’s Congress, reports Bloomberg.
CIRC Trends(71 articles)