Share Experience in Risk Resolution and Promote Cooperation among Insurance Regulators in Asia

— WASRC Visited CISFC 

November 17, 2016

11 delegates of Workshop on Asian Solvency Regulation & Cooperation (WASRC) paid a visit to CISFC on the afternoon of November 15. The delegation is comprised of officers in charge of solvency regulation of insurance regulatory authorities in 10 Asian countries and regions. Mr. Wei Zhuyong, Party Committee Member and Deputy General Manager of CISFC, attended and addressed the workshop. Relevant personnel of the Risk Resolution and Legal Affairs Department and the Research and International Cooperation Department were also present at the workshop.

Mr. Wei Zhuyong said that the Asian countries, because of their location in the same continent, had not only the similar geographical environments and humanistic traditions, but also many common and similar points in the insurance development and supervision and the insurance guarantee fund system. He hoped that WASRC could further strengthen communication, deepen understanding and promote healthy development of the insurance industry in these countries and regions.

Mr. Wei also pointed out that, as the last line of defense preventing the insurance risks, the insurance guarantee fund system had constituted an important part of the insurance industry in many countries, and also played an important role in the growth of insurance industry. Since the inception, CISFC has always practiced its sacred mission of “sparing no effort to safeguard legitimate rights and interests of insurance consumers”, dedicated itself to becoming a professional institution of security fund management and industry risk prevention with strong credibility and international reputation, as well as defined the strategy of "making the fund asset management platform better, the risk monitoring platform stronger and the risk resolution platform more excellent" as its long-term development direction.

Besides, Mr. Wei stressed that as exchange was the foundation of mutual trust, mutual trust was the precondition of development. WASRC would build a bridge of friendship between the members and the Company, so as to lay a solid foundation for further enhancement of communication and cooperation between both sides in risk prevention and crisis intervention of the insurance industry in the future.

Then, the Risk Resolution and Legal Affairs Department introduced the history, functions, fund collection, risk monitoring and resolution as well as other information of CISFC to the members of WASRC. In addition, both sides made in-depth exchange and discussion of topics such as fund collection rate, proceeds from risk resolution, risk relief standards and possible risk rating of insurance companies in the future, etc.