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Focus on Market Risk and Solidify Risk Shield

 

— CISFC conveyed and learned the spirits of Documents 34 and 35 released by CIRC

 

April 24, 2017

 

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CISFC held a special meeting on the morning of April 24, 2017, conveying and learning the spirits of the Notice on Further Strengthening Insurance Regulation and Maintaining Stable and Sound Development of the Insurance Industry and the Notice on Further Strengthening Risk Prevention and Control of the Insurance Industry (these "Two Documents" for short) released by CIRC. Mr. Ren Jianguo, Secretary of Party Committee, Chairman of the Board and General Manager of CISFC, chaired the meeting, and other members of the leadership team and principals of relevant departments and offices attended the meeting.

 

Starting from such two layers as the insurance regulation and the market players, these Two Documents depicted complex risk challenges faced by the insurance industry that derived from continuous and rapid development of the insurance sector in recent years. Besides, these Two Documents systematically raveled out important links for risk control of the insurance industry, specified major tasks of the insurance regulation at present and in the future, as well as came up with concrete requirements for intensifying the supervision by regulators and regulating the operation by market players.

 

Mr. Ren stated that all departments shall gain a profound understanding of requirements raised by the CPC Central Committee and the State Council for risk prevention of the financial sector and the spirits of these Two Documents, have adequate understanding of complex situations faced by the insurance industry, as well as the importance and urgency of performing the risk prevention and control. CISFC shall enhance its awareness of valuing the overall situation and performing its responsibilities, continuously intensify its sense of responsibility and mission of serving sustainable and healthy development of the insurance industry.

 

Also, Mr. Ren stressed that CISFC could be accountable for its due duties at this crucial period of risk control, hold fast to the direction of "serving the insurance regulators, serving healthy development of the insurance industry and serving the insurance consumers", and perform its responsibilities with due diligence. To be specific: Firstly, efforts shall be devoted to expand the connotation and denotation of ex-ante risk monitoring, attention shall be paid not only to the operating risk, but also to the implementation effect of insurance policies, thereby extending professional services and strong support to the insurance regulators. Secondly, CISFC shall hold the thought of bottom line, pay continuous attention to insurers with relatively high risk, accelerate the revision of the Measures for Administration of the Insurance Security Fund, enrich the tools and means of and enhance the effectiveness of risk resolution. Thirdly, CISFC shall further analyze and focus more on the financial market, figure out and evaluate the investment risk of the insurance security fund, and guarantee the security, liquidity and profitability of CISF.

 

In addition, Mr. Ren asked that members of the leadership team and all departments & offices must further learn and better understand the spirits of these Two Documents, deploy the work priorities in strict compliance with overall requirements of CIRC, thereby firmly exerting the functions and roles of CISFC and bolstering the last risk defense of the insurance industry.

 

 

 

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