The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…
Read MoreChinese insurance industry takes moves away from centralized supervision
