The China Insurance Regulatory Commission (CIRC) will tighten supervision in line with the basic rules of the World Trade Organization WTO), aiming to develop a sound and healthy insurance industry in China.

Market order and solvency evaluation to be strengthened

CIRC president Ma Yongwei made the promise Friday at a national meeting for insurance enterprises and regulatory administrations, saying that CIRC will further rectify and enhance the system of regulation index of solvency to complete evaluation of the local enterprises' solvency in 2001.

Experts say CIRC's practice of strengthening marketing behavior and solvency evaluation is in the interests of the current insurance industry in China.

This year's major task

Ma said China's insurance industry is facing great challenges following the country's WTO entry.

CIRC will help the local insurance industry open wider and enjoy faster development, he said.

Ma said that the priority of CIRC this year is to improve administrative approval procedure, carry out the insurance charge reform throughout the country, and enhance information in a timely way so as to guarantee effective, efficient regulation work.

The meeting was attended by representatives of 52 insurance enterprises, including 32 foreign business, and 31 CIRC's branch offices throughout the country.