The China Insurance Regulatory Commission (CIRC) has introduced a set of new compliance regulations as part of its push to improve governance in the industry.
The rules, which take effect from 1 July, require insurance companies to introduce a three-tiered compliance structure aimed at improving compliance governance, implementation and oversight.
In a statement, the CIRC said the holding company of an insurance group must establish a compliance management framework to oversee the entire group. This must include a compliance department...
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