CIRC sets compliance standards

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.