China’s regulator turns to external talent to bolster solvency supervision capabilities

Insurance authority looking for outsiders to form a solvency supervision panel to improve risk management

China’s regulator turns to external talent to bolster solvency supervision capabilities

Insurance News

By Gabriel Olano

The China Insurance Regulatory Commission is recruiting external veterans to form its panel of solvency supervision experts, as it looks to further improve its risk management capabilities and rein in the rapidly growing Chinese insurance sector.

The new committee will advise the CIRC on how to solve insurance solvency problems, supervise development of international practices, and participate in the regulator’s inspection and evaluation activities, the CIRC said in a statement published on its website.

Qualified experts from academic, corporate, and government backgrounds are being recruited by the CIRC. The commission said that it prioritizes applicants that can work independently in English, and are below 45 years old. The position will have a three-year period, and applications will be open until June 30.

“The new panel indicates that the regulator is attaching greater importance to outside forces in helping it strengthen solvency supervision,” Zhong Ming, an insurance professor at Shanghai University of Finance and Economics, told the South China Morning Post. “The risk-oriented solvency framework itself is borne out of drawing on the experiences of others.”

In 2016, China shifted to a risk-oriented solvency system, known as C-ROSS, in order to boost capital requirements, risk management, and transparency in the insurance industry. The CIRC also aims to bring China up to speed with global insurance risk supervision standards.

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