Insurance regulator targets malpractice

The China Insurance Regulatory Commission (CIRC) issued a notice on October 10 2006, seeking public opinion on a draft regulation aimed at eradicating malpractice in insurance companies.

Under the draft regulation, the CIRC will require insurers to submit a report on April 30 each year which summarizes employees' performance, particularly their observance of the industry's ethics and laws. The CIRC also plans to require each company to appoint a person to oversee in-house disciplinary inspections; he/she will report to the general manager and top management team.