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CIRC stresses supervision on insurance investment

(Xinhua)
Updated: 2009-11-16 11:33

China should enhance supervision and management of the country's insurance investment, said Li Kemu, vice chairman of the China Insurance Regulatory Commission (CIRC), on Sunday.

"With insurance funds were extended into disparate fields, other than bank deposit, demand for a better supervision and risk control enhanced, said Li at the International Finance Forum held in Beijing.

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By the end of September, 3.4 trillion yuan ($497.8 billion) of insurance funds were invested in bonds, mutual funds, and stocks markets. Bonds investment alone accounted for 50.6 percent of the total.

Jiang Dingzhi, China Banking Regulatory Commission (CBRC) Vice Chairman also highlighted the importance of establishing a "all-coverage" financial supervision system.

He suggested the country broaden the financial supervision and management system, which would put the mutual funds, hedge funds, and credit risks appraisal agencies under control.

The new system requires financial institutions to share information, and also cooperate to fill the supervision blanks between different financial markets, he said.