China to nominate important insurers

BEIJING - China Insurance Regulatory Commission said Friday it will unveil a name list of "systematically important insurers" and issue a series of measures to improve supervision of them.

Those insurers on the list must make appropriate risk-management plans and ensure they are implemented and offer professional guidance, Liang Tao, deputy head of the commission, said in a statement.

Liang spoke highly of the plan to supervise important insurers, saying it would help guard against risks that would be felt by the whole industry.

The insurance regulator vowed to adhere to international standards when formulating its own regulatory system, which would cater to the needs of China's macro-prudential regulation bias and business processes at large.

The outbreak of the 2008 financial crisis exposed the too-big-to-fail insurers' role in the global financial system and the necessity to fill supervision gaps, according to the statement.