BEIJING/SHANGHAI, Feb 13 (Reuters) - China’s insurance regulator said on Tuesday 19 insurers were guilty of product irregularities, in the latest measure by the authorities to reduce risk in China’s financial system and tighten the regulatory environment.
The China Insurance Regulatory Commission (CIRC) said in a post on its website it had found problems with 8,495 products, including unclear and incomplete statement of terms, improper classification and not making clear the terms that reduce insurer liability, among other things.
“The problems reflect the lack of responsibility of some companies in product management,” said the CIRC. It listed the irregularities found and provided instructions on how to alleviate them.
In December, the CIRC said it would restrict the business of insurers which have a low rating for asset liability management. (Reporting by Judy Hua in Beijing and Engen Tham in Shanghai; Editing by Muralikumar Anantharaman)