Reports indicate this year the world's most populous country expects to put into effect a new risk-oriented and internationally comparable
solvency regulatory system that meets the needs of China's insurance market.
These changes have been welcomed by the insurance industry, which has been worried about the overwhelming amount of regulation considering that there are strict industry guidelines (Own Risk and
Solvency Assessment - ORSA) in place.
Zhang Xiang Yang Jian is the contact person for the
solvency update project.
The central bank said Romania's banking system had a
solvency ratio of just under 20 percent at the end of June, compared with a European average of 14 percent and the legal minimum threshold of 8 percent.
The Vice-chairman of the CIRC, Mr Chen Wenhui, said, "With the signing of the Agreement, the two places will eventually achieve mutual equivalence recognition, which will enhance consensus, strengthen co-ordination and safeguard the common interests of the insurance regulators of both sides during the formulation of international
solvency regulatory plans, and promote a fair and legitimate environment for the development of the insurance industry, so as to strengthen the co-operation between the two insurance sectors, and enhance the regulatory efficiency and market effectiveness of both places.
c) The provision of this Ordinance relating to minimum
solvency requirements are complied with;
Fundamental analysis of risk-based regulatory approach in insurance industry, and an understanding the significance of
Solvency II to stakeholders in the insurance industry.
Thirteen of the CO-OPs have used up less than 60 percent of the available
solvency money.
Solvency II is intended to establish a consistent and coherent
solvency framework for insurers across Europe and plans on providing better protection to policyholders by reducing the probability of an insurance firm failure.
In his statement to "Akhbar Al-Khaleej" newspaper today, Yusuf praised the financial
solvency status and readiness of Bahraini banks to enforce the Basel III Convention requirements.
Are you happy with the fact that the issue of
solvency is not expected to be included in the review?
