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China to tighten scrutiny over launch of new insurers

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The China Insurance Regulatory Commission said that it will tighten scrutiny over new insurers coming into the market in a move to defuse risks, Xinhua reported. The CIRC will ensure that new insurers operate according to company plans and that the funding provided by shareholders is authentic. It will also evaluate the performance of company chairpersons and senior management staff, and push the firms to improve regulatory compliance, the regulator added.

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