China tightening insurance requirements: Sources

The China Insurance Regulatory Commission is making it much tougher for insurers to get new licenses as it seeks to reduce risks resulting from aggressive business and investment practices, Reuters reports citing sources. CIRC's new capital, risk management and governance regime will require insurers to raise more capital, review and possibly restructure assets, and may result in consolidation in the sector with smaller firms finding it tough to meet the new requirements.

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