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Big insurers required to make recovery plans for financial crisis

Risk management

The China Banking and Insurance Regulatory Commission has issued new rules that require major financial companies, including insurers and banks, to make recovery plans for potential financial crisis, Asia Insurance Review reported citing Reuters. The rules, aimed at improving the Chinese financial sector’s risk management, require insurers with total assets of at least 200 billion Chinese yuan ($31 billion), to keep a recovery plan ready.

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