By Yuan Min, Wang Jianzhao , and Kirby Carder, King & Wood Insurance Department, Beijing

On February 18th, 2011 the China Insurance Regulatory Commission ("CIRC") Chairman Wu Dingfu made an announcement that the CIRC will be focusing more attention on regulating bank assurance based insurance policy sales. He noted that insurance purchasers are being given misleading advice about the best insurance policies for for their needs when they are consulting with insurance agents at Chinese banking institutions. The Chairman stated that protecting insurer purchasers interests is one of the CIRC important interests, and is one of the cornerstones to the sustained growth of the Chinese insurance industry.Continue Reading The China Insurance Regulatory Commission has Announced that it is Requiring its Local Offices to Issue Written Instructions for its Enforcement Staff to Reduce Illegal Activities in Bank Assurance Insurance Policy Sales