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Chinese regulator asks insurers to reveal actual controlling entities

Insurance companies in China must reveal their actual controlling entities from July 1, according to a set of new disclosure rules issued by the China Banking and Insurance Regulatory Commission May 11.

The CBIRC said an insurer should publish information of its actual controlling entities on its official website. Such information is not required in the previous version of the rules published in 2010. In addition, the regulator asks insurers to disclose information on their shareholders with at least 5% of shares, as well as the resume of directors and supervisors.

In an insurer's annual report, information of financial accounting, insurance reserves, risk management, insurance products and solvency must also be published. Information of insurance reserves was not included in the 2010 rules.

Information of insurance products for a life insurance company refers to the insurer's top five best-selling insurance products by gross written premium, top three best-selling insurance products by premium income in the regulator's category of policyholders' investment account, as well as top three best-selling unit-linked insurance products.

Information disclosure requirements for a property and casualty insurer on its insurance products is the insurer's top five best-selling commercial insurance products by gross written premium.

An insurer should briefly explain when its controlling shareholder, actual controlling entities, chairman or general manager has changed, or its chairman or general manager is handed criminal penalty.