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Chinese regulator unveils stricter rules for shareholders of insurers

The China Insurance Regulatory Commission has tightened rules for shareholders of insurance companies, in a new move to prevent the illegal transfer of benefits and other risks.

The regulator proposed to lower the maximum stake a single shareholder can hold in an insurer to 33%, from 51% currently, the CIRC said Dec. 29.

Additionally, a strategic shareholder of an insurance company should have a profit-making record for three consecutive years, while a controlling shareholder of an insurer is required to have total assets of no less than 10 billion yuan, and net assets of not lower than 30% of total assets, Caijing reported Dec. 29.

As of Dec. 29, US$1 was equivalent to 6.95 Chinese yuan.