The China Insurance Regulatory Commission will set up a solvency supervision experts consulting panel and is looking to tap external veterans to be part of the committee, the South China Morning Post reported May 31, citing an announcement on the CIRC's website.

The creation of the new panel is part of the commission's more stringent measures on risk management capabilities in China's rapidly growing insurance sector.

The new panel will advise the regulator on crucial insurance solvency issues, monitor development of international practices and offer support to international exchange and cooperation, as well as participate in the regulator's inspection and evaluation of Chinese insurers.

Members of the solvency consulting panel will serve for a three-year term, the report added.