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Chinese regulator asks insurers to inspect solvency data authenticity

The China Insurance Regulatory Commission has asked insurers to inspect their quarterly solvency reports since 2016 and check the authenticity of relevant data, the regulator said in a June 5 notice.

Insurers need to look into whether there was false data used in calculating their assets, reserves, actual capital, minimum capital and integrated risk rating evaluation, and submit a report by June 30. If the use of false data is uncovered, companies are to provide plans and timetables to rectify those problems.

The latest notice echoes an April 28 notice that said the CIRC would scrutinize insurers' shareholders, the regulator said.

Chinese insurers have been asked to publish quarterly solvency reports under the China Risk Oriented Solvency System, or C-ROSS, since the beginning of 2016.