China to strengthen supervision of foreign-funded insurance

HONG KONG (AFX-ASIA) -- China will investigate improper operations by representatives of foreign insurance companies and strengthen their supervision, the Xinhua news agency quoted an official from the China Insurance Regulatory Commission (CIRC) as saying.	    The official blamed some foreign representative offices engaged in property insurance, reinsurance and agency businesses of ignoring China's rules and regulations in the insurance industry. 	    "Their operation has gone against China's rules and their original aim of setting up contacts with their Chinese counterparts," the official was quoted as saying.	    He said the CIRC will strengthen supervision of foreign insurance representatives as a priority, and is now developing regulations on their supervision. 

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