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MarketScreener Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  China Banking Corporation    CHIB   PHY138161229

CHINA BANKING CORPORATION

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China allows insurers to use credit derivatives

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05/19/2019 | 06:49am EDT

This undated photo shows a China Life Insurance billboard in Nanjing, Jiangsu province. (AN XIN / CHINA DAILY)

BEIJING — Chinese regulators have allowed insurance companies to use credit derivatives to hedge against risks as part of efforts to encourage insurance funds to serve the real economy.

Through the move, regulators hope to enable insurance funds to offer more financing support to private businesses

The purpose of using credit risk mitigation and credit protection tools should be confined to risk hedging, and insurance institutions should not be credit risk bearers, according to a notice issued by the China Banking and Insurance Regulatory Commission (CBIRC).

Under the notice, insurance companies participating in the business are required to be capable of using the derivatives to manage risks and to comply with related trading regulations.

Insurance firms should monitor and assess risks at regular intervals and file monthly, quarterly and annual reports to the CBIRC.

Through the move, regulators hope to enable insurance funds to offer more financing support to private businesses.

(c) 2019 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
William C. Whang President, Chief Operating Officer & Director
Hans T. Sy Chairman
Patrick D. Cheng Chief Finance Officer & Group Head-Finance
Peter S. Dee Executive Director
Joaquin T. Dee Non-Executive Director