China probes insurance fund use in property sector to curb risk -report By Reuters

© Reuters. FILE PHOTO: People stroll in the Central Business District (CBD) on a hazy morning in Beijing, China, October 25, 2021. REUTERS/Thomas Peter

SHANGHAI (Reuters) – Chinese regulators have opened an investigation into the use of insurance funds in a bid to fight any unlawful use and to curb risk in the trade, the state-backed Shanghai Securities News reported on Thursday.

It mentioned an earlier routine inspection had discovered some insurance establishments had severe compliance points.

Regulators will look into funding actions of insurers which was past the allowed funding scope, together with these invested into business actual estates initiatives, and into unlisted property builders, the report mentioned, citing unnamed sources from insurance corporations.

It will even look into areas the place insurers helped to elevate funds for property initiatives irregularly, and even breached the fund elevating restrict, the report added.

Institutions now have to formulate rectification plans – together with holding accountable workers liable for violations or lapses – deeply analyse the basis causes of issues, re-examine belongings and promote cheap capital replenishment, the newspaper mentioned.

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