CIRC underlines key role of insurance in financial safety

Life insurance products should be more diverse to enhance risk control, said a senior insurance regulatory official.

Access to market, early intervention and fool-proof withdrawal mechanism are three prerequisites for preventing potential risks, said Huang Hong, vice-chairman of the China Insurance Regulatory Commission at a forum held in early September.

Premium income of life insurance companies reached 1.96 trillion yuan ($300 billion) from January to July, up 24 percent year-on-year, according to statistics released by the commission this month.