Regulator intensifies checks on insurance companies

The country's top insurance regulator on Wednesday released an action plan to resolve major risks in the industry, vowing to tighten regulation of insurers' shareholders, and to take action against poor corporate governance and risky capital management and investment.

The regulator has set a three-year period to accomplish the tasks, including preventing systemic risk, cracking down on illegal businesses and taking more effective measures against foreign insurers that fail to meet solvency requirements and to address long-delayed problems, according to the plan posted by the China Insurance Regulatory Commission on its website.

The move was part of China's ongoing efforts to curb systemic financial risks after the central authorities made it a top priority during the Central Economic Work Conference held last month.