Administrators at Chinese state-owned insurance companies have been brought under higher-level supervision owing to the promotion of senior industry figures.
As reported by news site China Daily, the heads of China's four leading insurers - China Life Insurance Co, People's Insurance Company of China, China Taiping Insurance Group Co and China Export and Credit Insurance Corp - have been promoted to vice-ministerial level from bureau level, according to an unnamed source at China Life.
The promotion has put the insurers at the same administrative level as state-owned banks. As a result, personnel appointments will be supervised by the Organization Department of the Communist Party of China Central Committee instead of the China Insurance Regulatory Commission, Insurance Insight understands.
Yang Mingsheng, former vice-president of the regulatory commission, was appointed chairman of China Life, and Yuan Li, former chairman of China Life, will be named vice-president of China Development Bank, the source told China Daily, adding that more details will be made public soon.
Analysts said the reforms and personnel changes pave the way for the establishment of a regulator of state-owned financial assets.
The resultant organisation is likely to be similar to the state-owned Assets Supervision and Administration Commission, which oversees China's state-owned enterprises, Insurance Insight understands.
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