CBIRC Holds Meeting of the Solvency Supervisory Committee
The CBIRC recently held the 18th meeting of the Solvency Supervisory Committee, chaired by Vice Chairman Zhou Liang. The meeting analyzed the solvency and risk condition of the insurance industry, and studied the comprehensive risk rating results of insurance companies in 2022 Q4.
At the end of 2022 Q4, the average comprehensive solvency ratio of the 181 insurance companies reviewed at the meeting was 196%, and the average core solvency ratio was 128.4%. The actual capital was RMB 4.6 trillion, and the minimum capital was RMB 2.35 trillion. The average comprehensive solvency ratios of property and casualty insurance companies, life insurance companies and reinsurance companies were 237.7%, 185.8% and 300.1% respectively, and the average core solvency ratios of property and casualty insurance companies, life insurance companies and reinsurance companies were 206.8%, 111.1% and 268.5% respectively. As for the comprehensive risk rating, 49 insurance companies were rated as Class A, 105 as Class B, 16 as Class C and 11 as Class D.
It was pointed out at the meeting that, the CBIRC insisted on and strengthened the centralized and unified leadership of the Central Government over finance, and continued to strengthen and improve insurance supervision. The solvency ratio of the insurance industry was kept within a reasonable range, and risks were generally under control.
It was also stressed that 2023 is the first year to fully implement the spirit of the 20th CPC National Congress. The CBIRC should comprehensively implement the guidance of the Central Government, take solid steps to pursue a Chinese path to modernization, effectively prevent and resolve major financial risks, deepen the reform and opening up of the insurance industry, and promote the quality development of the insurance industry.
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