SHANGHAI (Reuters) - China’s insurance industry is facing solvency risks, liquidity pressures, poor corporate governance and macro political and economic issues, the Xinhua news agency reported Chen Wenhui, vice chairman of China Insurance Regulatory Commission (CIRC) saying on Wednesday.
Chen’s comments come just days after the country’s top anti-graft body said it was investigating the head of the CIRC for disciplinary violations - a byword for corruption.
On Monday, the regulator said it will investigate and deal with illegal activities in the insurance market.
The anti-corruption investigation into the head of the insurance watchdog could lead to more intense regulatory scrutiny of the insurance industry, executives and analysts said.
Reporting by Engen Tham; Editing by Eric Meijer