July 16, 2020 / 9:50 AM / 24 days ago

China's regulator urges banks and insurers to strengthen emergencies management

BEIJING (Reuters) - China’s banking and insurance regulator on Thursday issued guidelines to banks and insurers on management of emergency events, asking them to update or make new contingency plans and conduct drills at least once every three years.

Insurers must develop new products in a timely manner in response to risk protection needs from emergency events, the regulator said in a statement on its website.

Reporting by Lusha Zhang, Leng Cheng and Kevin Yao; Editing by Alex Richardson

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