BEIJING, March 1 (Xinhua) -- China's insurance regulator Thursday released new regulations on asset liability management in the sector, deciding to test the rules for one year in a latest step to prevent asset-liability mismatch risks.
The regulations include supervising standards for work procedures, performance assessment, asset-liability conditions as well as management reports, according to China Insurance Regulatory Commission (CIRC).
During the trial period, insurance companies are required to formulate asset-liability management reports and submit to the regulator within a month following each quarter.
After the regulations are officially launched, the regulator said it will categorize the insurance companies into four groups and take differentiated policies for them.
The move was the latest by China to improve regulation of the insurance sector and prevent financial risks.
In January, the CIRC made new rules to step up scrutiny of outbound investment by insurance funds and ban shareholders of insurance firms from interfering in fund operations.
Official data showed by the end of 2017, the industry had combined assets totalling 16.8 trillion yuan (about 2.7 trillion U.S. dollars), up 10.8 percent from the beginning of the year.