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BIZCHINA / Center |
Listed insurers to disclose data regularlyBy Tu Lei (chinadaily.com.cn)
Updated: 2007-09-04 15:59 Listed insurance companies are to disclose their comprehensive loss ratios and surrender rates regularly, according to a rule newly released by the China Securities Regulatory Commission, said today's Oriental Morning Post. The rule requires insurance companies to release accounting figures and financial indices in their regular reports, including earned premium, investment assets, outstanding loss reserve (excluding life insurance), unearned premium reserve (excluding life insurance), compensation and payouts, growth rate of earned premium, return on investment, combined ratio (excluding life insurance), comprehensive loss ratio (excluding life insurance) and surrender rate (life insurance). Insurance companies must also disclose the structure of premium receivable at the end of the reporting period by insurance type and term of the account. Companies should also give explanations when the shareholders, who hold more than 5 percent of the insurance companies' stocks, owe the premium receivable. Insurance companies should reveal changes in charges and commissions payable, insurance policy mortgage loans and debt-offsetting assets, and give explanations for the changes as well. Meanwhile, the rule requires insurance companies to disclose the information when changing general actuaries, experiencing financial difficulties, and setting up, abolishing or merging branches as well as changing insurance types and premium rates.
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