In October 2017, the China Insurance Regulatory Commission (CIRC) issued individual Supervisory Notices to 16 domestic China insurance entities (Breaching Insurers). The Supervisory Notices demand that the Breaching Insurers remediate those regulatory breaches earlier identified by CIRC.
Specifically, the Supervisory Notices demand that the Breaching Insurers each establish special-purpose working groups, which working groups are required to formulate breach remediation plans and provide written reports to CIRC within timeframes designated by CIRC.
CIRC listed the main heads of breaches set out in the Supervisory Notices as touching on Breaching Insurers': shareholder rights; articles of association; office-bearers and senior management, related party transactions; and information disclosure.
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