Chinese insurers face up to multiple rule changes

A clampdown on short-term products; new asset liability management rules; incoming solvency and accounting standards – China’s life insurance industry is undergoing large-scale change on multiple fronts. The reforms are part of a broadside by the China Banking and Insurance Regulatory Commission (CBIRC), the industry’s watchdog, to raise industry standards to international norms after some embarrassing scandals, most particularly the collapse of Anbang. It is doing so by introduci…