China to Strengthen Supervision of Insurance Sector

China's insurance market is in need of qualified supervisory staff as the country is preparing for the WTO entry, said Wu Xiaoping, vice chairman of the China Insurance Regulatory Commission (CIRC).

Wu said that the domestic market will become closely linked to the international market, and the supervisory systems will be affected by international norms if China enters the World Trade Organization (WTO).

"Such a change will require more qualified staff and supervisory personnel."

Wu made the remarks at a seminar on international insurance here, which is organized by Lloyd's of London and the Chartered Insurance Institute (CII).

The CII has been offering professional qualification certificates and related examinations in China in the past decade and bears close relations with Chinese insurance institutions. The seminar is designed to introduce British supervisory expertise to China.

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