Metals News
Chinese Insurance Regulator Monitors U.S. Market
data analysis
Dec 7,2009

BEIJING, Sept. 17 -- China's insurance regulator said on Wednesday it was evaluating the domestic impact of the turmoil in U.S. financial markets and would take active risk prevention measures.

    The China Insurance Regulatory Commission (CIRC) said it would closely monitor developments to protect the interests of domestic policy holders.

    On Monday, the fourth-largest U.S. investment bank, Lehman Brothers Holdings Inc., filed for bankruptcy protection.

    The third-largest, Merrill Lynch, was sold to Bank of America Corp. under pressure from U.S. regulators.

    The two Chinese subsidiaries of the largest U.S. insurer, American International Group (AIG), which was rescued by the U.S. government overnight, continued normal operations and was stable, CIRC said.

    The U.S. government agreed to provide an emergency loan of 85 billion U.S. dollars to save AIG from bankruptcy. AIG General Insurance Co. China and American International Assurance are the company's China units, which offer property and life insurance.

    Many mainland and Hong Kong insurance buyers rushed to claim their insurance premiums. An American International Assurance (AIA) official assured its business was independent in China and would not be affected by its parent company.

    (Source: Xinhua)

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