The China Insurance Regulatory Commission is seeking public comments on a new solvency regulation update draft.

CIRC and insurance groups in China have been trying to update insurance solvency standards that were adopted in 2008.

The new draft is a revised version of an earlier draft released about a year ago.

(Related: Annuity Issuers Size Up Benefits M&A Market)

Officials note that one goal is to strengthen cooperation between regulators in China and regulators in other countries.

Another goal is to make sure that insurers have an adequate level of high-quality capital, officials say.

CIRC is asking interested parties to send comments on the new draft to its Solvency Supervision Department, through the CIRC Electronic Document Delivery System.

Zhang Xiang Yang Jian is the contact person for the solvency update project.

A copy of the solvency regulation update draft is available here.

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