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CIRC chairman appointed IAIS Executive Committee member

(Xinhua)
Updated: 2008-10-28 14:00

Wu Dingfu, China Insurance Regulatory Commission (CIRC) Chairman, was elected as International Association of Insurance Supervisors (IAIS) Executive Committee member.

The appointment indicated the country's position in world insurance regulation field has been raised, said the nation's insurance regulator CIRC on its website on Monday.

This will help China to play a more active role in enhancing international insurance supervision cooperation, and to participate in enacting world insurance regulation in a wider scope, the CIRC said.

IAIS was established in 1994. It represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries. Executive Committee is the top decision-making organ.

It was the first time that a Chinese insurance regulatory official has been elected as executive committee member.

China's premium income ranked the ninth in 2007 worldwide, which stood at 703.58 billion yuan ($102.67 billion).

Although premium income is expected to top one trillion yuan this year, the country's insurance industry still lags far behind developed countries in terms of population coverage and premium income amount.