China Insurance Regulatory Commission (CIRC) Thursday announced a withdrawal of the penalty on Sinatay Insurance.
The decision was based on the fact that that Sinatay Insurance's payment adequacy ratio reached 207.94 percent at the end of the second quarter, which has fulfilled the regulation requirement of 150 percent. Founded in 2007, Sinatay Insurance was prohibited by the CIRC to establish new branches and conduct new operations because its payment adequacy ratio did not meet the requirement during 2013 and 2014.
The CIRC also required Sinatay Insurance to actively adjust business structure, keep reasonable business scale, strengthen predictive analysis of its payment capability and improve capital plan to ensure an adequate payment capability.
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