China amends rules for management of insurance bailout funds

BEIJING : China has amended rules for the management of state-run bailout funds rescuing troubled insurers, its financial regulators said on Thursday.

China Insurance Security Fund Co Ltd, which played a key role in bailing out fallen Anbang Insurance Group Co Ltd, is allowed to involve in the formulation of risk disposal plans, according to the new rules. The company operates bailout funds that provide money to rescue policyholders and liquidate troubled insurers. The funds will be used in other scenarios approved by the State Council, China's cabinet, the rules said, without offering further details.

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