An insurance asset management company shall have safety measures related to its business. An insurance asset management company shall set up a board of supervisors in accordance with the relevant provisions.
Customers can send supervisors to the insurance asset management company entrusted with the management of insurance funds. The supervisor shall supervise the performance of the contract by the insurance asset management company on behalf of the principal, but shall not interfere with the normal business of the insurance asset management company. An insurance asset management company shall submit its balance sheet, income statement, business statistics report, financial analysis report, other relevant statements and other materials in accordance with the provisions of the China Insurance Regulatory Commission.
The content and format of the statements submitted by insurance asset management companies will be announced separately by the China CIRC. China CIRC adopts a combination of on-site supervision and off-site supervision in the supervision and inspection of insurance asset management companies.
China CIRC may entrust accounting firms and other professional intermediaries to inspect insurance asset management companies. If an insurance company or an insurance asset management company violates these provisions and relevant laws and regulations, the China Insurance Regulatory Commission will impose administrative penalties on the insurance company, the insurance asset management company, its senior managers and the persons directly responsible according to the Insurance Law and relevant administrative regulations.