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Insurance regulator monitors US market crisis impact

(Xinhua)
Updated: 2008-09-17 17:08

China's insurance regulator said on Wednesday it was evaluating the domestic impact of the turmoil in US financial markets and would take active risk prevention measures.

The China Insurance Regulatory Commission (CIRC) said it would closely monitor developments to protect the interests of domestic policy holders.

On Monday, the fourth-largest US investment bank, Lehman Brothers Holdings Inc, filed for bankruptcy protection.

The third-largest, Merrill Lynch, was sold to Bank of America Corp under pressure from US regulators.

The two Chinese subsidiaries of the largest US insurer, American International Group (AIG), which was rescued by the US government overnight, continued normal operations and was stable, CIRC said.

The US government agreed to provide an emergency loan of $85 billion to save AIG from bankruptcy. AIG General Insurance Co China and American International Assurance are the company's China units, which offer property and life insurance.

Many mainland and Hong Kong insurance buyers rushed to claim their insurance premiums. An American International Assurance (AIA) official assured its business was independent in China and would not be affected by its parent company.