China to beef up supervision over property insurance products

China unveiled a slew of measures to strengthen supervision over property insurance products to spur market vitality, according to the country's insurance regulator.

Adjustments were made to the scope of the approval and filing for property insurance products, said a document released by the China Banking and Insurance Regulatory Commission (CBIRC) on Feb 26.

Efforts should be made to standardize the product filing procedures, in which all materials should be submitted electronically, said the document.

Category-based supervision should be implemented coupled with territorial supervision to create joint efforts with superior and subordinate resources.

The move will further complete the supervision system of property insurance products and encourage product innovation, sources with the CBIRC said.