The insurance regulator has issued guidelines on corporate governance to improve management practices and risk prevention in the industry.
The guidelines are aimed at strengthening the role of insurers' boards of directors, said Wu Dingfu, chairman of China Insurance Regulatory Commission (CIRC), in a statement in question-and-answer form published on the regulator's Web site late Tuesday.
The guidelines clarify the responsibilities of directors, including that they spend enough time on the operations of their companies, said Wu.
Insurers should have a number of independent directors on their boards, an audit committee and a committee to nominate, assess and decide on salaries for senior managers, Wu said. He didn't say how many independent directors an insurer should have.
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