China Proposes Sweeping Insurance Law Overhaul to Tighten Shareholder Oversight

China’s top financial regulator has proposed a sweeping overhaul of the nation’s Insurance Law to clamp down on illicit shareholder activities and formalize procedures for unwinding failed firms.

The National Financial Regulatory Administration released the draft revision for public feedback on Friday, expanding the legislation from 185 to 214 articles in its most significant upgrade since 2009.