China Insurance Asset Management Industry Association plans to rename; experts say it will expand the association's self-regulation scope.

On August 6, it was learned from various sources in the industry that the China Insurance Asset Management Industry Association recently held a member meeting and passed a renaming resolution. Subsequently, the association will be renamed as the "China Banking Insurance Asset Management Industry Association", becoming an industry self-regulatory organization covering the entire banking and insurance asset management industry. Dong Ximiao, Chief Researcher of Zhongrong Trust, and Deputy Director of the Shanghai Lab of Finance and Development, said that the renaming of the China Insurance Asset Management Industry Association to the "China Banking Insurance Asset Management Industry Association" will expand the scope of industry association self-regulation, fully covering bank wealth management and insurance asset management, and promote the transformation of China's asset management industry from segmented self-regulation to unified self-regulation framework. "The Wealth Management Professional Committee under the China Banking Association may no longer be established." On the other hand, this move will help standardize the disclosure of bank wealth management products and insurance asset management product information, promote the implementation of unified disclosure standards for similar businesses, and strengthen the protection of investors' legitimate rights and interests.