75 Regulation and supervision China - Aegon-CNOOC Asia - ADAMS India - Aegon Religare Hong Kong and Singapore - TLB  Japan - Aegon Sony Life Asset liability management China - Aegon-CNOOC The insurance industry in China is regulated by the CIRC. Its  regulatory supervision is described as ‘enhancing services,  reinforcing regulation, preventing risks, and promoting  development’.  The CIRC’s priorities are to promote healthy and continuous  development of business, maintain market stability, and prevent  systematic and regional risks. It pays increasing attention to risks  concerning maturity payment and surrender, fund utilization, and  low solvency. To further strengthen the protection of policyholders’ rights and  interests, the CIRC continuously advances the supervision of  misleading sales, improves supervision systems and measures  on life insurance services, and formulates a minimum service  standard. The CIRC also strengthens supervision of insurance corporations,  and promotes the China Risk-Oriented Solvency System. A key  focus is the implementation of regulations with the aim of  making current corporate governance system more effective. The CIRC also promotes market-oriented reform by further  reducing administrative approval processes, driving a broad range  of reforms, such as product pricing and marketing mechanisms,  and allowing markets to play a fundamental role in resource  allocation. Indian life insurance companies are regulated by the Insurance  Regulatory and Development Authority (IRDA). The IRDA  regulates, promotes and encourages the orderly growth of  insurance and reinsurance business in India. Established by the  Government of India, it safeguards the interests of the insurance  policy holders of the country. The IRDA is very active in bringing new regulation. For example,  in 2013, the IRDA updated existing and released new regulatory  guidelines. Significant changes were made to the following:  guidelines on various features of traditional and linked products;  investment regulations and fixed income derivatives regulations,  including the allowance of interest rate swaps for the purpose of  hedging liabilities with interest rate exposure.  The Financial Services Agency (FSA) is the government agency  supervisor of all insurance companies in Japan. New products  and major product amendments are filed with, and approved  by, the FSA. General policy provisions, statements of business  procedure, pricing and valuation are approved by the FSA.  The FSA has the right to on- and off-site inspections. Relevant  regulations for insurance operations include, among others,  the Insurance Business Law and related enforcement/notice, the  Insurance Act, and the Financial Instruments and Exchange Act. In late 2012, the FSA issued a new solvency margin risk standard  which limits the assets used while broadening the measurement  for solvency risk. Most recently, the FSA has strictly monitored  the solicitation of insurance products to the elderly; as a result,  Aegon Sony Life has recently enhanced its guidelines. In Hong Kong, the Privacy Commissioner for Data Protection  ordered Aegon Direct, a broker company and a wholly owned  subsidiary of ADAMS, to delete personal information collected  from customers by a vendor which may have misled some of those  individuals into providing their information, or did not properly  disclose how the information would be used. Aegon Direct was  permitted to avoid the deletion by obtaining new customer  consent from each individual, and was able to retain thousands  of customers through a calling outreach program which ended in  August. Aegon removed those customers it was not able to reach  by the regulatory deadline of September 30, 2013. In direct markets, an evolving regulatory environment relates in  particular to the use of personal data for marketing purposes.  ADAMS remains abreast of any changes or proposed changes to  regulations governing personal data in all of its markets. Where  appropriate, ADAMS implements industry standard compliance  programs, such as PCI Compliance in Australia and P-Mark in Japan. TLB is incorporated in Bermuda and is regulated by the  Bermuda Monetary Authority, the integrated regulator of the  financial services sector in Bermuda. TLB’s Asia branches are  located in Hong Kong and Singapore. The insurance industry  in Hong Kong is regulated by the Office of the Commissioner  of Insurance (the “OCI”). The OCI’s priorities are to oversee the  financial conditions and operations of authorized insurers in  Hong Kong. In addition, the OCI considers itself to be a market  enabler, committed to facilitating both the healthy development  of the insurance industry and the protection of policyholders.  The insurance industry in Singapore is regulated by the Monetary  of Singapore (the “MAS”). The MAS is an integrated supervisor  overseeing all financial institutions in Singapore - banks,  insurers, capital market intermediaries, financial advisors and the  stock exchange. Its mandate is to foster a sound and progressive  financial services sector in Singapore. The MAS also promotes  a strong corporate governance framework and close adherence  to international accounting standards. A monthly asset liability management meeting is held to monitor  duration and liquidity management. The durations of liabilities  and assets are calculated separately by block and the duration  gap is analyzed. Based on the payment structure and term of 