China Insurance Regulatory Commission (CIRC) said that the insurance sector would strive to attract more investment and redefine some industry standards to create a more favourable business environment, Xinhua reported.   Since the current insurance sector is still in immature stage without fully unleash its potential, the commission would attract more investment and large-scaled corporations to the industry in order to increase competition and widen the variety of insurance products offered as well as the coverage, said Yuan Li, CIRC spokesperson, yesterday.   Combating commercial corruption would be one of the important strategies to regulate the market and protect the insured’s rights. Yuan said that five committees responsible for supervising and strengthening the industry’s discipline are established. They would work to maintain well-managed corporate finance and capital transfer, standardized auditing and ensure companies would not charge excessive administrative fees especially from auto and large-scaled commercial insurance projects. On-site inspections would be conducted to monitor whether there are thorough execution of the regulations.   Dong Bo, chief of property insurance department with CIRC, pointed out that CIRC would work with the Police, Ministry of Construction, Ministry of Hygiene and State Administration of Work Safety to draft a well-rounded policy that complements the development of liability insurance. Liability insurance for vehicles and road accidents is made compulsory on July 1.   Yuan added that CIRC would further promote investment in bank stakes and shares to support national bank reform. The sector's first half investment repayment rate is the highest in recent years.