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Tag Archives: China

Posted in China and Hong Kong, Regulatory and legislative updates

China: CIRC Issues New Measures for Compliance Management of Insurance Companies

On 4 January 2017 the China Insurance Regulatory Commission (“CIRC“) published on its website the final version of the Measures on the Compliance Management of Insurance Companies (the “Compliance Measures“), which will become effective on 1 July 2017. The Compliance Measures apply to insurance companies and insurance groups established in China, but also act as

Posted in China and Hong Kong, Regulatory and legislative updates

China Proposes Requirements for Collateral in Cross-border Reinsurance Transactions

On 9 August 2016, the China Insurance Regulatory Commission (“CIRC“) issued the Notice on Matters Relating to Collateral Provided by Offshore Reinsurers (Draft) (the “Draft Notice“) for public consultation until 19 August 2016. According to CIRC’s corresponding explanatory note, since the China Risk Oriented Solvency System (“C-ROSS“), formally effective from 1 January 2016, differentiates between

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

China tightens up regulation on illegal sales of foreign insurance products

On 11 May 2016, the China Insurance Regulatory Commission (“CIRC“) issued the Notification to Strengthen the Supervision and Administration of Illegal Sales of Offshore Insurance Products (the “Notification“) in which it requests its local offices to more closely scrutinise and take action against illegal sales of offshore insurance products within China.

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

China: Draft Amended Rules for Utilization of Insurance Funds Issued by CIRC for Public Consultation

On 3 March 2016, the China Insurance Regulatory Commission (“CIRC“) released the amendments to the Interim Measures for the Administration of Utilization of Insurance Funds (the “Draft Amendments“) for public comment until 31 March 2016. The current version of the Interim Measures for the Administration of Utilization of Insurance Funds (the “Insurance Funds Measures“) has

Posted in Asia, Market developments, Regulatory and legislative updates

China: CIRC Issues New Rules for Internet Insurance Business

On 22 July 2015, the China Insurance Regulatory Commission (“CIRC“) released the Interim Measures for Regulating the Internet Insurance Business (the “Internet Insurance Measures“), which will take effect from 1 October 2015. The Internet Insurance Measures are China’s first comprehensive rules to regulate the emerging internet insurance business. 1.               Foreign insurers equally allowed to engage

Posted in Asia, Regulatory and legislative updates

China’s State Council Indicates Clear Intention to Develop China’s Insurance Industry

In policy guidance issued last month, China’s State Council reemphasised the importance of the insurance sector to the country’s economy as a whole. In Several Opinions on Accelerating the Development of a Modern Insurance Industry (“Opinion Document“), released on 13 August 2014, the State Council recognises insurance as an important pillar of China’s financial system

Posted in Asia, Regulatory and legislative updates

China: draft rules to allow life insurers to sell policies online to purchasers nationwide

On 15 April 2014, China’s insurance regulator, the China Insurance Regulatory Commission (the “CIRC“), issued Circular Regarding the Regulation of Online Insurance Business Operation of Life Insurance Companies (Draft for comments) (in Chinese: 关于规范人身保险公司经营互联网保险有关问题的通知(征求意见稿)). If implemented, this circular will allow life insurance companies to sell accident, fixed-term life and whole life policies, through online channels,

Posted in Asia, Regulatory and legislative updates

China: new rules allow insurers to buy stakes in two insurers which operate the same line of business

On 21 March 2014, China’s insurance regulator, the China Insurance Regulatory Commission (the “CIRC“), issued the Administrative Measures on Insurance Company Mergers and Acquisitions (in Chinese: 中国保险公司收购合并管理办法). The new measures now allow an acquiring party to take controlling interests in two insurance companies that engage in the same type of business activities – subject to

Posted in Asia, Regulatory and legislative updates

China’s new bancassurance regulation focusses on consumer protection

In January 2014, China’s insurance and banking regulators (the China Insurance Regulatory Commission and the China Banking Regulatory Commission respectively) jointly issued the Circular on Further Regulating the Sales Behaviour of Bancassurance Business (in Chinese: 中国保监会、中国银监会关于进一步规范商业银行代理保险业务销售行为的通知). It sets out rules for commercial banks and insurance companies in relation to the sale of insurance products through