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Tag Archives: CIRC

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, China and Hong Kong, Regulatory and legislative updates

China proposes new cyber security rules for insurance industry

On 9 October 2015, the China Insurance Regulatory Commission issued draft Supervisory Rules for Adoption of Information Technology by Insurance Institutions (“Draft Insurance IT Rules“) for public comment.  The public comment period will close on 31 October 2015…. Click here to continue reading….

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, Market developments

China: Launch of the Shanghai FTZ Cross-border Investment Service Online Platform

The Shanghai (Pilot) Free Trade Zone is an area to watch for international insurers – and particularly for health and medical insurers. The FTZ was launched at the end of September 2013 with a promise to encourage the development of a number of industries, including foreign-invested health and medical insurance companies. Thus far, however, China’s