Our Asia insurance regulatory tracker for the first and second quarter of 2019 is attached. The tracker covers a range of developments including the Hong Kong Insurance Authority’s newly issued Guideline on Qualifying Deferred Annuity Policy, the Monetary Authority of Singapore’s Guidance to Capital Markets Intermediaries on Enhancing AML/CFT Frameworks and Controls, and China’s recently adopted
Our Asia insurance regulatory tracker for the first quarter of 2018 is attached. It includes updates on the introduction of an insurance levy in Hong Kong, a consultation on agency recruitment incentives in Singapore, and new measures in relation to the use of insurance funds in China.
After two rounds of consultation, the China Insurance Regulatory Commission (“CIRC“) released the final version of the Administrative Measures for Equity Interests in Insurance Companies (the “New Measures“) on March 7, 2018, which will take effect on April 10, 2018. The New Measures introduce a number of restrictions in relation to shareholdings in insurance companies.
On 16 May 2017 the CIRC and the Hong Kong Office of the Commissioner of Insurance (“OCI“) entered into a framework agreement aimed at mutual recognition of solvency regimes between Mainland China and Hong Kong. China adopted a risk-based capital regime, C-ROSS, with effect from 1 January 2016. In Hong Kong, the consultation on a
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. On 13 March 2017, CIRC released on its official website the final version of the notice (the “Final Version“), which has been effective since 23 February
On 29 December 2016, the China Insurance Regulatory Commission (“CIRC“) commenced public consultation on the amended Administrative Measures for Equities of Insurance Companies (Draft for comments) (the “Draft Measures“), setting out a new regulatory regime for investment in Chinese insurance companies. Lowered Maximum Shareholding Percentage The market sees the Draft Measures as CIRC’s reaction to
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
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
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.
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
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
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
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,
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
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