In order to encourage product innovation and meet the growing demand for investment linked products in the insurance market, the CIRC launched a trial programme of allowing PRC licensed insurers to sell variable annuity products in Beijing, Shanghai, Guangzhou, Shenzhen and Xiamen (Trial Programme).
Read More China: China Insurance Regulatory Commission (CIRC) Issued Regulations for the Trial Program of Variable Annuity Products
Hong Kong
China: CIRC Seeks Consultation on Tentative Administrative Measures on the Transfer of Insurance Business
By Troutman Pepper Locke on
Posted in Hong Kong
On 22 March 2011, the China Insurance Regulatory Commission (CIRC) published a set of draft Tentative Administrative Measures on the Transfer of Insurance Business (Draft Measures) for public consultation by 11 April 2011. …
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HK: Proposed Establishment of a Policyholders’ Protection Fund (PPF)
By Troutman Pepper Locke on
Posted in Hong Kong
The Hong Kong government released on 25 March 2011 a proposal to build up a safety net of almost HK$2 billion for the city’s insurance policyholders (Proposal). The Proposal is open for public consultation until 25 June 2011. …
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China: Insurance Exchange Planned for Shanghai
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) has revealed that Shanghai has applied to the central government for approval to establish an insurance exchange, as part of Shanghai’s drive to become a major international financial hub by 2020. …
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China: A New Hurdle for Foreign Investors in China
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
China has introduced a new law, “Security Review System on Mergers & Acquisitions of Domestic Enterprises by Foreign Investors”, which took effect on March 5, 2011. …
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China: CIRC Bans Insurers from Guaranteeing Third-Party Debt
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 20 January 2011, the China Insurance Regulatory Commission (CIRC) issued a statement banning the country’s insurers, their asset management firms and other affiliates from providing guarantees for other companies’ debt. This ban does not cover lawsuit-related debt guarantees, export credit guarantees and marine insurance guarantees. …
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Hong Kong: Proposed Establishment of an Independent Insurance Authority
By Troutman Pepper Locke on
Posted in Hong Kong
The Financial Services and Treasury Bureau of Hong Kong recently published a Consultation Paper entitled “Proposed Establishment of an Independent Insurance Authority” (Consultation Paper), with a proposal to establish a new insurance regulatory authority which is both financially and operationally independent of the Hong Kong Government, and to give the independent body more supervisory powers over the industry. …
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International Association of Insurance Supervisors issues paper on the role of participants in MicroInsurance
By Troutman Pepper Locke on
The International Association of Insurance Supervisors (IAIS) has produced a joint issues paper with the MicroInsurance Network regarding the role of mutuals, cooperatives and community-based organisations (MCCOs) in insurance markets. …
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China: Insurance Companies are Given Permission to Diversify Their Investments into Private Equity and Real Estate Sectors
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) recently issued Interim Measures on Investment of Insurance Funds in Private Equity (PE Measures) and the Interim Measures on Investment of Insurance Funds in Real Estate (RE Measures). These became effective on 5 September 2010. …
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China: China Insurance Regulatory Commission Issues Guidelines to Strengthen Insurers’ Control of Funds
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 17 August 2010 the China Insurance Regulatory Commission (the CIRC) issued basic guidelines for the internal controls at Chinese insurance companies, which include monitoring their allocation and management of insurance funds. …
Read More China: China Insurance Regulatory Commission Issues Guidelines to Strengthen Insurers’ Control of Funds