“Governance, Risk and Compliance — The Chinese Insurance Industry”, is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in China. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in China, including —
— An overview of the insurance regulatory framework in China.
— The latest key changes, and changes expected in the country’s insurance regulatory framework.
— Key regulations and market practices related to different types of insurance product in the country.
— Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in China.
— Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
— Details of the tax and legal systems in the country.
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Some of the Key Takeaway’s of the report are –
– CIRC is responsible for regulation and supervision of the Chinese insurance industry
— VAT is imposed at a rate of 6% on insurance products replacing business tax of 5%.
— Non-admitted insurance is not permitted in the Chinese insurance industry.
— Aviation liability insurance, motor third-party liability insurance and social security are the key classes of compulsory insurance in China.
— FDI is permitted up to 100% in non-life insurance and 50% in life insurance business.
– The report covers details of the insurance regulatory framework in China.
— The report contains details of the rules and regulations governing insurance products and insurance entities.
— The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
— The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
— The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy:
– Gain insights into the insurance regulatory framework in China.
— Track the latest regulatory changes, and expected changes impacting the Chinese insurance industry.
— Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
— Understand key regulations and market practices pertaining to various types of insurance product.
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China Reinsurance Company
Key Points from TOC:
1.1 What is this Report About?
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Environmental liability insurance
2.4.3 Social security system
2.4.4 Aviation liability insurance
2.4.5 Liability insurance for ships with respect to oil pollution
2.4.6 Nuclear liability insurance
2.5 Supervision and Control
2.5.1 International Associations of Insurance Supervisors
2.5.2 China Insurance Regulatory Commission
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution
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