China Insurance Industry – Governance, Risk and Compliance

Pages: 106 Published: February 08, 2022 Report Code: GDIS0054RR

The China insurance market report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It gives insurers 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.

What are the market dynamics in the China insurance industry?

The State Council approved the merger of banking and insurance regulatory authorities as the China Banking and Insurance Regulatory Commission (CBIRC) in 2018. The main responsibilities of CBIRC include policy and strategy formulation for the development of the insurance industry and drafting of laws and regulations for supervision. They also approve the premium rates and clauses of insurance contracts in line with the public interests and statutory insurance lines. The CBIRC supervises and manages the solvency and insurance security fund and investigates and controls irregularities. It is also their job to impose penalties accordingly. They set standards and establish systems such as insurance risk assessment, risk warning, and risk monitoring. The key piece of legislation governing the insurance industry in China is the Insurance Law 1995.

What are the key types of licenses issued in the China insurance market?

The key types of licenses issued in the China insurance industry are life insurance, property insurance, reinsurance, and license for intermediaries. CIRC is responsible for the issuance and regulation of insurance licenses.

Licenses for life insurance

Insurers must obtain a license from the authority to establish an insurance company and carry on insurance business in China. Insurance companies licensed to operate in the life insurance business are permitted to operate in the personal accident and health insurance business as well.

Licenses for reinsurance companies

A reinsurance company is an insurance company, which specializes in the reinsurance business and does not issue policies directly to the applicant. In China, foreign-funded insurance companies are allowed to enter the reinsurance segment, and CIRC encourages insurers and brokers to provide reinsurance services for agricultural insurance, and insurance for disasters such as earthquakes and floods. Reinsurance includes both life reinsurance and non-life reinsurance.

Licenses for intermediaries

CIRC grants licenses to intermediaries under various regulations and amendments to carry out retail insurance operations. The types of licenses given to intermediaries are insurance sales services, insurance agency business, insurance brokerage business, insurance loss-adjustment business, part-time insurance agency business, and license for insurance asset management business of insurance asset management companies.

China insurance industry, by license type

China insurance industry, by license type

For more license type insights, download a free report sample

Which other key bodies oversee the China insurance industry?

The key body that oversees the China insurance industry is the International Association of Insurance Supervisors (IAIS). It is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants, and international financial institutions. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry. This develops and maintains fair, safe, and stable insurance industries for the benefit and protection of policyholders.

China insurance industry, by key bodies

China insurance industry, by key bodies

To know more about key bodies, download a free report sample

Market report scope

Key license types Life Insurance, Property Insurance, Reinsurance, and License for Intermediaries
Key bodies International Association of Insurance Supervisors (IAIS)

This report provides detailed analysis of:

  • The insurance regulatory framework in China.
  • The rules and regulations governing insurance products and insurance entities.
  • Key trends and developments pertaining to the state’s insurance regulatory framework.
  • Rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • Taxation imposed on insurance products and insurance companies.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • 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.

Table of Contents

Table of Contents


Legislation Overview

Supervision and Control


Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation


Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure


Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

Contact Us

List of Tables

List of Tables

China – Corporate Tax Rates for the Financial Year 2021

List of Figures

List of Tables

China – Corporate Tax Rates for the Financial Year 2021

Frequently Asked Questions

The key types of licenses issued in the China insurance industry are life insurance, property insurance, reinsurance, and license for intermediaries.

The key body that oversees the China insurance industry is the International Association of Insurance Supervisors (IAIS)


Can be used by individual purchaser only


Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Get in touch to find out about our multi-purchase discounts
Tel +44 (0) 20 7947 2960

Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.

Still undecided about purchasing this report?

Enquire Before Buying

Request a Free Sample


“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Related reports

View more Insurance reports
Financial Services
Peru Insurance Industry - Key Trends and Opportunities to 2027
$1,450 | May 2023
Financial Services
UBS Global Wealth Management - Competitor Profile
$1,295 | June 2023
Financial Services
South Korea PESTLE Insights - A Macroeconomic Outlook Report
$500 | June 2023