China Insurance Industry – Governance, Risk and Compliance
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
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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
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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
List of Tables
List of Figures
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)
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