China Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$950
Buy Report View Sample

Published: September 21, 2023 Report Code: GDIS0054RR-ST

Select Item

China Insurance Industry Regulation Overview

The National Administration of Financial Regulation (NAFR) regulates the China insurance industry along the International Association of Insurance Supervisors (IAIS).

The China insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·        National Administration of Financial Regulation (NAFR)

·        International Association of Insurance Supervisors (IAIS)
Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Aviation Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance
Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax
Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

China Insurance Industry – Key Regulators and Legislation

National Administration of Financial Regulation (NAFR): The NAFR, which was officially established as China’s new financial regulator on May 18, 2023, will directly report to the State Council of China and will take over all the financial protection responsibilities from other governing regulators. Some of the main functions of NAFR include controlling and preventing financial risks and strengthening financial reforms, transforming each financial activity under regulation, and integrating and promoting ministerial coordination between local and central Government.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The laws regulating the China insurance industry are:

  • Insurance Law of the People’s Republic of China, 2015
  • Statutory Automobile Liability Insurance Law
  • Maritime Code of the People’s Republic of China
  • Civil Aviation Law of the Republic of China
  • Coal Law of the People’s Republic of China

Buy the Full Report for More Insights on Key Regulators in the China Insurance Industry

Download a Free Report Sample

China Insurance Industry - Compulsory Insurance

Some of the compulsory insurances required within the China insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurances in China

Compulsory Insurances in China

Buy Full Report for More Compulsory Insurance Insights into the China Insurance Industry

Download a Free Report Sample

China Insurance Industry - Company Registration and Operation

Insurers must obtain a license from the insurance supervision and control authority to establish an insurance company and carry on insurance business in China. Moreover, every reinsurer or reinsurance broker participating in the reinsurance business within the territory of China must be registered with the reinsurance registration system established by the authority. Foreign reinsurers must register if they were recommended by a local insurer or broker. Insurance intermediaries must obtain authorization from the insurance regulator to carry out insurance intermediary business in the country. Licensed insurance intermediaries operating in Hong Kong, Macao, and Taiwan are required to obtain local authorization in China to operate insurance intermediation activities in the mainland.

Buy the Full Report to Learn More About Company Registration and Operation in the China Insurance Industry

Download a Free Report Sample

China Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in China. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: The Ministry of Finance and State Administration of Taxation administers taxation in China under the Enterprise Income Tax law and Individual Income Tax law. Any company established in China or conducting business there is subject to corporate taxes. Foreign companies with an establishment in China or those that derive income from China are subject to tax as well even if they do not have an establishment. The tax is calculated based on the income earned by the company in China. Domestic companies are taxed on their worldwide income while foreign companies are taxed on the income earned in China.

Buy the Full Report to Learn More about the Taxation Policies in the China Insurance Industry

Download a Free Report Sample

Scope

This report provides:

  • Details of the insurance regulatory framework in China

  • Details of the rules and regulations governing insurance products and insurance entities

  • Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework

  • Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country

  • Details of the taxation imposed on insurance products and insurance companies

Key Highlights

  • CBIRC is responsible for regulation and supervision of the Chinese insurance industry.

  • 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.

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 Argentine 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 products.

Table of Contents

  • 1. CHINA

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance

    • 1.3. Non-Admitted Insurance Regulations

    • 1.4. Company Registration and Operation

      • 1.4.1. License

      • 1.4.2. Foreign Direct Investment / Ownership

      • 1.4.3. Minimum Capital Requirements

      • 1.4.4. Solvency Margins

      • 1.4.5. Reserve Requirements

      • 1.4.6. Statutory Return Requirements

      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium

      • 1.5.2. Corporate Income Tax

      • 1.5.3. Corporate Capital Gains Tax

      • 1.5.4. Value Added Tax

    • 1.6. Legal System

    • 1.7. Policy Practice

  • 2. About GlobalData

  • 3. Contact Us

Frequently asked questions

China Insurance Industry – Governance, Risk and Compliance thematic reports
Currency USD
$950

Can be used by individual purchaser only

Most Popular
$1,425

Can be shared by unlimited users within one corporate location e.g. a regional office

$1,900

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

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

China Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“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

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
Australia Wealth Management - Market Sizing and Opportunities to 2027
$3,450 | November 2023
Financial Services
New
Personal Accident and Health Insurance Market Trends and Analysis by…
$3,999 | November 2023
Financial Services
New
Motor Insurance Market Trends and Analysis by Region, Line of…
$3,999 | October 2023
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at China Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live China Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more