China's Opening-Up - Have the rules on market access by foreign-funded banks been relaxed?
From 27 April 2018, foreign-funded insurance brokers can have the same business scope as Chinese-funded insurance brokers.
As part of the measures implementing the proposed reforms to its financial sectors announced by China in November 2017, China Banking Insurance Regulatory Commission (CBIRC) published the Notice on Opening Up of the Business Scope of Foreign-Funded Insurance Brokerage Companies (the “Notice”) on 27 April 2018, which took effect from the date of publication.
Pursuant to the Notice, foreign-funded insurance brokerage companies licensed in China are permitted to conduct the following businesses:
1. Preparing insurance plans, selecting insurers and making policy applications for the insured;
2. Assisting the insured or the beneficiaries in making claims;
3. Re-insurance brokerage;
4. Providing consultation to clients on disaster prevention, loss prevention, risk assessment and risk management; and
5. Other businesses licensed by CBIRC.
Since the publication of the Notice, Willis Insurance Brokers Co., Ltd has become the first foreign insurance brokerage company which was licensed to expand its business scope.