China’s Opening-Up - Can foreign-funded insurance brokers now have the same business scope as Chinese-funded insurance brokers?
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.
Related news & insights
News / Ince achieve top rankings in the new Chambers and Partners Greater China Region 2022 Guide
18-01-2022 / Insurance, Maritime
The firm maintained its high rankings in Shipping and Insurance across China and Hong Kong jurisdictions.
News / Ince appoints Jennette Newman as Partner and Head of Insurance
01-12-2021 / Insurance
Heavyweight hire bolsters the firm’s ability to help insurance clients navigate increasingly complex global challenges.
Insights / Success with subrogation in the UAE
25-05-2021 / Insurance
Insurers often perceive subrogated recoveries as challenging and uncertain in this region and that can be true to some extent.
Insights / Insurance & Reinsurance guide 2021
25-01-2021 / Insurance
We are pleased to share with you Chambers and Partners 'Insurance & Reinsurance guide 2021', of which Simon Cooper is the contributing editor.
Insights / Supreme Court checks out of Orient Express Hotel
19-01-2021 / Insurance
On 15 January 2020, the Supreme Court handed down its judgment in this test case that was initiated by the Financial Conduct Authority (“”FCA”) in order to determine a number of common coverage issues pertaining to the correct response of non-damage business interruption policies to the Covid-19 pandemic.
Insights / Decennial Liability in the UAE
05-10-2020 / Insurance
At its core, decennial liability is a form of strict liability imposed on architects, engineers and contractors in the case of total or partial collapse of a building or structure or defects found in the building or structure that threaten the structural integrity of the building.
