The China Insurance Regulatory Commission (CIRC) has issued a notice on its website on 29 September 2013. The notice sets out the eight areas in which the CIRC will provide support to the insurance sector in the newly launched Shanghai Free Trade Zone (FTZ).
These areas are:
- Setting up of branches of foreign health-care insurance companies in the FTZ.
- Establishment of branches of insurance companies in the FTZ for the purposes of developing Renminbi reinsurance business and supporting the exploration of catastrophe insurance in Shanghai.
- Encouraging overseas investments by insurance companies in the FTZ.
- Establishment of businesses in the zone by leading foreign insurance intermediaries and firms which offer supporting services, as well as reinsurance services offered by organisations and individuals, so that specialist services will be available in the FTZ.
- Introduction of shipping insurance in Shanghai by insurers and brokers.
- Establishment of innovative insurance products and expansion of liability insurance.
- Transformation of Shanghai to a full-service insurance market and setting up operations that would turn Shanghai into a price-setting shipping insurance market, reinsurance hub and insurance funds centre.
- Establishment of linkages and mechanisms to promote financial reform and innovation in the FTZ and the growth of Shanghai into an international financial centre.
For further information on the areas in which CIRC will provide support in relation to the FTZ, please refer to the notice published on the CIRC’s website here.