On 26th May 2017, the Shanghai Insurance Exchange (SHIE) published the "Insurance Bidding Platform Rules #1-3" (Rules).
The Rules state that, in future, bids run through the SHIE platform will mainly be in the areas of government-initiated “policy” insurance; large commercial risk insurance; and public welfare insurance. Specifically:
- “Policy” insurance refers to government-initiated, public welfare insurance programmes, such as parametric, agricultural, catastrophe, single-payer healthcare, aged person accident, and export credit etc...
- Large commercial risk insurance refers to large-scale insurance cover afforded to commercial enterprises; and
- Public welfare insurance refers to that insurance purchased by charitable institutions, or by donors to charitable institutions, where those charitable institutions actively contribute to and assist the public good and public welfare.
The Rules go on to detail the requirements, criteria and processes for bidders and offerors who wish to utilise the SHIE bidding platform.