China Insurance Regulatory Commission (CIRC) News

China Likely to Adopt Cyber Rules for Insurers Despite Foreign Business Concerns

Controversial cyber security regulations for China’s insurance industry, now before the World Trade Organization (WTO), could soon take effect despite efforts by foreign business groups to persuade Beijing to change tack. Those groups say the draft measures are vague and …

Chinese Insurers Form Fund to Finance Overseas Energy, Infrastructure Projects

More than 40 Chinese insurance companies and asset managers have jointly started an investment firm, raising 40 billion yuan ($6 billion) for a first fund to finance energy and infrastructure projects overseas, China’s insurance regulator said. The new firm, China Insurance Investment Ltd., will …

China Asked to Revise Draft Cyber Security Rules Affecting Insurance Industry

Foreign business lobbies have asked China to substantially revise proposed cyber security regulations for the insurance industry, signaling a dispute that started with the publication of similar bank technology rules earlier this year may widen. The draft regulations, announced by the China Insurance Regulatory …

Zhang to Head New Odyssey Re Representative Office in Beijing

Odyssey Re Holdings Corp. announced that it has received regulatory approval from the China Insurance Regulatory Commission (CIRC) to establish a representative office in China. The bulletin said, the “new office will be based in Beijing and led by Jane …

Why Australia’s IAG Decided to Halt China Expansion Plans

When Insurance Australia Group, the country’s largest general insurer, announced ambitious plans in June to ramp up its business in Mainland China, several institutional investors including Jason Kim were seriously concerned. Kim, a portfolio manager at Nikko Asset Management which …

Yangtze Ship Disaster Insurance Payout Estimated at $14.9 Million

China’s insurance regulator estimates the payout in the fatal Yangtze cruise ship capsizing last week, which killed more than 400 people, at around 92.5 million yuan ($14.91 million), the official Xinhua news agency reported on Wednesday. The China Insurance Regulatory …

A.M. Best: China’s Solvency Rules Will Alter Reinsurance Buying Decisions

China’s new solvency regime will encourage direct insurers to revise their reinsurance programs, or panel of insurers, in order to better manage their solvency requirement arising from reinsurance credit risk, according to a new briefing published by A.M. Best. Titled “China’s …

China Regulators Draft Rules for Insurer Trusts

Collective trusts that insurers are allowed to invest in are confined to those backed by financing assets and non-listed equity assets, according to draft rules posted on the website of China Insurance Regulatory Commission [CIRC]. Collective trusts backed by fixed-income …

FSB Examines ‘Too Big to Fail’ Insurers; CIRC Expands Insurers’ Investments

The Financial Stability Board said an extended version of its guidance on the resolution of systemically important banks will apply to non-bank financial institutions, such as Allianz SE and other large insurers. The Basel, Switzerland-based body set up by the …

China Insurance Watchdog Warns Sector of Cash Crunch, Low Returns

Some Chinese insurers may face a cash crunch this year as many policies mature, and as the sector faces sliding investment returns and rising costs, the China Insurance Regulatory Commission (CIRC) said. Insurance companies need to broaden their investment channels …