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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
China’s insurance regulator is seeking more information from Ping An Insurance after reviewing HSBC’s planned sale of its $9.4 billion stake in China’s No.2 insurer to Thailand’s CP Group. The request comes amid concerns about the deal’s funding triggered by …
