News eDaily20 Apr 2017

China:Rules outlined for insurers in northern regional cluster

20 Apr 2017

The authorities of Beijing, Hebei and Tianjin will introduce common standards for the insurance market in the northern regional cluster.

Among other moves, they will also facilitate manpower mobility in the insurance field, promote information integration and set up a joint customer complaint handling mechanism in the region.

To this end, the insurance regulatory bureaux of Beijing, Hebei and Tianjin have issued a joint circular covering a pilot scheme for insurance companies and agencies to set up operations in the integrated region. The circular covers issues including the establishment of operations, products, and mutual recognition of qualifying examinations.

The circular says that insurance companies have to set up sub-branches in the integrated area that are to have a status below that of a provincial branch. The person in charge of the proposed sub-branch must not hold appointments elsewhere.

Among other measures, Beijing, Hebei and Tianjin will also adopt mutual recognition of the qualifications of top executives of insurance companies' sub-branches in the region. Insurance executives can sit for qualifying examinations conducted by any of the three regulatory bureaux.

In the area of supervisory cooperation, the regulatory authorities will also set up a liaison channel among themselves for regular supervisory work, hold regular meetings to resolve problems which may arise in the integrated region, and establish a system to investigate violations by insurance companies.

The insurance associations of Beijing, Hebei and Tianjin will set up a joint system to combat motor insurance fraud.

Chinese President Xi Jinping called for the integration of regions around Beijing in February 2014, with the goal of making the integrated region a new engine that will boost China's economy and to redistribute resources.

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