China: New regulations provide impetus for insurance asset managers
Source: Asia Insurance Review | May 2020
The proportion of third-party funds from outside the insurance industry handled by insurance asset management companies has been growing and is expected to expand further. This will be driven by new regulations on insurance asset management that broaden the customer segment and sales channels – which will take effect from 1 May.
Among the new rules, insurance asset managers will be allowed to sell products to qualified individual investors and will thus be on a level playing field as non-insurance wealth management companies. The relaxation could lead to high-net-worth customers becoming the sales targets of insurance asset managers. A