China: Regulator issues draft revised rules for reinsurance business
Source: Asia Insurance Review | Jul 2020
The China Banking and Insurance Regulatory Commission plans to revise reinsurance rules and has issued a draft of the regulation to be amended for public feedback.
The revised draft proposes to specify the scope for direct insurance companies which carry out reinsurance business according to a report from Shanghai Securities News.
The move seeks to strengthen the supervision of reinsurance operations as well as promote the sustained and healthy development of the reinsurance market. It is said to be a response to the trend of small and medium-sized direct insurers undertaking reinsurance business in recent years. A