The structural reform of China's pension system is imperative, and the country's aging population will be propelling an increase in demand for pension funds to be allocated to investments with sustainable returns and alternative solutions that provide long-term benefits, according to Ms Dong Mei, a partner and the head of Aged Care in KPMG China.
Moody's Investors Service has assigned an A3 insurance financial strength rating (IFSR) to Fidelidade Macau - Insurance Company Limited (Fidelidade Macau). The outlook is stable.
China's insurance sector is forecast to record double-digit new business value growth this year, because of demand recovery and moderated asset/liabilities risk.
The cost of COVID-19 vaccinations in China will be covered by the basic medical insurance fund and government fiscal, measures, rather than by individuals themselves, said Mr Li Tao, deputy director of the National Healthcare Security Administration (NHSA).
Heng An Standard Life (HASL) has been given permission to commence operations of its pensions insurance business in China.
The CBIRC has issued its "Notice on Regulating Issues Concerning Short-term Health Insurance Business", covering of product design, policy renewal, sales, claims, and the suspension of sales. The goal is to regulate short-term health insurance operations and management.
Online mutual healthcare assistance platform Xianghubao, which is part of the Ant Group, saw its subscriber numbers fall to 101m as of 7 January 2021, compared to 105.8m in the first phase of November 2020. This represents a shrinkage of more than 4m in the number of subscribers.
The CBIRC is decentralising its direct supervision of the 91 life insurers in the country by splitting them into those that are to be supervised by local regulatory bureaux and those whose direct supervision is retained by the headquarters.
The Ministry of Finance has issued a notice concerning the selection and management of entities writing policy-based agricultural insurance business and working with the country's state-backed agricultural reinsurer.
The CBIRC will rate insurance asset management companies (IAMCs) and supervise them accordingly, said the regulator in a notice posted on its website.