China insurance Authority consults on revised regulation on foreign reinsurers

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The China Banking and Insurance Regulatory Commission (CBIRC) is reported to have begun soliciting public opinion on a revised regulation on foreign insurance companies, according to the Xinhua News Agency.

It reported that the CBIRC said the revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions, fine tune shareholder change and access requirements, and scrap foreign ownership caps. “New market access conditions will not be added and entry barriers will not be raised under the revised regulation, the CBIRC said, adding that the domestic and foreign insurers will be able to conduct business under the same rules,” said the news report.

It added that, according to the CBIRC, the revised regulation aims to promote a higher level of opening up, while continuing to strengthen risk management and control

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