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Governance, Risk and Compliance - The Chinese Insurance Industry, GlobalData

Governance, Risk and Compliance - The Chinese Insurance Industry, GlobalData

  • June 2018
  • 106 pages
  • ID: 5473952
In this report:
According to Article no. ##, if the insurer fails to comply with the stipulations of article ##, CIRC can penalize an amount subject to a maximum of CNY##,##.## (US$##,##.##), after giving a warning.
According to the publication, there will be an exemption for insurance companies that are expected to adopt the IFRS ## standards effective from 2021 after the implementation of IFRS ##.

Summary

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Governance, Risk and Compliance - The Chinese Insurance Industry

Brief

"Governance, Risk and Compliance - The Chinese Insurance Industry", is a exhaustive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in China (CN). The industry report specifies several requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The study offers insurers with access to information on prevailing insurance regulations, and new and imminent changes in the regulatory framework, taxation and legal system in the country. The analysis also comprises the scope of non-admitted insurance in the country.

The study offers business insights into the governance, risk and compliance framework pertaining to the insurance industry in China (CN), including -

- An overview of the insurance regulatory framework in China (CN).

- The recent top changes, and changes expected in the country's insurance regulatory framework.

- Key regulations and market practices related to distinct types of insurance product in the country.

- Rules and regulations pertaining to main classes of compulsory insurance, and the scope of non-admitted insurance in China (CN).

- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

- Details of the tax and legal systems in the country.

Some of the Key Takeaway's of the report are -

- CIRC is responsible for regulation and supervision of the Chinese insurance industry

- VAT is imposed at a rate of 6.0 percent on insurance products replacing business tax of 5%.

- Non-admitted insurance is not permitted in the Chinese insurance industry.

- Aviation liability insurance, motor third-party liability insurance and social security are the top classes of compulsory insurance in China (CN).

- FDI is permitted up to 100.0 percent in non-life insurance and 50.0 percent in life insurance business.

Overview

- The industry report includes details of the insurance regulatory framework in China (CN).

- The study contains details of the rules and regulations governing insurance products and insurance entities.

- The report lists and analyzes main trends and developments pertaining to the country's insurance regulatory framework.

- The analysis examines the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

- The market research offers details of taxation imposed on insurance products and insurance companies.

Great reasons to purchase

- Gain insights into the insurance regulatory framework in China (CN).

- Track the recent regulatory changes, and expected changes impacting the Chinese insurance industry.

- Gain detailed information about the top regulations governing the establishment and operation of insurance entities in the country.

- Understand main regulations and market practices pertaining to different types of insurance product.

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