Friday, September 22, 2017

Foreign insurers get access to wider market in China

China’s insurance regulator said in a brief statement yesterday that the government will further open up the country to foreign insurers to enter.

In a post on its website, the China Insurance Regulatory Commission (CIRC) said the Chinese government will encourage foreign firms to enter the local health, disaster and pension insurance markets, and will improve its market entry policies.

The insurance regulator’s statement, which should be a positive development for foreign insurers, was issued less than a week after it announced that Chinese insurers with rule-breaking and dishonourable records will face restrictions on market access as part of an inter-agency crackdown.

CIRC signed a memorandum of understanding with 30 ministries and regulators to jointly crackdown on illegal activities in the insurance sector.

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