Wednesday, December 13, 2017

Chinese non-life insurers, reinsurers required to hire actuaries

By end of 2019, China’s major non-life insurers and reinsurers will have to hire the services of a chief actuary as the regulator strengthens corporate governance among players.

The new requirement was outlined in an official government notice posted recently.

According to the China Insurance Regulatory Commission (CIRC), the country’s 84 non-life general insurers, along with its 12 reinsurers, must have a chief actuary by January 1, 2020.

All newly set up insurers and those intending to apply to do business in mainland China will be also told to comply with such requirement, CIRC said.

As of end-October, non-life insurers and reinsurers in the country had total assets valued at Rmb2.9 trillion (US$439 billion).

At present, life insurers in China already run under a senior management structure that already includes chief actuaries within their top ranks.

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