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CBIRC Relaxes Entry Terms of Foreign Insurance Brokers

Tue, 25 Jan 2022
Categories: China Legal Trends

On 3 Dec. 2021, China Banking and Insurance Regulatory Commission (CBIRC) released the “Notice on Clarifying Measures for the Opening-up of the Insurance Intermediary Market” (hereinafter “the Notice”, 关于明确保险中介市场对外开放有关措施的通知).

The highlights of the Notice are to relax conditions of market entry for foreign insurance intermediaries.

According to the Notice, China will allow insurance intermediary institutions invested and established by foreign insurance group companies or domestic foreign-funded insurance group companies to operate related businesses.

It is reported that the CBIRC will continue to steadily promote the opening-up of the banking and insurance industry.

 

 

Cover Photo by Patrick Xu on Unsplash

Contributors: CJO Staff Contributors Team

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