China Justice Observer

中司观察

EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

CBIRC Strengthens Supervision of Insurance Group Companies

Mon, 10 Jan 2022
Categories: China Legal Trends

On 24 Nov. 2021, China Banking and Insurance Regulatory Commission (CBIRC) issued the“Administrative Measures for the Supervision of Insurance Group Companies” (hereinafter “the Measures”, 保险集团公司监督管理办法) on the basis of the“Administrative Measures for the Insurance Group Companies (for Trial Implementation)” (保险集团公司管理办法(试行)) promulgated by the previous China Insurance Regulatory Commission.

The Measures applies to the insurance group companies, i.e., companies registered in accordance with the law and approved by the CBIRC, with the words “insurance group” or “insurance holding” in their names and exercising control, joint control, or significant influence over the member companies of its insurance group.

The Measures adds a new chapter on “Risk Management”, requiring insurance group companies to integrate group risk management resources and establish a comprehensive risk management system that is compatible with the group. It also adds specific regulations of issues like the management of related-party transactions.

By the end of 2020, there had been 13 insurance groups in China with total assets of 22 trillion yuan ($3.5 trillion in USD). The financial risks within them are currently on the rise and thus need to be regulated.

 

 

Cover Photo by 孙 铭泽 on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

Related laws on China Laws Portal

You might also like

SPC Publishes Typical Cases on Public Security Crimes

In April 2024, China's Supreme People's Court (SPC) released five typical cases illustrating crimes against public security, emphasizing clarifications on trial criteria and sentencing principles, featuring a case involving serious injuries from objects thrown off a high-rise building.

Beijing Court Upholds Workers' Right to Offline Rest

The Beijing No. 3 Intermediate People's Court ruled that workers are entitled to overtime pay for “invisible overtime work” conducted via social media outside of working hours, protecting their right to “offline rest”.

China Revises State Secrets Protection Law

China’s national legislature, the National People’s Congress, revised the State Secrets Protection Law to enhance information classification, secrecy in technological innovation, and precise protection of state secrets, effective May 1, 2024.