Albany, NY -- (SBWire) -- 05/04/2015 --Synopsis
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in China, including:
An overview of the insurance regulatory framework in China.
The latest key changes and changes expected in China's insurance regulatory framework.
Key regulations and market practices related to different types of insurance product in the country.
Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in China.
Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
Details of the tax and legal systems in the country.
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Executive summary
Timetric's 'Governance, Risk and Compliance - The Chinese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in China. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.
The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
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Scope
This report covers details of the insurance regulatory framework in China.
The report contains details of rules and regulations governing insurance products and insurance entities.
The report lists and analyzes key trends and developments pertaining to the Chinese insurance regulatory framework.
The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
The report provides details of taxation imposed on insurance products and companies.
Reasons to buy
Gain insights into the insurance regulatory framework in China.
Track latest regulatory changes and expected changes impacting the Chinese insurance industry
Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
Understand key regulations and market practices relating to various types of insurance product.
Key highlights
The China Insurance Regulatory Commission is responsible for the regulation and supervision of the Chinese insurance industry.
FDI is permitted up to 100% in non-life insurance and 50% in life insurance business.
A new risk-based solvency standard, the China Risk Oriented Solvency System, introduced in May 2013, is expected to be fully implemented by 2017.
Business tax is imposed at a rate of 5% on general insurance products; however, life insurance products are exempt from this tax.
Non-admitted insurance is not permitted in the Chinese insurance industry.
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Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Environmental liability insurance
2.4.3 Social security system
2.4.4 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 China Insurance Regulatory Commission (CIRC)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Corporate tax
2.8.3 VAT
2.8.4 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
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3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer
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