In dealing with PRC related insurance disputes, one question is often raised by Chinese court or arbitration institute: what is the insurance agent or the insurance broker? The relationship between the insurance agent, broker, insurer, policyholder, insured and beneficiary always confused the judge and arbitrator. This article will elaborate the concept, function, difference of these
How Foreign Insurers Set Up Non-insurance Subsidiaries in China ?
I. Purposes for setting up a non-insurance subsidiary
An obvious fact for foreign insurers is that they are not allowed to conduct insurance business within the territory of China (excluding jurisdiction as Hong Kong, Macau and Taiwan for the purpose of this article), nor can their Chinese non-insurance subsidiaries which do not possess any insurance
Wrestling Chimeras — What are Director & Officer Liability Insurance Policies Like in China?
What is Director and Officer Liability Insurance?
Directors and officers (“D&Os”) assume liability for many of their company activities, especially when their company is publicly listed. In many cases D&Os face significant legal exposure based simply on their signature, role and title, or status as a controlling person. This means that no matter how effectively,
Event Invitation | AnJie Law Firm Insurance Workshop 2: On Most Discussed Topics concerning Insurance Law Compliance Management & Insurance Litigation and Arbitration in 2022
Regulation continues to be tightening in the insurance industry, with lesser and lesser tolerance for violations of laws and regulations in 2022. Many new law compliance issues are emerging, such as how to understand and apply the corporate governance regulation rules, what are the challenges in compliance management, what are the employment risks and how
Summary: To avoid rescission, insurance applicant must disclose facts when prompted by insurer
When concluding an insurance contract, the insurance applicant has a duty of disclosure. The applicant is not obliged to disclose information unless the insurer enquires.
The insurer’s remedy for breach of this duty varies. The insurer can either:
- Rescind the contract and keep the premium. The availability of this remedy depends on the degree of
Bolts, Bits, & Bytes: China’s New Digital currency and Implications for Insurers and Insurtech
Let’s talk tech and Chinese money.
Since antiquity, China had led the world with its adoption of cutting-edge currency
Today, there is an immense amount of interest surrounding China’s new digital yuan (“DCEP” – Digital Currency Electronic Payment).
However, China’s history of currency innovation goes back to ancient times. Unlike Roman coins, ancient
WFOE Shopping — How do Beijing, Shanghai, and Shenzhen compare for establishing an insurance WFOE in China?
Author:Hannibal El-Mohtar Agnes Wang
(Attribution: Ravi Kant)
I. How can Hong Kong and foreign insurers currently sell insurance to MainlandChina?
Despite the COVID-19 pandemic, many Mainland residents find foreign insurance policies more attractive than those found in the mainland and continue to cross borders to get their hands on them.
Take Hong Kong for
China, GATS, Trump: Do non-US Insurers Get a Piece of the China-US Trade Deal?
Author:
Hannibal El-Mohtar
(Photo attribution: Karolina Grabowska)
Despite the tortuous path ahead for the US 2020 election campaigns, and the trials and tribulations of this year, the US-China Phase 1 Trade Deal (the “P1 Deal”) remains in place.[1]
Although commitments under the P1 Deal are only between China and the
Why Business Interruption Insurance Only Covers Losses Resulting from Damage to Property
Authors: Wan Jia, Liu Sichen
I. The Background Information of the Raised Question
The rapid spread of the COVID-19 pandemic has left a huge impact on business operations worldwide. For many companies, a business interruption (“BI”) that could result from this impact is a hazard which features among their greatest operational risks this
Can Foreign Investors Capitalize on Insurtech’s Growth in China?
Authors : Wan Jia, Hannibal El-Mohtar
I. Is China’s insurance market worth investing in?
It is no secret that China’s insurance industry presents good upside growth opportunities. According to the 2018 Report on Global Insurance and Market Research released by Allianz Group, “Nearly 80% of the total 60 Billion Euros increase in global premiums came