Insurance Law

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The first Insurance Law in China came into force in 1995 and was amended in 2002. There have been no other additional changes or modifications to the Insurance Law. Although the Chinese Supreme Court has drafted an Explanation to the Enforcement of the Insurance Law, these rules have yet to be utilized in practice. Thus, it is clear that the rules and regulations governing insurance in China has failed to keep pace with the rapid development in the market.   Continue Reading Chinese Insurance Law Legislation needs Improvement for Adequate Governance

China has experienced unprecedented growth in the insurance field. The total amount of premiums reached 100,611,940,000 USD in 2007. The total amount of premiums reached 80,672,020,000 USD in 2006 ranking it eleventh out of all countries in the world. Moreover, the total financial holdings of insurance companies in 2007 amounted to 414,756,056,000 USD, one-third larger than total holdings in 2005. Presently, there are more than 100 insurance companies in China, and more than 3000 insurance intermediary companies which include businesses specializing in broker, agency, and loss adjuster services.Continue Reading The Chinese Insurance Market is Developing at a Rapid Pace