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On 22nd March 2011, the CIRC released a draft of the new Rules on Administration of Representative Offices of Foreign Insurance Related Institutions(“New Draft Rule”). This New Draft Rule shall replace the Rules on Administration of Representative Offices of Foreign Insurance Institutions (Baojianhuiling [2006]No.6) published on 1st September 2006 (“Rule of Baojianfa [2006] No.6”) and the Interpretations of the CIRC on Rules on Administration of Representative Offices of Foreign Insurance Institutions (Baojianfa [2008]No.101) published on 25th November 2008. Foreign insurance institutions should pay attention to this New Draft Rule because it significantly raised the threshold for foreign insurance institutions entering into Chinese insurance market.

Continue Reading Draft of the New Rules on Administration of Representative Offices of Foreign Insurance Institutions is Inviting Public Comments

This article is written by  Kate Chan, the Senior Foreign Counsel of Grandall Legal Group with Contribution from Dr. Zhan Hao.

This article summarises the time limits that are relevant to the exercise of rights and defences by property insurers in claim-related disputes and in the claim process generally.  Continue Reading Time Limits in Property Insurance Litigation in the People’s Republic of China

 Great news for Chinese insurance industry is from CIRC’s Chairman Mr. Wu Dingfu. In a recent press conference in January 2011, Mr Wu introduced the situation of the development of the Chinese insurance market, during his speech he said, in the last 5 years, the insurance premium income of the country has increased 24.2% per year on average and has reached 720.12 billion yuan, the income from investment has been over 6% per year on average. China has become the most important newly developing country for the insurance industry where the number of insurance companies had increased by 53 since 2005 and there are now a total of 146 insurance companies in China.Continue Reading Think again before going to China

On July 9, China Insurance Regulatory Commission (“CIRC”) issued a notice concerning assumed interest rate on traditional life insurance to solicit public opinion. Some analysts said CIRC proposes to loosen its control over the assumed interest rate through this notice and expected that the profits margins of traditional life products will shrink following the implementation of this proposal, while insurers will have more flexibility in the design of this kind of policies.

Continue Reading CIRC may Loosen Assumed Interest Rate Control on Traditional Life Insurance