Interest

Subscribe to Interest via RSS

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

The Chinese legislator recently published the draft of the Chinese Insurance Law (revised). The draft is inherently different from the present Insurance Law of the People’s Republic of China. Therefore, the draft should be deemed as new rather than revised.

The current Insurance Law has aroused fierce and serious criticism since its promulgation in 1995 and subsequent revision in 2002. Those who are insured, insurers, brokers, agents, loss adjusters and regulators are not satisfied with the current regulatory position surrounding the Insurance Law. The reasons which stem from this dissatisfaction are multiple.
 Continue Reading Just Move, A Big Step-comments on the draft of new insurance law of China