China launches new life insurance products regulations

china newspaper mobile life insurance products

The country’s official regulator has established new rules to slow the growth of short- and mid-term products. Short- and mid-term life insurance products are now subject to new rules in China. These were shared on an official website notice from the Chinese industry regulator, the China Insurance Regulatory Commission (CIRC). CIRC has been working to be able to reduce the risk associated with the investment into these products. The CIRC’s concern is that if investments are made into stocks and long term assets using funds based on short-term life insurance,…

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China’s insurance industry is surging

china newspaper mobile life insurance products

Insurance industry is experiencing rampant growth as more consumers purchase coverage China’s insurance industry is experiencing a period of rapid growth, according to the China Insurance Regulatory Commission. The organization has released information that showed that the country’s insurers have recorded a total premium income of $320.5 billion in 2014. Premiums revenue has grown by 17.5% last year, the highest margin it has grown by in the past three years. The insurance industry has been experiencing a surge as more people purchase coverage in several different sectors. Consumers are using…

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Marriage insurance takes off following a rash of cheating among celebrities

Wedding Marriage Insurance

This trend has been heaviest in China, where social media has reported infidelities among some top stars. As news of major celebrity divorces, infidelities, and other relationship-ending occurrences started making its rounds throughout social media sites in China, recently, the number of people who have been looking into marriage insurance has suddenly started to rise. It looks as though many people are starting to take this relationship news personally and want to protect themselves. Among the largest reports that have caused marriage insurance to increase in popularity was that Wen…

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Life insurance policies from Hong Kong selling well in China

Hong Kong health Insurance News

Mainland Chinese consumers are helping to boost the sale of the coverage through cross border shopping. Visitors from mainland China have been helping to increase the success of the life insurance industry in Hong Kong as they have been buying policies at a rate that is returning the sector nearly to the level that it had reached before the global economic crisis began. New premiums for the policies are helping to boost the appeal of the coverage, leading to considerable recovery. The newly created premiums for life insurance being sold…

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Changes to insurance laws opens industry to greater freedoms

An amendment to the Insurance Act has been passed by the Legislative Yuan in Taiwan, which now makes non-investment foreign currency life insurance policies exempt from an existing quota for foreign investments imposed on insurers. Under the regulations that were in place, insurers had not previously been permitted to place more than 45 percent of their investments of their total funds into assets that are foreign-denominated. Insurance companies are now permitted by the Financial Supervisory Committee (FSC) to sell non-investment foreign currency life insurance policies without subjecting those policies’ funds…

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China Life Insurance, Their Vision for 2011

One of China’s largest providers of life insurance, China Life Insurance Co., stated today that it will continue to focus on their fixed-income investments throughout this year. The announcement comes amidst a series of rate hikes occurring within the industry. China Life Vice President, Liu Jiade, has said that the insurer’s fixed-income products will account for approximately 78% of the company’s investment portfolio in 2011. Last Tuesday, China Life reported that their net profits for last year did not meet expectations. While profits rose by 2.3%, the insurer had a…

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Largest insurers in China have legal problems

On Monday, China’s audit office found “improper and illegal activities” involving the nation’s two largest insurance companies: People’s Insurance Co. of China and China Life Insurance. The audit found that SNY3.02 billion ($458 million) had been involved with the illicit activity. Officials with the National Audit Office said that the companies were involved in an array of improper settlements, illegal international investments, and selling fraudulent insurance policies. The crimes were found after an inspection of the books from 2009. 350 people directly involved in these events were taken into custody…

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