Chinese insurance industry takes moves away from centralized supervision

Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

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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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Is China’s industry ready for the insurance agents influx?

China Health Insurance agents

Some wonder if such a large amount of hiring is heightening the risk of mis-selling problems. As the number of insurers takes off in China – particularly as the country has opened its doors to providers from other countries – has been taking off and this has caused the need for insurance agents to skyrocket. The glut of hiring that has been occurring in the country is fantastic for people who want to work in the insurance industry. That said, there are some experts in the industry who are forecasting…

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China to expand its expansive health insurance plan

China Health insurance Care Industry

Expansion will provide coverage for those with critical illnesses China has plans to expand its health insurance system in order to provide better coverage to those with critical illnesses that are living in rural and urban areas. By the end of the year, all those living in these areas will receive critical illness protection from the country’s health insurance system. At the end of last year, approximately 1.3 billion people were enrolled into the national system, which has provided these people will access to medical care. New plan will help…

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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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