Opinions by China Insurance Regulatory Commission to Support China (Shanghai) Pilot Free Trade Zone
For the purpose of fully strengthening the role of insurance function and supporting the China (Shanghai) Pilot Free Trade Zone (“FTZ”), the China Insurance Regulatory Commission ("CIRC") has replied on the relevant issues proposed by the CIRC Shanghai Bureau with main contents listed below. The CIRC will support the following items:
1. Establishment of foreign-invested specialized health insurance institutions in the FTZ;
2. Establishment of FTZ branches by insurance companies, development of cross-border RMB-denominated reinsurance business in the FTZ, and research on catastrophe insurance system by the CIRC Shanghai Bureau;
3. Outbound investment pilot by FTZ insurance institutions, and research for expanding the scope of permitted outbound investments and relaxing the relevant outbound investment restrictions for FTZ insurance institutions;
4. Subject to the relevant laws and regulations, carrying out business in the FTZ by world-known specialized insurance intermediaries as well as social organizations or individuals engaged in reinsurance business to provide support for the development of insurance industry;
5. Development of shipping insurance business in Shanghai, including development of shipping insurance institutions and shipping insurance brokers; and development of the Association of Shanghai Shipping Insurance;
6. Innovation in insurance products by insurance companies, and continuous expansion of the service scope of liability insurance business;
7. Improvement of the insurance market system in Shanghai, and promoting the establishment of functional insurance institutions such as shipping insurance pricing center, reinsurance center, insurance fund management center, etc.
8. Establishment of a mechanism linking the FTZ financial reform and innovation with the building up of Shanghai International Financial Center, and continuously strengthening and enhancement of the cooperation between the CIRC and Shanghai Municipal Government.