日韩午夜精品视频,欧美私密网站,国产一区二区三区四区,国产主播一区二区三区四区

Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
Tougher Entrance Criteria for Foreign Insurers
Adjust font size:

China's insurance industry watchdog is revising its rules on foreign insurers' representative offices in China to include tougher entrance criteria.

The revised draft requires foreign insurance institutions to have at least 20 years of uninterrupted experience in running an insurance business at the time of application for a licence to set up a representative office in China.

For those running non-insurance businesses, they should have a business history of more than 20 years, according to a statement by the China Insurance Regulatory Commission (CIRC).

"Compared with the original rule which has no requirement relating to a foreign insurer's years of experience, the revision shows the regulatory authority's commitment to preventing potential risks and strengthening the management of foreign insurance institutions," said Wang Guojun, an insurance professor at the University of International Business and Economics.

According to the existing rule, foreign insurance institutions could apply for the licence to set up a representative office as long as they reported a favorable business performance and had no blunders on record three years prior to the application.

The CIRC also will require stricter management by chief representatives by raising criteria of scholarship, capacity and experience.

"I don't think there will be any influence on our representative office," said Kumjoo Huh, chief representative of Kyobo Life Insurance Co (Beijing representative office).

The South Korea-based life insurer entered the Chinese market in 2004 and is actively seeking local partners to start a joint venture.

Akihiro Matsumoto, senior resident representative of Sumitomo Life Insurance Company (Beijing representative office), also shared the same view.

"The revised article has no influence on us," he said.

The Japan-based insurer, which set up its Beijing representative office in 1991, took a 29 percent stake in PICC Life Insurance Company last December.

"The revised rule will be a big challenge for those small and medium-sized foreign insurers that are eager to cash in on the huge Chinese insurance market," Matsumoto added.

China's insurance industry has maintained an average of 30 percent growth in the past decade, and the market is still growing.

A Sigma report from Swiss Reinsurance suggests China's premiums are likely to top 453.1 billion yuan (US$55.9 billion) in 2006. Boston Consulting Group (BCG) believes that this figure will reach 830 billion yuan (US$102 billion) in 2008.

After opening its doors to foreign insurers in late-2004, China has seen many multinationals expanding throughout the country in the past year and grabbing a larger share of the market.

Joint venture insurers such as Skandia-BSAM Life, Generali China Life, and Manulife-Sinochem nearly doubled their presence in China in 2005.

CIRC's figure suggested that the 40 foreign insurers reaped 34.1 billion yuan (US$4.2 billion) in premiums last year, which represented 6.9 percent of the market.

Three more foreign insurers were allowed to enter the market last year, while a total of 25 operational entities by foreign insurers were set up.
?
According to a report from the Development Research Center of the State Council, domestic customers place high expectations on foreign insurers.

It shows that 74.1 percent of Chinese consumers surveyed think foreign insurers offer exceptional service, 82 percent trust the employees of multinationals, and 77.9 percent prefer foreign insurance products.

The revised draft is available for public feedback until March 9.

(China Daily February 28, 2006)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Foreign Insurance Firms Get New Rules
- Foreign Insurers Positioned for Growth
- CIRC Releases Additional Market Guidelines
- Insurers to Be Allowed to Invest Foreign Cash
- China to Revise Regulations on Insurance Intermediaries
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- Irresponsible remarks on Hu Jia case opposed 
- 'The China Riddle'
- China, US agree to step up constructive,cooperative relations
- FIT World Congress: translators on track
- Christianity popular in Tang Dynasty
- Factory fire kills 15, injures 3 in Shenzhen

Product Directory
China Search
Country Search
Hot Buys
主站蜘蛛池模板: 新野县| 汝州市| 比如县| 修武县| 西昌市| 凤山市| 德兴市| 铁力市| 明光市| 定远县| 临江市| 桃园县| 邢台县| 清镇市| 枣阳市| 泾阳县| 海晏县| 静乐县| 仪陇县| 女性| 韩城市| 屏东县| 嘉祥县| 罗城| 龙口市| 泽库县| 西昌市| 延长县| 汾阳市| 策勒县| 革吉县| 江口县| 邵东县| 修水县| 丰原市| 社旗县| 运城市| 达州市| 磐石市| 西平县| 皮山县|