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01 Nov 2019, Natalia Yanakieva

China revises regulations to further open insurance market to foreign players

The Chinese financial watchdog revised in October 2019 the regulations regarding the entry of foreign players in the domestic banking and insurance sectors. For insurance, in particular, the main changes refer to allowing foreign insurance groups to set up foreign-funded insurance firms in the Chinese mainland as well as permitting overseas financial institutions to be shareholders of foreign-funded insurance firms. The reforms started in November 2018 when two European insurers were allowed to have full ownership of their Chinese businesses. Currently, foreign insurers hold just 6.36% of the total assets of the insurance industry

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