The CBIRC Issued the Newly Revised Regulations on the Administration of Reinsurance Business
On July 29, to regulate the operation of reinsurance business, effectively prevent and resolve risks, and promote the high-quality development of the reinsurance market, the China Banking and Insurance Regulatory Commission (CBIRC) issued the newly revised Regulations on the Administration of Reinsurance Business (hereinafter referred to as the "Regulations"). The Regulations will come into effect on December 1, 2021.
The main revisions of the Regulations include eight aspects: first, strengthening the top-level strategic management of reinsurance; second, strengthening the supervision of the safety of reinsurance business; third, strengthening the supervision of reinsurance contract management; fourth, strengthening the management of direct insurance companies in conducting cession business; fifth, strengthening the supervision of reinsurance brokers; sixth, supporting the development of the direct insurance market; seven, eliminating the contents that conflict with existing regulatory policies; and eighth, streamlining information reporting tasks.
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