Release of Implementation Rules to Fully Promote the Construction of Shanghai International Reinsurance Center
In October 2021, the former China Banking and Insurance Regulatory Commission and the Shanghai Municipal Government jointly issued the "Guiding Opinions on Promoting the Construction of Shanghai International Reinsurance Center". For over a year, the central and local governments have actively collaborated to promote the construction of the Shanghai International Reinsurance Center, with the goal of serving the high-level opening up of reinsurance to the outside world and high-quality "dual circulation". Starting from various aspects such as strategic architecture, rule system, and policy support, they have made every effort to promote the construction of the Shanghai International Reinsurance Center.
One is to seize the opportunity during the window period of global underwriting capacity "re layout" and establish a strategic framework for the construction of the Shanghai International Reinsurance Center with the reinsurance "international board" as the core. The second is to establish an international board rules system for reinsurance that is in line with international standards, guided by high-level institutional openness. The third is to closely integrate the construction of the International Reinsurance Center with the financial opening up of the Lingang New Area, and build a reinsurance functional zone that is suitable for the domestic and international business environment.
In order to promote the transformation and upgrading of China's reinsurance market from "one-way opening" to "two-way opening", contribute Chinese wisdom to the Digital transformation and high-quality development of the insurance industry, provide Chinese solutions, and build a central node of the domestic reinsurance cycle and a strategic link between international and domestic double cycles, the Shanghai Regulatory Bureau of the State Administration of Financial Supervision issued the Implementation Rules on Accelerating the Construction of Shanghai International Reinsurance Center
Full Text in Chinese :
https://www.shanghai.gov.cn/nw12344/20211026/f08a1ffc423d49b99fe123844fd29f34.html
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