Shanghai's reinsurance trading center welcomes its first 15 residents
The Shanghai International Reinsurance Trading Center welcomed its first batch of 15 institutional participants at a centralized signing ceremony during the Shanghai International Reinsurance Conference on Oct 26.
The center will serve as a premier hub for transactions in the reinsurance sector, and focus on the domestic market, international cessions, and international acceptances.
Complementing this initiative is the release of the inaugural set of rules for the Shanghai International Reinsurance Market, issued by the Shanghai Insurance Exchange. These rules primarily address cross-border reinsurance transactions and encompass aspects such as registration management, reinsurance transactions, international reinsurance premium statistics, and differential solvency factors.
These regulations will reduce transaction risk, enhance information transparency, and centralize transaction elements, thereby establishing an open gateway that offers more effective underwriting capabilities for global risk diversification.
A newly unveiled reinsurance business electronic platform, which is centered on precision technology and will bolster data security, encryption, and tamper resistance, was also released during the ceremony.
These digital services offer precise features such as business inquiries, quoting, contract notarization, account reconciliation, and cross-border settlements, and will help streamline the entire regulatory process and provide detailed monitoring tools.
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