China mulls revising regulation on foreign insurance companies

China Banking and Insurance Regulatory Commission (CBIRC) has started soliciting public opinion on a revised regulation on foreign insurance companies.

The revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions, fine-tune shareholder change and access requirements, and scrap foreign ownership caps, according to the CBIRC.

New market access conditions will not be added and entry barriers will not be raised under the revised regulation, the CBIRC said, adding that the domestic and foreign insurers will be able to conduct business under the same rules.

The revised regulation aims at promoting a higher level opening-up while continuing to strengthen risk management and control, according to the CBIRC.