The regulatory authorities unveil license-awarding procedures

The Chinese authorities have unveiled the procedures for license delivery. They specify that no player can engage in insurance business unless the minimum capital of 31 million USD is fully paid up and deposited in a well-known commercial bank. In addition, candidates must submit a viable business plan, and indicate the company's positioning on the market, the areas where they intend to operate and their operational strategy.

The three-year development plan should specify the products distributed, the number of subsidiaries, the reinsurance plan, the profitability study, solvency estimates and medium and long term asset allocation plan. These criteria will come into effect as of July 1 for the Chinese insurance companies whose capital is detained by foreign capital at less than 25%.

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