CIRC issues measures on indirect supervision of
insurers' non-insurance subsidiaries
On September 28, 2014, the China Insurance Regulatory Commission
(CIRC) formally issued the Interim Administrative Measures on
the Non-insurance Subsidiaries of Insurance Companies (the
Interim Measures), which took immediate effect. We reported on this
topic when the CIRC issued the draft of the Interim Measures for
public consultation in May this year (For details, please refer to
Asia Pacific – focus on insurance August 2014).
The Interim Measures contain most of the provisions set forth in
the draft version, however, there are some key differences which
can be summarised as follows:
- Permitted investments: Investment in call
centres is removed from the Interim Measures. This, to some extent,
complies with the current regime that a non-life insurer must carry
on telemarketing business itself, while a life insurer can conduct
telemarketing business either itself or through
