The Regulations require that all DII boards be comprised of a minimum of three, and in any event no less than one third, independent directors.
On 9 July 2018, the China Banking & Insurance Regulatory
Commission (CBIRC) issued 'Regulations Governing Independent
Directors for Insurers' (Regulations). Key points of the
Regulations are:
- The Regulations apply to
domestic-invested PRC insurance holding companies, insurance
companies, insurance asset management companies and insurance
mutuals (collectively 'DIIs'). Foreign-invested insurers in
China are encouraged to apply the Regulations by way of
best-practice guidance.
- The Regulations require that all DII
boards be comprised of a minimum of three, and in any event no less
than one third, independent directors. For DIIs with a controlling
shareholder holding more than 50% of shares, the Regulations
require (unless otherwise stated) independent directors to occupy
at least half of all board seats.
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