On 26 February 2020, the China Banking & Insurance
Regulatory Commission (CBIRC) published its 'Notice Re
Improvements in Regulation of Insurance Policy of Property
Insurance Companies' (Notice). The Notice came into effect
1 March 2020.
Key elements contained in the Notice are:
1. CBIRC policy filing and approval requirements for two major
classes of insurance (Two Classes) have changed. Henceforth, the
following Two Classes no longer require formal filing with, and
prior approval from, CBIRC (CBIRC Approval):
- all commercial (ie non-bodily injury)
motor vehicle policies; and
- all credit guarantee insurance
policies with terms greater than one year (including without
limitation trade credit insurance and guaranty insurance).
