On 14 October 2015, the Legislative Affairs Office of the State
Council of the PRC promulgated the draft Decision on Amending the
PRC Insurance Law (Draft for Review and Approval) (Draft
Amendments) on its official website inviting public comments.
Feedback shall be provided before 14 November 2015.
Key aspects proposed to be amended
Improved regulatory supervision
- Personal insurance business to be
broadened to include annuities insurance, which would include
enterprise annuity and occupational annuity;
- Capital guarantee fund deposited by
an insurance company to be reduced from 20% to 10% of the
registered capital and to be capped at RMB200 million;
- Limit on the retained premiums of a
property insurance company to be removed (currently the retained
premiums shall not exceed four times of the aggregate of a property
insurance company's capital and reserve fund);
