MARKET TRENDS AND REGULATORY FRAMEWORK
1. Please give a brief overview of the insurance and
reinsurance markets in your jurisdiction, identifying market
trends.
Insurance
As of 2010, the insurance market of the People's Republic of
China (PRC) was the sixth largest in the world in terms of premium.
It is still growing rapidly. The recent global financial crisis did
not appear to have any significant negative impact on the strong
commitment of foreign insurance companies towards the PRC.
Although the PRC's entry into the World Trade Organization
(WTO) has resulted in further economic liberalisation, the PRC
insurance market is still largely dominated by domestic players
like the People's Insurance Company of China. While recent
amendments to the Insurance Law of the People's Republic of
China (PRC Insurance Law) (promulgated in 1995 and amended in 2002
and 2009) (see Question 2) have encouraged more foreign
insurance companies to operate in China, they
