The China Insurance Regulatory Commission has Announced that it will Create a Pilot Insurance Exchange Project in Shanghai

During a press conference held last week during the National People's Congress, China Insurance Regulatory Commission (CIRC) Chairman Wu Dingfu announced that the CIRC will set up an insurance exchange in Shanghai as part of the Chinese government's goal of making Shanghai an international finance centre. This official announcement shows that the CIRC is serious about setting up an exchange. Yet, at present this announcement probably should just be considered a statement of their intentions because the CIRC did not offer any details on what the purpose of that exchange will be or who will participate in that exchange.

There has been some speculation about the types of products that will be offered through the exchange and who will able to participate in it, but since there are no details at all about the exchange, including the fact that the CIRC did not provide a time line on when it expect to open the exchange, there is no way of knowing what to expect of a the