HONG KONG, May 27 (Bernama-BUSINESS WIRE) -- The mutual insurance framework is in its infancy in China, which stands in sharp contrast to the prevalence of mutual insurance organizations in many of the world's largest insurance markets, according to a new A.M. Best briefing.
The Best's Briefing, titled, "Mutual-A New Insurance Organizational Structure in China," states that in early 2015, the China Insurance Regulatory Commission (CIRC) issued a trial regulatory scheme on the supervision of mutual insurance organizations. The minimum start-up capital requirement for a mutual insurance company license is based on the type of mutual (e.g., general, professional, or regional). For general mutual insurers, that requirement is CNY 100 million, with a minimum of 500 members. For professional and regional mutual insurance companies, required start-up capital is CNY 10 million, with a minimum of 100 members.
The Best's Briefing, titled, "Mutual-A New Insurance Organizational Structure in China," states that in early 2015, the China Insurance Regulatory Commission (CIRC) issued a trial regulatory scheme on the supervision of mutual insurance organizations. The minimum start-up capital requirement for a mutual insurance company license is based on the type of mutual (e.g., general, professional, or regional). For general mutual insurers, that requirement is CNY 100 million, with a minimum of 500 members. For professional and regional mutual insurance companies, required start-up capital is CNY 10 million, with a minimum of 100 members.
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