Newly Amended Insurance Law in China
China's insurance industry has experienced significant changes since its World Trade Organisation (WTO) entry. It has gone from being a predominantly closed market in the early 1990s, to one in which foreign insurers now account for more than half of all insurance companies. The Insurance Law, as the basic law governing China's insurance industry, however, have not fully reflected that growth and change.
On 28 February 2009, the Standing Committee of National People's Congress adopted the long-awaited amendments to the Insurance Law which will become effective as of 1 October 2009. A number of new provisions are included and extensive amendments to existing provisions made. Some of the key amendments are discussed below particularly those which may likely impact on the investment in, and the operation of insurance companies and insurance intermediaries in China.
Mark Schaub, Partner, FDI
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