On 11 April 2018, the Governor of the People’s Bank of China (“PBoC”), Yi Gang, announced at the Boao Forum for Asia (“BFA”) that the 50% foreign ownership restriction in the life insurance sector is to be lifted to 51% in the first half of 2018. In addition, it was noted that complete liberalization of the life insurance sector (i.e. no foreign ownership restriction) can be expected in three years’ time. On 27 April 2018, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued an announcement on accelerating the implementation of measures regarding opening up the markets of banking and insurance. The CBIRC stated in the announcement that the liberalization of the foreign ownership in the life insurance sector as announced at the BFA would be implemented as soon as possible. Given the scarcity of insurance licenses and the unique attributes of the insurance business, mergers and acquisitions (“M&A”) of insurance companies have always been chased after by the capital.
Continue Reading M&A OF INSURANCE COMPANIES: APPROACH SELECTION AND MAJOR ISSUES
金融市场对外开放 | 保险公司并购：路径选择与主要法律问题
2018年4月11日，央行行长易纲在博鳌亚洲论坛2018年会上表示，现行对寿险公司外资持股比例不得超过50％的限制将放宽至51%，该措施预计将于2018年上半年实施，三年后，我国对寿险公司的外资持股比例将不再进行限制。2018年4月27日，中国银行保险监督管理委员会（以下简称“银保监会”）发布《银保监会加快落实银行业和保险业对外开放举措》，称将尽早推动外资人身险公司外方股比放宽至51%，三年后不再设限的落地。由于保险牌照的稀缺性及保险业务特有的属性，保险公司并购一直是资本追逐的热点。
Continue Reading 金融市场对外开放 | 保险公司并购：路径选择与主要法律问题