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China's Insurance Regulator to Hold Annual Summit
The China Insurance Regulatory Commission (CIRC) has selected the insurance industry's preparations for the country's WTO entry as the theme of this year 's summit, slated for November 22 to 23.
This will be the most important and the largest insurance summit sponsored by the CIRC since its establishment in 1998.
Sources with CIRC said that with China's anticipated WTO entry, both domestic and foreign insurance companies will face an excellent opportunity to do business and create a win-win result for China's insurance industry.
The commission expects the summit to provide an exchange and learning opportunity for insurance providers, which will be conducive to helping China to develop a healthy and stable insurance industry after the country's entry into the WTO.
The meeting will focus on further opening and regulating China' s insurance market, analyzing the successful experiences in operating and regulating the insurance industries in developed and developing countries and discussing the impacts of China's WTO entry on the insurance sector.
As the regulator of China's commercial insurance industry, the CIRC has geared up preparations for the nation's impending accession to the WTO.
In order to help scale up China's fledgling insurance industry, the CIRC granted licenses to four new domestic life insurers last year, which will enter into joint venture agreements with foreign companies.
It also approved Taikang Life and other insurance firms to set up 36 branches nationwide and the China Reinsurance Company to open two subcompanies.
The CIRC became a member of the International Association of Insurance Supervisors last year, which helped enhance ties between Chinese and overseas insurance industries.
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