17 January, 2016
A short summary of significant developments in the Chinese insurance market in 2015.
C-ROSS Regulations Issued
On 17 February 2015, China Insurance Regulatory Commission ("CIRC") issued 17 regulations regarding the China Risk Oriented Solvency System ("C-ROSS"), which established that the Chinese insurance industry had entered the C-ROSS transition period. In July 2015, the CIRC further requested all insurance companies to carry out self-assessment on solvency risk management. The C-ROSS system is expected to be officially implemented in 2016.
再保险登记制度出台
2015年3月5日，中国保监会发布《关于实施再保险登记管理有关事项的通知》，该规定将于2016年1月1日生效。建立再保险登记制度，是再保险监管制度的又一重要举措。根据此通知要求，规定所有参与中国境内再保险业务的再保险接受人和再保险经纪人都应当在保监会建立的再保险登记系统进行注册登记。符合资质标准的机构将自动进入有效清单，供我国保险公司在开展再保险业务时选择；且保险公司不得选择不在登记系统内的机构进行合作。对于故意隐瞒信息或者故意发布虚假信息的机构，从有效清单剔除，并列入黑名单，不得参与中国市场再保险业务。
Reinsurance Registration Requirements Issued
On 5 March 2015, the CIRC issued "Notice on Implementation of Reinsurance Registration Administration", which was set to come into force from 1 January 2016. The reinsurance registration system is another important supervisory measure of the CIRC in respect of reinsurance business regulation.
According to this notice, all the reinsurance brokers and reinsurers (both onshore and offshore) that conduct reinsurance or retrocession business with a ceding company in China shall register with the CIRC reinsurance registration system. Those entities satisfying the relevant criteria will be listed on the valid lists and can be selected by Chinese insurers to conduct business with. Chinese cedants cannot select reinsurers that are not registered in the system. It also provides that entities concealing information or issuing false information will be removed from the valid lists and prohibited from engaging in Chinese reinsurance business.
商业车险费率改革
2015年3月20日，保监会发布《深化商业车险条款费率管理制度改革试点工作方案》，保监会列出商业车险改革6个地区的试点范围。至2015年底，车险费率改革试点由6个拓展到18个。按照规划，2016年上半年，车险费率改革将在全国推开。
车险费率改革意在给予市场主体更多定价自主权—保险公司在定价过程中，根据风险的差异（零整比、车型出险率、交通违章记录等）调整保费，而非按照目前的车辆价格核定保费。低风险客户保费预计最低至原先保费的4折左右。
Reform of Premium Rates of Commercial Auto Insurance
On 20 March 2015, the CIRC issued "Work Plan on Deepening the Pilot Reform of the Administration System of Terms and Premium Rates of Commercial Auto Insurance". In the work plan, the CIRC set out the first 6 pilot cities for commercial auto insurance reform. By the end of 2015, the pilot programme had been extended to apply to 18 cities, and, according to the work plan, the reform will be further extended to apply on a nation-wide basis in the first half of 2016.
The reform aims to give the market players more pricing autonomy, i.e. insurance companies can adjust the premium rates in accordance with the different types of risk concerned (including spare parts and whole vehicle price ratio, risk of the type of vehicle and previous traffic violation record). Before the reform, the premium rates were determined by the purchasing price of new vehicles. After reform, premium rates for those low risk clients can be as low as 40% of the original premium rates.
互联网保险
2015年6月，保监会接连批准筹建易安财产保险股份有限公司、安心财产保险有限责任公司、泰康在线财产保险股份有限公司三家互联网保险公司，众安保险在互联网保险领域“独此一家”的局面开始被打破。2015年11月26日，百度、安联保险、高瓴资本宣布将联合发起成立一家全新的互联网保险公司“百安保险”。
与此同时，法律监管层面，保监会于2015年7月22日发布《互联网保险业务监管暂行办法》，主要就参与互联网保险业务的经营主体、经营条件、经营区域、信息披露、监督管理等方面，明确了基本的经营规范和监管要求。
Internet Insurance
In June 2015, the CIRC issued preliminary approval of the establishment of Yi An Property Insurance Company, An Xin Property Insurance Co Ltd and Taikang Online Property Insurance Company. Zhong An Insurance is no longer the only online insurance company in China. In addition, on 26 November 2015, global insurer Allianz, Chinese internet giant Baidu and Asian investor Hillhouse Capital Group announced their plan to establish another online insurance company "Bai An" in China.
In the meantime, and from a regulatory perspective, the CIRC issued "Notice on Issuing the Interim Measures for the Supervision of the Internet Insurance Business" on 22 July 2015, which specified the basic requirements of participating in internet insurance business, including the qualifications of entities to participate in internet insurance business, operation criteria, geographic scope of internet insurance business, information disclosure and CIRC supervisory rules.
保险中介市场深化改革
2015年9月17，保监会发布《关于深化保险中介市场改革的意见》，意见指出要培育一批具有专业特色和国际竞争力的龙头型保险中介机构，发展一大批小微型、社区化、门店化经营的区域性专业代理机构，并对于现行中介准入制度进行改革。
另外，意见指出将推进独立个人代理人制度，并鼓励保险公司积极改革现行个人代理人模式。
Insurance Intermediary Market Reform
On 17 September 2015, the CIRC issued the "Opinions on Deepening Reform of Insurance Intermediary Market", in which the CIRC mentioned the intention to raise leading Chinese insurance intermediaries with professional expertise and international competitiveness, and to develop a large amount of small local regional professional insurance agencies. This regulation also aims to reform the current market access criteria of insurance intermediaries.
In addition, this regulation mentioned the proposal of allowing independent individual agents, and encouraged insurance companies to reform their current model of individual agents.
税优健康险上线
2015年12月11日，财政部、国家税务总局、保监会联合发布《关于实施商业健康保险个人所得税政策试点的通知》。此通知正式确定了个人税优健康险试点地区、产品规范、个人所得税税前扣除征管等问题。个人购买这类保险的支出，允许在当年按年均2400元的限额予以税前扣除。该通知自2016年起执行。
The Launch of Trial Tax Credit Plan for Health Insurance
On 11 December 2015, the Ministry of Finance, the State Administration of Tax and the CIRC jointly promulgated the "Circular on the Launch of Pilot Program of Individual Income Tax Credit for Commercial Health Insurance". This circular has officially specified pilot cities, product specifications and individual income tax deductions in respect of the tax credit for purchasing commercial health insurance. Individuals who purchase these health insurance products will be allowed to have no more than RMB 2,400 of premium payments deducted from their taxable income each year. The circular comes into effect from 1 January 2016.
保险公司购买上市公司股权大潮
2015年，诸多保险公司纷纷举牌中国上市公司（即在证券市场的二级市场上收购流通股份超过该股票总股本的5％），该些保险公司包括此前明星险企安邦保险和生命人寿，以及新增加的公司如前海人寿、华夏人寿、国华人寿、上海人寿、君康人寿（即此前正德人寿）、中国人保资管以及中国人寿。大部分被购买的上市公司为金融、一线城市地产、快速消费品等行业的公司。
面对此购买大潮，2015年12月23日，保监会发布《保险公司资金运用信息披露准则第3号：举牌上市公司股票》，对保险机构披露举牌信息进行了重点规范。保险公司除披露相关股票名称、代码、公告日期、交易日期等基本信息外，还应披露资金来源、投资比例、管理方式等信息。
Trend for Insurance Companies Acquiring Stocks of Listed Companies
During 2015 a lot of Chinese insurance companies acquired more than 5% of the stocks in a variety of listed companies in China. The acquiring insurance companies include star enterprises such as Anbang and Fund Sino Life, as well as new players Foresea Life, Huaxia Insurance, Guohua Life, Shanghai Life, Junkang Life (previously known as Zhengde Life), PICC Property Management and China Life. Most of the listed companies are those in the financial sector, real estate developers of first-tier cities and those in the fast moving consumer goods industry.
In view of the above, on 23 December 2015, the CIRC issued "Insurance Company Fund Management Information Disclosure Rule No 3: Acquisition of Stocks of Listed Companies", which set out information disclosure rules for insurance companies acquiring stocks. Insurance companies shall not only disclose the basic information including the name of the stock, code of the stock, date of public announcement and date of trade, but also information regarding the source of funds, investment ratio and management method etc.
上海保险交易所方案获批
2015年12月，上海保险交易所(上海保交所)方案近期获国务院批准，筹建工作已正式展开，注册资金50亿元，主要发起股东包括上海国际集团，大型或本地保险公司及多家大型非保险类国企，但具体股权出资比例尚未明确消息。现任中国保监会资金运用监管部主任曾于瑾或将出任保交所筹建负责人。
Shanghai Insurance Exchange Design Plan Approved by Regulators
In December 2015, the design plan for the proposed Shanghai Insurance Exchange was approved by the State Council. The preparation work has formally started and the insurance exchange has a registered capital of RMB5 billion. The key investors include Shanghai International Group, large or local insurance companies and many state-owned non-insurance companies, but the details of the shareholding structure have not been disclosed. Mr Yujin Zeng, the head of the fund management department of the CIRC may assume the position of chairman of the proposed insurance exchange company
For further information, please contact:
Carrie Yang, Partner, Clyde & Co
carrie.yang@clydeco.com
