New regulations require foreign insurers need to have 20 years of track record in the sector in order to gain access to the Chinese market, People’s Daily reported.
The new Management Regulations on the China Representative Office for Foreign Insurance Organizations started to be in force on August 1.
Foreign insurer applying to set up a representative office in China must have a good performance record and no prosecutions in the three years prior to the date of application, said the paper.
Companies will have to submit to the China Insurance Regulatory Commission (CIRC) a feasibility study report.