China: insurance regulation in a rapidly evolving market

This chapter aims to help readers understand the historical evolution, development and current operation of the Chinese insurance market. The chapter begins with an introduction to the development of China's insurance market from its birth to its opening up to the outside world, and how China's insurance market has gradually become the second largest in the world since its accession to the WTO. The chapter also introduces the history and background of the development of the corresponding insurance laws and regulations, so that the reader has a good understanding of the context in which the current market and its regulation have developed along the way. This chapter covers the various aspects of the Chinese insurance market, from market participants, entry requirements, solvency regulation, policy wording and rate requirements, reinsurance management, use of insurance funds, portfolio transfer to insurance companies’ insolvency and liquidation. It provides a practical how-to guide for investors and researchers interested in the Chinese insurance market.