China’s National Financial Regulatory Administration and the Shanghai municipal
government issued measures to accelerate construction of the Shanghai
International Reinsurance Center. The plan supports overseas reinsurers and
reinsurance brokers using the Reinsurance Registration and Trading Center to
solicit business and expand platform-based trading, aiming to increase foreign
institutions’ participation in China’s reinsurance market. Authorities will
speed optimization of on-exchange trading functions, standardize reinsurance
contracts and billing, and build an efficient, transparent digital trading
platform to improve registration, contract execution, accounting/clearing, funds
settlement, note circulation and tax administration. The measures also call for
an on-exchange trade performance management mechanism at the Reinsurance
Registration and Trading Center and strengthened industry self-regulation.
