CHINA RESTRICTS CONNECTED FOREIGN REINSURANCE BUSINESS
AsiaInfo Services, January, 2008
AsiaInfo Services 01-22-2008 China Restricts Connected Foreign Reinsurance Business SHANGHAI, Jan 22, 2008 (SinoCast via COMTEX) -- China Insurance Regulatory Commission, the nation's insurance industry watchdog, allows the American property insurer AIU's reinsurance business correspondence with the parent's other insurance arms in Europe and UK, but will not allow the latter two to be chief acceptors of the former's contracted reinsurance. Starting from January 1, 2007, CIRC required foreign insurance companies that would choose connected companies for reinsurance arrangement should report to CIRC about the process of their price inquiry and quotations of the rivals, reasons for choosing connected companies, main terms of the reinsurance contracts including insurance...
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