China Banking and Insurance Regulatory Commission released on March 19, 2021 the Decision about Revising the Detailed Rules for the Implementation of the Regulation of the People's Republic of China on the Administration of Foreign-Funded Insurance Companies. The revisions have further clarified the market access standards for foreign insurance groups and foreign insurance companies backed by foreign financial institutions.
There are three prominent revisions. The first is to specify market access conditions for foreign insurance groups and foreign financial institutions; the second is to optimize shareholder change and access requirements; the third is to maintain consistency and scrap restrictions on foreign shareholding in foreign-funded insurance companies. Foreign insurance groups can hold up to 100% stake at foreign-funded insurance companies.