Reinsurance: New Area Open for Foreign Investment

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clpstaff &clp articles

The Reinsurance Provisions finally complete the legal framework for foreign investment in the reinsurance sector in China.

By Yongfu Li Chief Representative and Simon Xi Zhang Legal Assistant, Allen & Overy Beijing

The Reinsurance Provisions follow the PRC Insurance Law, which was promulgated on June 30 1995, and was recently amended by the National People's Congress on October 28 2002 (the Insurance Law). The Reinsurance Provisions also relate to the PRC Administration of Foreign-funded Insurance Companies Regulations issued by the State Council on December 12 2001 and effective February 1 2002 (the Foreign Insurance Regulations).

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