Foreign insurers gain full access to car insurance market

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clpstaff &clp articles

Foreign insurers can now enter the nation's compulsory transport accident insurance market

The Regulations on Compulsory Liability Insurance for Motor Vehicle Traffic Accidents (Revised) (机动车交通事故责任强制保险条例) (修订) came into effect on May 1 and were promulgated by the State Council.

“This is a fundamental change for the Chinese insurance market,” said Zhan Hao, executive partner at Grandall Law Firm in Beijing. He added that, after ten years of waiting, the move was “great news for foreign insurers”.

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