A sound organisational structure and management system. AnJie Broad Law Firm, The International Comparative Legal Guides and the International Business Reports are published by: Global Legal Group, The write up is extremely useful as it offers a birds eye view of different jurisdictions. In order to align with national strategies towards carbon peaking and net-zero, a 10% discount is given to the credit risk factor for green bonds invested by insurers. Strength Amidst Challenges: Caleruega Philippines Empowers Spiritual Retreats. The key provisions included in the regulations cover additional regulatory requirements, recovery and resolution planning, and . 3.4 Does COVID-19 have, or continue to have, a significant effect on the operation of the courts, or litigation in general? A remote township in China's arid northwest endured temperatures of more than 52 Celsius (126 Fahrenheit) on Sunday, state media reported, setting a record for a country that was battling minus 50C weather just six months ago. Insurers are required to change the admitted assets calculation basis of investments in real estate properties from either cost or fair value basis options to cost basis only. In order to improve the quality of capital, C-ROSS II optimizes the expected future surplus of long-term life insurance policies to be spilt into core or supplementary capital respectively, according to the remaining terms of the policies, while strengthening the correlation between core solvency adequacy ratios and the real net assets of companies. Hong Kong Mandatory Electronic Dissemination Of Listed Issuers Corporate Communications To Their Securities Holders Effective From 31 December 2023. It adds new control points, raises the requirements on shareholding structure, corporate governance, risk concentration, business risks in entrusted investments and risk data quality management, clearly puts forward the requirements for the construction of related polices and mechanisms on market risk, credit risk, operational risk, and reputation risk, and stresses the basis for strategic objectives and planning. Under the Provisions on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases, even if the parties have agreed on the overdue interest rate, such overdue interest rate shall not exceed four times the market interest rate quoted for one-year loans at the time of the conclusion of the contract. Business premises and other facilities relative to the insurance business that conform to the requirements. "But centralisation of power appeals to many in China.". 2023 Conventus Law. C-ROSS II improves the measurement standards for the available capital and minimum capital of long-term equity investments, and significantly increases the risk factors. Finland Bird & Bird Has Advised Holiday Club On Vierumki Hotel, Spa And Resort Project. 4.2 Can a party withhold from disclosure documents (a) relating to advice given by lawyers, or (b) prepared in contemplation of litigation, or (c) produced in the course of settlement negotiations/attempts? The arbitral award contains a decision on matters beyond the scope of the arbitration agreement, or the petition filed in the arbitration procedure is concerned with a dispute that may not be subject to an arbitration agreement pursuant to Chinese laws and regulations. Court fees depend on the value of the dispute. The Integrated Risk Rating (IRR) under C-ROSS II clearly focuses on the classified supervision of legal entity insurers, and abolishes classified supervision on branches. It encourages insurers to further strengthen interest rate risk management by adopting effective ALM, while focusing on the main business of insurance and remaining vigilant of risks on the asset side. Australia Changes To Queensland Property Law Act Impacting Leases. [3], The chief of the agency, Xiang Junbo, was appointed in October 2011 and has laid plans to introduce pricing and other market reforms. Insurers are suggested to interpret C-ROSS II in combination with other recently published regulatory rules to bring the business to the next level. Items provided for arbitration exceed the legally regulated scope of arbitration. | Exclusive news, data and analytics for financial market professionals, Reporting by Ryan Woo, Ziyi Tang, Xie Yu, Kane Wu, Julie Zhu, Eduardo Baptista, Brenda Goh, Laurie Chen and Selena Li; Writing by Tony Munroe and Sumeet Chatterjee; Editing by Robert Birsel and Christina Fincher, Indian tourists flock to Southeast Asia as China's reopening falters, China's frail Q2 GDP growth raises urgency for more policy support, Morning Bid: Bland China data leaves market hungry for stimulus, China logs 52.2 Celsius as extreme weather rewrites records, Progressive US Democrat Jayapal apologizes for calling Israel 'racist', New Zealand prime minister says Pacific region less secure due to China's assertiveness, UK consumer group calls for government action on grocery prices, Mexico intercepts over 500 migrants in two days. Even if a final decision has not been rendered, any party may file a petition for an order for provisional seizure over another partys assets if a compulsory execution regarding a claim for monetary payment is impossible or extremely difficult. Financial regulation overlap especially at the local level should be reduced as well, it said. Supervision will be "penetrating" and "continuous", the proposed plan said. Under articles 28 and 46 of the Arbitration Act, two interim measures are available from the court to support: (1) provisional seizure of another partys assets; and (2) evidence preservation. Individuals and businesses engaged in certain activities are required to purchase insurance for their activities. UK Liability Caps: Importance Of Clear Drafting. Are there any potential costs advantages in making an offer to settle prior to trial? Interest-rate risk is one sub-risk under the market risk, and it is one of the most prominent risks for life insurers. The China Banking and Insurance Regulatory Commission (CBIRC) and the People's Bank of China (PBC) have published additional regulations on systemically important banks, which shall come into force on December 01, 2021. If the case is applicable to Simplified Procedure, the court fee would be only 50% of the General Procedure. Chinese Company Law and related regulations do not explicitly prohibit companies from indemnifying directors and officers. All quotes delayed a minimum of 15 minutes. For example, it costs CNY 13,800 to commence an action for a claim of CNY 1 million. Innovation, Science & Technology as a Service, Telecommunications, Media & Entertainment, A century of glorious achievements through continuous diligence and commitment. As part of the wider government revamp announced on Tuesday, staff numbers at central-level state institutions will be cut by 5%. For long-term equity investments, adequate provision for asset impairment is also required. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Furthermore, it expands the scope of solvency disclosure by adding items on board and management's statements, risk management capacity, key issues, analysis and discussion of management, external opinions, etc. 4.10 Can the courts compel the parties to mediate disputes, or engage with other forms of Alternative Dispute Resolution? Under article 5 of the Arbitration Act, in case the parties have reached an arbitration agreement, courts would not accept the petition of litigation, unless such agreement is void. Thank you for an amazing initiative. ICLG - Insurance & Reinsurance Laws and Regulations - The industry leader for online information for tax, accounting and finance professionals. All Rights Reserved. Ant Group had also broken rules relating to "business activities in banking and insurance, payments, anti-money laundering, and funds sales," the China Securities Regulatory Commission, the . At the same time, the assessment is more focused to promote insurers to concentrate on their own strategic risks. The China Banking and Insurance Regulatory Commission (CBIRC) is responsible for overseeing the banking and insurance sectors as an independent, ministry-level supervisory office that reports directly to the State Council. The evidence upon which the arbitration award was made was false. He . On 8 April 2018, China Banking and Insurance Regulatory Commission (CBIRC) was formally unveiled in Beijing, marking the official launch of the new regulatory authority into operation. Civil Liability Insurance for Vessel-induced Oil Pollution Damage. (2) China Insurance Regulatory Commission sets up regulatory bureaus in the provinces, autonomous regions, municipalities and cities whose economic plans are listed directly under the Central Government and separately from the provinces where they are located. Without written authorization from www.gov.cn, such content shall Earlier this year, the National Financial Regulatory Administration was formed on the basis of the China Banking and Insurance Regulatory Commission as China's new financial regulator. To incorporate an insurance company in the mainland of China, the following requirements shall be met: The principal shareholders shall have sustainable profitability and no record of significant violations of laws and regulations in the past three years and the net assets shall be more than CNY 200 million. Leading Law Firm For Taxation, Aviation And Family Wealth Management At China Business Law Awards 2023. All rights reserved. This is to guide insurers in actively monitoring the risks of underlying assets, for a better risk management practice. 3.3 How long does a commercial case commonly take to bring to court once it has been initiated? CBIRC Headquarters CPC Committee (/): Responsible for CBIRCs CCP relations. India RBI Further Pierces The Wire Transfer Veil. The articles of association are in conformity with the Insurance Act and the Company Law of the Peoples Republic of China. Compared with the current rules, the interest rate risk assessment under C-ROSS II will adopt a 60-day moving average treasury yield curve, which is more sensitive to market changes, and more realistic and quicker to reflect the ALM level. However, the court would invariably recommend both parties to sort out the claim by ADR. A 10% discount is given to the longevity risk factor to reflect supervisory encouragement to pension insurance products. Other Non-Banking Financial Institution Supervision (): Manages the admission of corporate group financial company, financial leasing company, auto finance company, consumer finance company, currency brokerage company; conducts off-site supervision, risk analysis, grading, and on-site investigation based on risk supervision requirements; and formulates and implements measures addressing the risk supervision and market exit of individual cases. Yes, as per article 54 of the Arbitration Act, the arbitral tribunal is required to state reasons for its award. However, as the internal and external business environment, business model, and risk profile of China's financial and insurance markets continue to evolve, the insurance market and solvency supervision faces new risks and challenges, and C-ROSS needs further adjustment and improvement. preparation of policy documentation and advising clients on the regulatory environment in Hong Kong and China. As the terms are always provided by the insurer, this implies that insureds benefit from ambiguous clauses that favour their interests. [5] In early September, Xiang was expelled from the CCP and dismissed from public office, the CCDI said.[6]. Insurers should set up the look-through management mechanism of non-underlying assets in strict compliance with the requirements, improve the quality of capital, avert from investments in complicated structures, and enhance the monitoring of asset concentration for investments, aiming at increasing the capital utilization efficiency and proactively prevent the credit risk. International Cooperation and Foreign-Invested Institution Supervision (Office of Hong Kong and Macau SARs & Taiwan Affairs) (/): Responsible for international affairs and cooperation as well as Hong Kong, Macao, and Taiwan affairs. The National People's Congress (NPC), which closes on Monday, is also set to confirm a slate of new leaders including Li Qiang, who is set to be the next premier, in what is expected to be the biggest government reshuffle in a decade. The minimum registered capital shall be more than CNY 200 million. 5.6 Is there any right of appeal to the courts from the decision of an arbitral tribunal? AnJie Broad Law Firm, Ernest (Changyu) Liu To be in charge of foreign affairs of the China Insurance Regulatory Commission; to handle the examination and approval of the establishment and change of overseas insurance institutions in China and the establishment of Chinese insurance institutions and non-insurance institutions overseas; to handle the examination, approval and related administrative procedures of the establishment of representative offices of overseas insurance institutions in China; to supervise insurance institutions established overseas by Chinese insurance and non-insurance institutions. According to comments from Xu Zhong (), the head of the Peoples Bank of Chinas research department, the merger of CBRC and CIRC into CBIRC is intended to improve the efficiency and coordination of Chinese financial regulation, as well as better deal with the increasingly integrated nature of Chinas finance sector and the overlap between banking and insurance operations. According to article 17 of Arbitration Act, the court will refuse to enforce an arbitration clause in the following cases: 5.4 What interim forms of relief can be obtained in support of arbitration from the courts? The appellate court is obliged to accept the appeal and examine the relevant facts as well as applicable laws for the appeal request. Beijing will also restructure its science and technology ministry to concentrate resources on achieving breakthroughs, amid U.S. efforts to block Chinese access to key technology. In the first instance, the court shall issue a judgment within six months, but the court is entitled to extend another six months in case the claim is complicated. If a witness states their testimony during the preparation period before trial or when both parties are present at the scene of an investigation or inquiry by the court, such testimony shall be deemed to be given in court. Under C-ROSS II, a look-through approach is expected to be used for calculating the minimal capital for all non-underlying assets, with the capital measurement for minimum concentration risk being introduced. 4.3 Do the courts have powers to require witnesses to give evidence either before or at the final hearing? One party has forced conclusion of the arbitration agreement through coercive means. China Insurance Regulatory Commission, a ministerial institution directly under the State Council, supervises and manages the insurance market and maintains the legal and stable operation of insurance operations in the country, in accordance with the functions of administrative management authorized by the State Council and relevant laws, rules and regulations.

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