Overview

China is recognized as one of the largest car markets in the world. Motor insurance already accounts for more than 70 per cent of the total non-life insurance premiums in China. However, existing legislative restrictions in the Chinese auto insurance market have effectively blocked foreign invested insurers from tapping into this market. This legal hurdle is expected to be lifted shortly once the State Council gives its approval to a recent proposal submitted by China Insurance Regulatory Commission. This briefing outlines the current legal hurdle and the CIRC's proposal.

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