Amendments to the People’s Republic of China Insurance Law

On 28 February 2009, the Standing Committee of the National People’s Congress of the People’s Republic of China passed an amended version of the Insurance Law, which will take effect on 1 October 2009. The revised Insurance Law contains many significant changes, reflecting the fast-paced development of China’s insurance industry along with its regulatory regime. This client note highlights some major changes in the Insurance Law in the context of China’s insurance regulatory regime -- implemented by the China Insurance Regulatory Commission ("CIRC") -- and discusses areas where insurance industry players may need to reexamine current operations to ensure compliance and minimise risk.

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