What Is Financial Reinsurance?

Reinsurance is also called reinsurance or "insurance insurance", which means that the insurer partially transfers its insurance liability to the business underwritten by other insurers. In the reinsurance business, the party insured is the original insurer, and the party receiving reinsurance is the reinsurer. The reinsurer has no direct relationship with the original insured and is only responsible to the original insurer. As a common business in the insurance market, reinsurance can prevent the insurer from affecting the performance of liability due to excessive losses in an accident.

Reinsurance company

Reinsurance is also called reinsurance or "insurance insurance", which means that the insurer partially transfers its insurance liability to the business underwritten by other insurers. In the reinsurance business, the party insured is the original insurer, and the party receiving reinsurance is the reinsurer. The reinsurer has no direct relationship with the original insured and is only responsible to the original insurer. As a common business in the insurance market, reinsurance can prevent the insurer from affecting the performance of liability due to excessive losses in an accident.

Chinese name

Reinsurance company

Foreign name

reinsurance

Also called

Insurance, reinsurance

Concept

The insurer will bear his own insurance liability

In reinsurance business practice, there are generally three options for reinsurance arrangements: temporary reinsurance, contract reinsurance, and appointment reinsurance.

A reinsurance company refers to an insurance company that specializes in reinsurance business and does not directly issue insurance policies to policyholders. Just

Article 1 In order to promote the development of the reinsurance market and regulate the establishment of reinsurance companies, these regulations are formulated in accordance with the "Insurance Law of the People's Republic of China" and the "Regulations of the People's Republic of China on the Administration of Foreign Insurance Companies.

Article 2 The reinsurance company referred to in these regulations refers to a company established with the approval of the China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) and registered in accordance with the law to specialize in reinsurance business.

Article 3 The establishment of a reinsurance company shall be approved by the China Insurance Regulatory Commission. According to the scope of business, reinsurance companies can be divided into life reinsurance companies, non-life reinsurance companies and comprehensive reinsurance companies.

Article 4 With the approval of the China Insurance Regulatory Commission, a reinsurance company may operate all or part of the following businesses;

(1) Life reinsurance business 1. Reinsurance business in China; 2. Reinsurance business in China; 3. International reinsurance business.

(2) Non-life reinsurance business 1. Reinsurance business in China; 2. Reinsurance business in China; 3. International reinsurance business.

(3) Operating all or part of the businesses (1) and (2) above at the same time.

Article 5 The paid-in currency capital of life reinsurance companies and non-life reinsurance companies shall not be less than 200 million yuan or equivalent freely convertible currency; the paid-in currency capital of comprehensive reinsurance companies shall not be less than 300 million yuan RMB or equivalent freely convertible currency. The capital contribution of a foreign insurance company shall be a freely convertible currency.

Article 6 Reinsurance companies shall employ actuarial professionals approved by the China Insurance Regulatory Commission.

Article 7 The Chinese shareholders of an investment and reinsurance company shall comply with the "Interim Provisions on Investment and Shares in Insurance Companies" issued by the China Insurance Regulatory Commission, and their shareholding ratios and equity changes shall comply with the relevant regulations of the China Insurance Regulatory Commission. Foreign insurance companies that invest in Chinese-foreign joint ventures and wholly foreign-owned reinsurance companies shall meet China's relevant commitments to join the World Trade Organization.

Article 8 These regulations apply to the working capital standards and establishment requirements of branches of foreign reinsurance companies established in China.

Article 9 The reinsurance companies established in the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan region in the Mainland shall follow these regulations.

Article 10 These regulations shall be implemented as of the date of promulgation.