On 27 April 2018, the China Banking & Insurance Regulatory Commission (CBIRC) issued its Notice Concerning the Expansion of the Authorised Scope of Business for Foreign-Invested Insurance Brokers (FI Brokers) (the Notice).
The Notice sets out five areas for expansion of FI Brokers’ authorised scope of business within China, thereby bringing FI Brokers’ authorised scope of business into equivalence with Domestic-Invested Insurance Brokers. The five expanded areas for FI Brokers are:
- Drawing up of insurance plans for insureds, including selection of underwriters and management of insurance placement.
- Assisting insureds and beneficiaries manage their claims processes.
- Re-insurance broking business
- The provision of disaster-preventation, loss-prevention and risk-mitigation consultancy services and reports; and
- Other business activities which may in due course be approved by CBIRC.
The Notice became effective upon the date of its issuance.