This paper discusses the China's insurance regulatory regime and compares it to the insurance regimes in the United Kingdom, Iran, and Japan.
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Paper Summary:
This paper explains, in detail, the laws and operation of the Chinese insurance industry and stresses that China's WTO membership specifically compelled the opening of its insurance sector to foreign competition according to WTO rules and bilateral agreements with fellow member nations. The author points out that, for developing countries like China and Iran, exercising flexibility in making commitments permits opportunities to be gained in liberalizing the insurance service investment sector. The paper relates that the Japan's insurance industry was robustly growing along with the rest of the economy in the great moments of the 1980s and the first half of the 1990s; its overwhelming premium income and asset formation was comparable with that U.S.A., and the limitations of domestic opportunity led it to look outwards for investment.
From the Paper:
"The Insurance Law of the People's Republic of China was ratified at the 14th session of the Standing Committee of the Eighth National People's Congress on June, 1995. It was promulgated by Presidential Decree 51 for implementation beginning October that year. The law was aimed at standardizing, managing and protecting the insurance industry, the parties and industry activities. It required individuals and organizations within the People's Republic of China who needed domestic insurance should acquire insurance only from insurance companies within the Republic. Those engaged in the industry must observe the law voluntarily, credibly and honestly and the principle of fair competition. The departments of the State Council supervised and managed the industry."
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