The Measures detail the two management models of variable annuities and set forth requirements in respect of allocations to the liability reserve and information disclosure.
The Guidelines detail the operating rules for bancassurance business concerning the insurance products, agency fees, sales model, sales, financial accounting, contingency mechanism and intra-industry exchanges.
New regulations from banking and insurance authorities aim to better monitor the burgeoning bancassurance market. Foreign insurance companies can expect a long-term and robust relationship with regulators if they cooperate, and are advised to develop suitable products for Chinese customers and lend their experience to the market