ANNOUNCEMENT 06 Dec 2019
December 6th, 2019 - A Chinese government body removed restrictions on foreign ownership in the life insurance industry.
NUMBER OF INTERVENTIONS
PRC China Banking and Insurance Regulatory Commission, December 6th, 2019. (银保监办发〔2019〕230号 中国银保监会办公厅关于明确取消合资寿险公司外资股比限制时点的通知)
On December 6th, 2019, the China Banking and Insurance Regulatory Commission released Yinbaolin Banfa 2019/230, which removed the equity restriction on foreign firms in the Chinese life insurance market. The cap had been at 51%.
The change was stated to come into effect on January 1st, 2020.
This is one of several changes to China's financial polity occurring in the run-up to the enaction of the 'New Foreign Investment Law', also on January 1st 2020.
Another announcement, which came out on the same day as the one in question, also made some liberalising changes to market entry in the insurance sector in China.
Please see related acts for full information.