Editor's note:

The construction of a reinsurance center in Shanghai will help consolidate the city's role as a global financial hub. It will also facilitate the development of new quality productive forces and help to improve China's financial strength in general. These goals are inseparable from high-level institutional opening-up. The guideline is thus introduced to facilitate the high-quality development of the reinsurance industry.

General goals

1. Set up an international registration and trading center in the Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone

(1) Gather resources

(2) Integrate businesses

(3) Boost trading

(4) Complete basic rules

2. Incrementally develop the reinsurance market

3. Complete risk management mechanisms

Step up policy support

1. Support the Shanghai Insurance Exchange in setting up a subsidiary in Lin-gang

2. Provide rewards or support for opening reinsurance branches or increasing investment in existing reinsurers in Lin-gang

3. Increase support to attract talents, including:

(1) Entry and exit

(2) Apartment rental

(3) Home purchases

(4) Household registration

Unify registration for insurance contracts, bills and payment information

Expand trading

1. Combine online and offline trading

2. Support renminbi settlement for cross-border reinsurance businesses

3. Facilitate cross-border settlement for reinsurance businesses

Serve key sectors

1. Key sectors

(1) Aviation

(2) Green shipping

(3) Integrated circuits

(4) Outbound companies

2. Explore to set up a risk diversification mechanism in Lin-gang

3. Set up a special fund of 30 million yuan ($4.2 million) or more

4. Set up a Shanghai reinsurance professionals association

Set up industry standards and data security rules

1. Implement the rules for releasing cross-border reinsurance premium statistics

2. Research and implement new reinsurance trading standards

3. Complete the mechanism for shielding business secrets

Responsibility of Shanghai Insurance Exchange

1. Improve the online functions of inquiry, trading, clearing, settlement, issuance, and circulation of tax invoices

2. Set up a credit rating mechanism

3. Optimize credit services

4. Strengthen overall risk management

5. Secure stable trading and data security

Sources: National Financial Regulatory Administration, Shanghai Municipal People's Government