The National Financial Regulatory Administration along with the Shanghai Municipal People's Government has jointly announced a set of measures to fast-track Shanghai's progress as an international reinsurance hub and support the high-quality growth of China's reinsurance sector.

The measures seek to enhance the institutional framework within the Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone, facilitating the seamless movement and effective distribution of market resources.

They also support overseas financial institutions in making referrals through the Shanghai International Reinsurance Exchange and encourage insurers to open dedicated accounts in the Lin-gang Special Area and to use overseas investment facilitation policies.

The measures establish policies for data security management, revise operational procedures for outbound reinsurance data transfers, and enhance cross-border data service efficiency.

By leveraging the Lin-gang Special Area's cross-border advantages, the measures are designed to attract insurers to expand into additional growth markets and to enhance their capacity to manage cross-border inward reinsurance.

They also support insurers in introducing advanced risk modeling and underwriting expertise and in developing core technologies.

Furthermore, these measures will strengthen the international reinsurance consultation mechanism, highlight Shanghai's progress in establishing an international reinsurance hub, and further boost the city's global influence.

Source: National Financial Regulatory Administration