The first three
China’s insurance regulator has approved the establishment of three mutual insurance associations, the first time such associations have been set up in China. The approval comes after the Chinese government passed a new regulation last year allowing the establishment of mutual insurers. CEO of Doing China Business LLC, Robert Collins, brings you the gist. “Mutualization allows Chinese companies to get super creative and yet gives the China Insurance Regulatory Commission (CIRC) much needed framework to manage them. One broker has a P2P model that is scaling big time – this could be a way for them to legitimize what is currently borderline in terms of legal. I expect lots of permutations on the theme going forward.”