“• The China Insurance Regulatory Commission is responsible for the regulation and supervision of the Chinese insurance industry.
• FDI is permitted up to 100% in non-life insurance and 50% in life insurance business.
• A new risk-based solvency standard, the China Risk Oriented Solvency System, introduced in May 2013, is expected to be fully implemented by 2017.
• Business tax is imposed at a rate of 5% on general insurance products; however, life insurance products are exempt from this tax.
• Non-admitted insurance is not permitted in the Chinese insurance industry.”
