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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice.
Lloyd's underwriters are permitted to write non-life direct business in China through Lloyd's Insurance Company (China) Ltd (LICCL).
Syndicates wishing to participate in the Lloyd's China platform must be approved by Lloyd's. Please see the Lloyd's China Entry Guidance below. Lloyd's underwriters who do not participate in LICCL are not permitted to write direct business in China with the following exceptions:
Lloyd's underwriters are permitted to write reinsurance business from China through Lloyd’s Insurance Company (China) Ltd (LICCL) or on a cross-border basis. Please note that whilst cross-border business, rather than business written through LICCL, can be accepted in local currency (CNY), this often leads to complications and is not very practical and is therefore not widely used. There may also be differences between on and off shore reinsurance regarding solvency rules (see the 'More Detail' section below). For more information about placing business through LICCL, please contact LITA.
With the exception of aviation, aerospace, nuclear, oil and credit reinsurance contracts, the amount of proportional business ceded to any one reinsurer in respect of any one risk shall not exceed 80% of the sum insured or liability limit of the total shares written by the ceding company under the direct insurance policy. The amount of each facultative cession to an affiliated company of the policyholder should not exceed 20% of the sum insured or limit of liability of the direct insurance policy.
Notice on reinforcing administration of reinsurance registration
With effect from 1 January 2016, all onshore and offshore reinsurers and reinsurance brokers which conduct reinsurance businesses with a Chinese ceding company are required to be registered with the China Insurance Regulatory Commission (CIRC). Please see below for more information.
This only applies to a situation where: -
(i) The object to be covered is located inside China; and
(ii) The insured or the applicant is a Chinese legal person or entity inside China.
Under World Trade Organization (WTO) obligations, international marine, aviation and transport (MAT) business is exempt from Article 7.
Please note that the Article 7 does not extend to reinsurance business.
For general guidance on identifying the location of a risk please refer to the risk locator.
Motor Third Party Liability Insurance and Agriculture Insurance
Chief Executive Officer
Mr Eric Gao
Lloyd's Insurance Company (China) Ltd
33rd Floor, Azia center
1233 Lujiazui Ring Road
Tel: (86) 21 6162 8200
Fax: (86) 21 6162 8250
Mr Songlin Chen
Lloyd's Insurance Company (China) Ltd Beijing Branch
1229, China World Tower 1
No.1 Jian Guo Men Wai Dajie
Tel: (86) 10 8526 4801
About Lloyd's in China