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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. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

China * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance

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. Lloyd's underwriters who do not participate in LICCL are not permitted to write direct business in China with the following exceptions:

  • Under China’s World Trade Organisation (WTO) commitments, non-admitted insurers may write international marine, aviation and transport insurance (MAT). There is no requirement for a Chinese intermediary for MAT business under PRC laws and regulations. Please note that the precise definition of MAT business has not been provided.
  • Risks that do not fall under the definition of a Chinese risk as set out in Article 7 of the People's Republic of China (PRC) Insurance Law - i.e. where the insured or applicant is not a legal Chinese entity or the risk to be covered is not located in China (please refine your search to include 'Definition of risk location' for full Article text).

Reinsurance

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. There may 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 (CBIRC registration IDs)

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 Chinese insurance regulator (formally the China Insurance Regulatory Commission (CIRC), now renamed as China Banking Insurance Regulatory Commission, known as CBIRC).

The former regulator of the China insurance industry was China Insurance Regulatory Commission (known as CIRC). With the institutional reform of China State Council, the China Banking Regulatory Commission and China Insurance Regulatory Commission were merged and formally renamed as China Banking Insurance Regulatory Commission (CBIRC) on 8 April 2018.

Please see below for more information.

Last updated: 09 Oct 2019


C-ROSS - China Risk Oriented Solvency System
Last updated: 02 Nov 2018


Lloyd's China Handbook
Last updated: 26 Apr 2018


Lloyd's China Platform - Entry Guide
Last updated: 26 Apr 2018


Lloyd's Operations

For regulatory and commercial reasons, managing agents only operate in China from the Lloyd's China platform in Shanghai and the branch office in Beijing. Any Lloyd's related operation outside the platform is not permitted in China.

Last updated: 06 Dec 2017


Facultative and Treaty Reinsurance Business Operation Guides

Last updated: 03 Jan 2018