China’s new regulatory regime for insurers was drafted & implemented at a neck-breaking speed of just under 4 years (2012-2016). To put this in context, that’s the same time it took the European Commission to run the last mile with Solvency II when Solvency II implementation was delayed from 2012 to 2016.
The China Insurance Regulatory Commission (CIRC) instituted sweeping changes through its China Risk Oriented Solvency System (C-ROSS) framework that dramatically changed how (re)insurers conduct business in the region. C-ROSS shares more than just its implementation date with Solvency II as it looks to strengthen both capital and governance requirements for incumbents.
CoVi’s CEO recently caught up with a CIRC ex-regulator turned consultant Jessie Shi of Lexins, a startup looking to help ease the C-ROSS burden for China-based insurers.
You can find the interview here (in Chinese).