Dear Working Group Member,
The European Chamber is pleased to invite you to the next Insurance Working Group meeting on Monday, 24 November 2014 from 4pm-6pm at our Beijing and Shanghai offices.
We will have the pleasure of welcoming Mr. Bo Huang, Senior Manager, Actuarial Services at KPMG who will give a presentation on China Risk Oriented Solvency System (C-ROSS). We have also invited the CIRC to attend this meeting.
The China Risk Oriented Solvency System (C-ROSS) is guided by CIRC’s new principle of “free up the front-end market while strengthening the back-end controls” and is to establish a risk-oriented solvency regulation regime that aligns with the global trend. C-ROSS has been in rapid development since 2012 and is expected to be implemented in 2015-2016. The new three-pillar regime (Pillar 1: Quantitative Capital Requirement; Pillar 2: Qualitative Supervisory Requirement; Pillar 3: Market Discipline Mechanism) will not only revamp the minimum capital requirements for insurers/reinsurers operating in China, but also set much higher bars for solvency related risk management, regulatory reporting and public disclosures. These should significantly change the capital and risk management, compliance, and business models in the China insurance market, particularly for foreign-owned enterprises. The session will cover the latest development of C-ROSS, its contents and potential impact, as well as trends in industry practices to respond to the new regime.
Agenda:
1. Presentation on “China Risk Oriented Solvency System (C-ROSS).” by Mr. Bo Huang, Senior Manager, Actuarial Services at KPMG
2. AOB