CIRC establishes offshore reinsurance deposit system

The Chinese regulator has introduced an offshore reinsurance
deposit system aimed at mitigating the credit risk arising from
foreign carriers operating in the country.
The China Insurance Regulatory Commission (CIRC) said in a
statement released yesterday that the expansion of offshore
reinsurance business in the country had increased credit risks.
The regulator said international credit ratings alone were
insufficient in determining the credit risk of offshore
reinsurers.
The carriers will now