NFRA Seeks Comments on Revisions to the Insurance Law of the People's Republic of China

The National Financial Regulatory Administration (NFRA) recently released the Insurance Law of the People's Republic of China (Draft Revision for Comment) (the "Draft") to solicit public opinions by October 3, 2026.

The Draft mainly involves: (1) strengthening look-through supervision of shareholders by incorporating shareholders and actual controllers of insurance institutions within the scope of regulation; (2) improving the prudential regulatory framework by imposing higher regulatory requirements on corporate governance, risk management and internal control, improving solvency regulation, strengthening asset-liability management, and perfecting regulation of the use of insurance funds; (3) improving risk-resolution mechanisms by refining rules on risk disposal and market exit; (4) strengthening insurance consumer protection by improving rules on insurance contracts and further clarifying prohibited conduct by insurance institutions; and (5) raising the cost of violations by expanding the scope of legal liability and increasing the range of fines.



(Source: https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1270936&itemId=951)

Note: The link to the Chinese official website of the document is for your reference.