On October 23, during the 2024 Shanghai International Reinsurance Conference, significant progress was made in the establishment of the Shanghai International Reinsurance Center with the unveiling of the Shanghai International Reinsurance Registration and Trading Center Co., Ltd. This center is regarded as a crucial component of Shanghai’s international reinsurance development.
Officials from the China (Shanghai) Pilot Free Trade Zone Lingang Special Area announced that the new center aims to establish a “3+1” framework, focusing on building an aggregation center for institutions, a trading center for business, a risk management center, and a unified registration service system. The center will play an essential role in facilitating market operations, assisting in regulatory oversight, and managing self-regulation, while effectively aligning with various special support policies in the Lingang Special Area. This initiative is expected to significantly enhance the efficiency, professionalism, and safety of the registration and trading services.
Since the release of the first set of supporting rules in 2023, the meeting also witnessed the launch of the second batch of business regulations for the Shanghai International Reinsurance Registration and Trading Center. Officials noted that these new rules have been developed with extensive market consultation, adhering to the principle of balancing development and risk prevention. The regulations cover areas such as cross-border reinsurance, domestic reinsurance operations, as well as business management, information management, and seat management, aiming to foster a more efficient, regulated, and transparent market environment.
In just over a year, the Shanghai International Reinsurance Center has achieved several milestones, including the establishment of a reinsurance operations center for insurance institutions and the successful streamlining of processes for the first transactions. These accomplishments are contributing to the elevation of Shanghai’s status as an international financial hub.
In an interview, Chen Mingjia, Director of the Industrial Promotion Center at Shanghai Lingang Special Area Economic Development Co., Ltd., stated that the Lingang International Reinsurance Functional Zone has already attracted 18 licensed insurance institutions. “Our goal is to increase the number of institutions to over 30 by the end of this year,” Chen added.
