New scheme for marine insurers
Print Edition
SHANGHAI will pilot a new program to allow marine insurers to register new products instead of applying for administrative approval.
Starting July 1, insurance companies and brokerages which are members of the Shanghai Institute of Marine Insurance will be allowed to register products on a platform overseen by the SIMI and operated by a third party, the Shanghai branch of the China Insurance Regulatory Commission said in a statement yesterday.
The change allows companies to only submit two electronic documents, instead of seven paper-based documents previously, to launch a new product.
The registration will take effect immediately, a vast improvement from the 20 days under the former approval procedures.
Under the new rules, SIMI is authorized to manage the registration system while the CIRC will monitor how the new system is working.
Members of SIMI are allowed to register new products and offer products that are already registered to clients.
Marine insurers and brokers registered outside Shanghai can join SIMI to tap the new rules, the CIRC said.
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