The China Banking and Insurance Regulatory Commission, in conjunction with the Shanghai Municipal Government, jointly released "Several Measures to Accelerate the Construction of Shanghai International Reinsurance Center."

On July 7th, the China Banking and Insurance Regulatory Commission, in conjunction with the Shanghai Municipal Government, jointly issued the "Several Measures to Accelerate the Construction of Shanghai International Reinsurance Center". The main contents of the "Several Measures" include: guiding institution layout, promoting the convergence of market elements. Optimizing institution layout, promoting the smooth flow and efficient allocation of various elements in the Lingang New Area of China (Shanghai) Free Trade Zone (hereinafter referred to as Lingang New Area). Encouraging large enterprises to concentrate risk management and insurance needs in the Lingang New Area, and promoting precise matching of risk and underwriting capabilities. Leveraging the policy advantages of the Lingang New Area to support insurance institutions in strengthening cooperation and exchange, and accelerating the construction of the reinsurance market ecosystem. The document also highlights the need to increase capacity supply, deepen reform and opening up. Supporting reinsurance institutions to increase capital and issue capital supplementation tools. Guiding the insurance industry to aggregate underwriting capacities around national major projects, strategic emerging industries, and other areas. Supporting reinsurance institutions to help the insurance industry reduce risks. Exploring ways to broaden channels for catastrophic risk and other special risks. Supporting insurance institutions in the Lingang New Area to open dedicated accounts and make good use of relevant overseas investment facilitation policies. Implementing data security management policies, updating reinsurance data outbound operation guidelines, and optimizing cross-border data services. In summary, the "Several Measures" aim to accelerate the construction of the Shanghai International Reinsurance Center, promote the high-quality development of the reinsurance market in China, and support the financial industry's efforts to become stronger.