Foreign insurance companies must satisfy additional requirements in order to establish a joint venture or wholly foreign-owned reinsurance company:
(i) It must have operated for at least 30 years;
(ii) It must be a PRC representative office for the preceding two years; and
(iii) It must have specific capitalization.
The foreign investor's home jurisdiction must have an adequate insurance regulation system and the compensation capability as required by its home jurisdiction's regulations. CIRC is drafting additional implementation regulations for reinsurance companies' operations.
