Captive News

Global captive market updates, regulatory news and industry insights

International Seminar on Captive Insurer Management for Chinese Enterprise Groups Held

On June 26, 2015, the "International Seminar on Captive Insurer Management for Chinese Enterprise Groups", jointly hosted by the Beijing Insurance Research Institute and the China Federation of Industrial Economics and exclusively organised by Great Wall Insurance Brokers Co., Ltd., was grandly held at the Jintai Hotel in Beijing. The seminar received strong support and guidance from the China Insurance Regulatory Commission.

2015-06-26

Author：Editorial Team
CNPC Captive Insurance Reports Net Profit of RMB 173 Million for 2014

On May 14, 2015, CNPC Captive Insurance Co., Ltd. released its 2014 annual report. In 2014, the company achieved operating revenue of RMB 384 million, a year-on-year increase of 946%, and realised a net profit attributable to shareholders of the parent company of RMB 173 million, up 15,928% from the previous year.

2015-05-14

Author：Editorial Team
China's First Nuclear Power Captive - CGN Insurance Co., Ltd. - Inaugurated

On the morning of March 10, 2015, CGN Insurance Co., Ltd. was inaugurated in Hong Kong. Approved by the Hong Kong Office of the Commissioner of Insurance and authorised to carry on captive insurance business, CGN Insurance is China's first nuclear power captive insurer. Its main business covers insurance for nuclear power plants during the operation and construction periods, as well as other general property insurance business.

2015-03-10

Author：Editorial Team
China Railway's Property Insurance Captive Completes Name Approval, Awaits CIRC Approval

A National Business Daily reporter noticed yesterday (December 10) that, according to the enterprise name approval announcement published by the State Administration for Industry and Commerce on December 4, "China Railway Property Insurance Captive Co., Ltd." has completed name pre-approval. An insider at China Railway Corporation told National Business Daily that the China Railway property insurance captive will be a controlled subsidiary of the railway corporation, that this is the captive's tentative name, that establishment materials were submitted to the CIRC in August, and that the company is currently awaiting CIRC approval. The captive's preliminary planned registered capital is RMB 2 billion, though the final capital contribution requires Ministry of Finance approval. The insider admitted that some matters have not been finalized and that the captive is still awaiting CIRC approval.

2014-12-12

Author：Editorial Team
Viewing the Rise of Captive Insurers in the Right Perspective

As Chinese enterprises accelerate their internationalisation, market demand for captive insurers is huge, and more and more enterprises will hope to achieve global risk management by establishing captive insurers. However, establishing captive insurers and developing captive business in China still faces many constraints, and industry insiders are calling for a more relaxed development environment for captive insurers.

2014-11-12

Author：Editorial Team
Guodian Capital Holdings Visits Hong Kong to Study Feasibility of Investing in and Establishing a Captive Insurer

Recently, according to information released by Guodian Capital Holdings Co., Ltd., a delegation led by the company's Party Committee Secretary and Deputy General Manager Liu Yan visited the Hong Kong Office of the Commissioner of Insurance and called on Assistant Commissioner of Insurance Lam Ka-tai, JP. The two sides held in-depth exchanges on the feasibility of Guodian Capital establishing a captive insurer.

2014-10-10

Author：Editorial Team

From：国电资本控股有限公司
Hong Kong Offers Further Tax Concessions to Captive Insurers to Attract Companies to Set Up Captives in the City

Recently, the Hong Kong Inland Revenue Department announced that the Legislative Council of Hong Kong passed the Inland Revenue (Amendment) (No. 3) Bill 2013 on March 19. The bill mainly provides additional tax concessions to captive insurers, reducing by 50% the profits tax on their offshore risk insurance business. The measure will take effect from the 2013-14 year of assessment.

2014-03-19

Author：Editorial Team

From：香港税务局
CNPC Captive Insurance Officially Registered and Established in Karamay

On December 24, 2013, CNPC Captive Insurance Co., Ltd. (hereinafter the "captive insurer") officially received the approval of the CIRC to commence operations. The company's legal representative is Yu Yibo. The company will mainly engage in property damage insurance, liability insurance, credit insurance, surety insurance, short-term health insurance and accident insurance within the CNPC group, reinsurance of the above business, and the use of insurance funds as permitted by laws and regulations.

2013-12-24

Author：Editorial Team
CIRC Issues the "Notice on Matters Concerning the Regulation of Captive Insurers"

Recently, the CIRC issued the "Notice on Matters Concerning the Regulation of Captive Insurers" (hereinafter the "Notice"), and the head of the relevant CIRC department answered reporters' questions on related issues.

2013-12-02

Author：Editorial Team

From：中国保监会
Sinopec Establishes Captive Insurer in Hong Kong

It is reported that Sinopec Insurance Limited was authorised by the Hong Kong Office of the Commissioner of Insurance on October 31 to carry on captive insurance business. Sinopec's captive, named "Sinopec Insurance Limited", is registered in Hong Kong with a registered capital of HK$300 million and is wholly owned by China Petrochemical Corporation (Sinopec Group). Its first directors include Liu Yun, Chief Accountant of Sinopec Group; Wen Dongfen, Director of the Finance Department of Sinopec Group; and Geng Xianliang, General Manager of Sinopec International Petroleum Exploration and Production Corporation. According to a regulatory source, Liu Jifeng, Chief Accountant of Sinopec International Petroleum Exploration and Production Corporation, serves as head of the captive.

2013-10-31

Author：Editorial Team

From：中石化自保公司落地香港中石油自保公司注册新疆

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