? It can be seen from the pace of regulatory approval in recent years.
From 2017 to the present, except for insurance companies established by foreign capital and professional companies specially approved by regulatory authorities, the property and life insurance companies approved for establishment at a normal pace can be said to have been in a "freezing" state. Within four years, there are only a handful of insurance companies approved by regulatory authorities, allowing major capitals to feel the scarcity of insurance licenses.
Now, a property insurance company has been approved to prepare for establishment, breaking this "freeze" state. Returning to the feeling of capital gaining insurance licenses may allow more capital to see the possibility of entering the insurance field, but this time the regulatory selection criteria may be different.
On April 25, the China Banking and Insurance Regulatory Commission disclosed an approval, showing that it agreed to the establishment application of China Rongtong Property Insurance Co., Ltd. (hereinafter referred to as "China Rongtong Property Insurance").
"break the ice" after four years
Rongtong Property Insurance was approved to prepare for the establishment of
On April 25, the China Banking and Insurance Regulatory Commission released information and agreed to the preparation application for the establishment of China Rongtong Property Insurance. However, this approval was hard-won and was the first real property insurance company to be established after four years.
According to the approval notice, there are four shareholders of China Rongtong Property Insurance, namely China Rongtong Asset Management Group Co., Ltd., China Rongtong Real Estate Group Co., Ltd., China Rongtong Agricultural Development Group Co., Ltd., and China Rongtong Tourism Development Group Co., Ltd.; the registered capital is 3 billion yuan, the registered place is in Shanghai, and the intended chairman is Li Yao.
information shows that Li Yao is a member of the Party Leadership Group and chief accountant of China Rongtong Group.
China Banking and Insurance Regulatory Commission stated that the preparatory group shall complete the preparatory work within one year from the date of receiving the approval of the preparatory documents. It shall not engage in any business activities during the preparatory period, and shall not change the investor and the intended chairman without approval. Moreover, the preparatory group also needs to report the relevant situation of the preparation and construction to the China Banking and Insurance Regulatory Commission in a timely manner. After the construction of
is completed, the preparatory group of China Rongtong Property Insurance should report the opening application in accordance with relevant regulations and procedures. After the China Banking and Insurance Regulatory Commission passes the acceptance and issues an opening approval, it will be registered with the market supervision and management department.
From the current property insurance market entities, if China Rongtong Property Insurance can complete the preparations and successfully obtain the opening approval, China Rongtong Property Insurance will become the 103rd property insurance company in the Chinese market.
The state-owned assets background is obvious
The shareholders' "threshold" does not relax
After four years, why did the supervision "select" China Rongtong Property Insurance? Maybe it starts with the capital side.
data shows that China Rongtong Group is a wholly state-owned commercial company directly managed by the central government. Starting from March 2020, the State-owned Assets Supervision and Administration Commission of the State Council will perform its investor duties.
From its business scope, it includes real estate, agriculture, hotel and tourism, commercial services, resource recycling, technology services, medical and health, security services, finance, insurance, education and other fields.
Although China Rongtong Group was established for a short time, as a central-managed enterprise directly invested by the State-owned Assets Supervision and Administration Commission of the State Council and has a wide business scope, its background and strength is strong. , especially another institution associated with China Rongtong Group, China Rongtong Medical Health Group Co., Ltd., is also in the process of preparation. If approved for establishment, it can open up the correlation of internal business. . According to information, in 2020, China Rongtong Group and other companies launched more than 240 positions, including headquarters, regional management companies, and other subsidiaries.
In addition, according to the China Banking and Insurance Regulatory Commission's strengthening requirements for the shareholder qualifications of insurance companies, shareholders not only need to have a solid "family foundation" in terms of funds, but also need to strictly abide by regulations such as compliance, good reputation, and no major violations. It can be said that regulation has a higher "bar" for capital participating in the insurance industry.
After all, the chaos in equity governance has always been considered by regulatory authorities as the source of risk for financial chaos. In terms of equity governance, supervision has been working hard, and equity management has also become an effective part of corporate governance.In dealing with corporate governance issues, supervision strengthens requirements for shareholder behavior, equity management, "three meetings and one layer" operations, related transactions, etc.
unblocking does not mean "recovery"
is still not easy to enter the insurance circle
The approval of China Rongtong Property Insurance's establishment means the relaxation of insurance company licenses? The answer may be no.
If you want to talk about the hot stage of insurance company license approval, it was before 2017, especially around 2015, when a large number of capital poured into the insurance industry. Analysis of the purpose of capital entering the insurance circle is either to seek full financial license layout and build a financial network; or to test the insurance industry and seek tickets; or to seek other ways out for industrial companies whose main business development is restricted, wanting to get a share of the insurance market...
However, the complex capital market has also caused a series of chaos in the insurance industry. Starting from 2017, the insurance industry proposed "return to protection", and the noise gradually subsided. At that time, supervision began a series of crackdown on illegal activities, involving equity, business violations, investment violations, etc. Regulators emphasize that "insurance companies are not allowed to be regarded as shareholders' ATMs." From then on, the "barrier" to enter the insurance industry has been raised.
From the perspective of capital entering the insurance industry in the past two years, it either takes over equity transfers or indirectly enters through capital increase. Moreover, many capitals enter the insurance circle through insurance intermediaries in order to get a share of the insurance market. There are very few opportunities to truly obtain regulatory approval and start an insurance company from scratch.
In recent years, only the Great Insurance Group, which took over the solution to the Anbang issue, the Allianz Holding Group established after the opening of foreign capital, and the Agricultural Reinsurance Company were established. The establishment of each insurance company has special significance.
End
In dealing with corporate governance issues, supervision strengthens requirements for shareholder behavior, equity management, "three meetings and one layer" operations, related transactions, etc.unblocking does not mean "recovery"
is still not easy to enter the insurance circle
The approval of China Rongtong Property Insurance's establishment means the relaxation of insurance company licenses? The answer may be no.
If you want to talk about the hot stage of insurance company license approval, it was before 2017, especially around 2015, when a large number of capital poured into the insurance industry. Analysis of the purpose of capital entering the insurance circle is either to seek full financial license layout and build a financial network; or to test the insurance industry and seek tickets; or to seek other ways out for industrial companies whose main business development is restricted, wanting to get a share of the insurance market...
However, the complex capital market has also caused a series of chaos in the insurance industry. Starting from 2017, the insurance industry proposed "return to protection", and the noise gradually subsided. At that time, supervision began a series of crackdown on illegal activities, involving equity, business violations, investment violations, etc. Regulators emphasize that "insurance companies are not allowed to be regarded as shareholders' ATMs." From then on, the "barrier" to enter the insurance industry has been raised.
From the perspective of capital entering the insurance industry in the past two years, it either takes over equity transfers or indirectly enters through capital increase. Moreover, many capitals enter the insurance circle through insurance intermediaries in order to get a share of the insurance market. There are very few opportunities to truly obtain regulatory approval and start an insurance company from scratch.
In recent years, only the Great Insurance Group, which took over the solution to the Anbang issue, the Allianz Holding Group established after the opening of foreign capital, and the Agricultural Reinsurance Company were established. The establishment of each insurance company has special significance.
End
