Shanghai international reinsurance trading board opens up
Ⅰ. Basic Information
The Shanghai international board for reinsurance trading in the Lin-gang Special Area aims at building a modern, digital and internationalized reinsurance trading market and creating an important node and trading hub for domestic and international markets. The board will be a demonstration window for the steady expansion of the systematic opening-up of China's insurance industry in terms of rules, regulations, management and other systems, as well as the main scenario for the internationalization of finance. It plays a key role in enhancing the standardization, transparency and internationalization of China's reinsurance business.
The Shanghai international board for reinsurance trading was launched on June 8 at the 14th Lujiazui Forum in East China's Shanghai.
Ⅱ. Main Practices
Primarily, the Shanghai international board for reinsurance trading is an international reinsurance business platform. Relying on block chain and other technical support, the board will provide a future-oriented digital and intelligent business platform for the international board of reinsurance. It will also provide services such as credit management, business inquiries and risk model sharing for reinsurance transactions. Meanwhile, relying on the platform's big data functionality, the board will build a credit evaluation system for China's reinsurance and continuously expand the opening-up of reinsurance rules, regulations, management, standards and other systems.
Second, the board has set an international reinsurance functional zone, where domestic and foreign reinsurance institutions will strengthen international exchanges and cooperation, as well as introduce and train talent in the field of reinsurance – realizing the development of domestic and foreign reinsurance institutions. The supply and innovation capacity of financial products are being continuously improved. Through setting up reinsurance operation centers in Lin-gang, global reinsurance resources will be attracted to cluster in the special area.
Ⅲ. Major achievements
Phase I of the construction of board has been completed, enabling it to provide the domestic and cross-border reinsurance markets with full-process management services including the standardized real-time interaction of transaction information, transaction confirmations and centralized deposit management of online files. From October, the functions of international reinsurance listing and inquiry, information disclosure, underwriting capacity integration and other services were placed online. The trading facilities are also accessible to global reinsurance operating entities.
So far, more than 110 insurance institutions have learned about the Shanghai international board for reinsurance trading through on-site research or online consultations. Nine companies have signed up to be the first group of tenants.
Address No 200 Shengang Avenue, Pudong New Area, Shanghai, China
Zip Code 201306