The National Financial Regulatory Administration and Shanghai Municipal People's Government have released a series of measures to accelerate Shanghai's development into an international reinsurance center.

The measures cover eight areas, including improving the unified registration mechanism, accelerating platform development, deepening reform and opening-up, expanding cross-border cooperation, strengthening regulatory effectiveness, and optimizing the development environment.

The new policy proposes promoting the seamless flow and efficient allocation of key factors and resources in Shanghai's Lin-gang Special Area. It supports Lin-gang's establishment of a reinsurance arbitration mechanism relying on its advantages in institutional opening-up.

Institutions are encouraged to open dedicated custody and fund settlement accounts in Lin-gang and make full use of relevant policies that facilitate overseas investment.

Meanwhile, the new policy supports Shanghai's efforts to improve its talent policies and facilitate the entry and exit of professionals conducting reinsurance business in Lin-gang. The guidelines for the export of reinsurance data will be updated, while services for cross-border data transfer will be improved.