On 18 November, the Second General Meeting of Members and the Second Meeting of the Council of the China Belt and Road Reinsurance Pool (the “CBRRP”) were convened in Beijing. More than 60 representatives from the China Banking and Insurance Regulatory Commission (the “CBIRC”) as well as 20 insurers and reinsurers attended the meeting.
Through the meeting, the CBRRP has determined the business rules and underwriting capacity, recruited new members, issued the guidelines for underwriting and launched the online business system, marking the completion of the establishment of the CBRRP and commencement of substantive operations, upon which the CBRRP officially shoulders the great mission of serving the national strategy and supporting the Belt and Road Initiative (the “BRI”) and achieves a major milestone.
He Chunlei, chairman of the CBRRP and president of China Re Group, pointed out in his speech that amid changes unseen in a century, coupled with the complicated and ever-changing macro environment around the world, the CBRRP takes on an even more glorious mission with more difficult responsibilities yet more promising prospects. Focusing on the pain points and difficulties of the BRI risk protection, the CBRRP has made solid progress in building the infrastructure, integrating industry resources and improving top-level design, thus laying a solid foundation for formal operation. The CBRRP will, adhering to its original intention and standing on the high ground of serving the national strategy, actively play the role of policy promoter, risk stabilizer and industry integrator, in an effort to fully support the high-quality development of the BRI.
During the meetings, business seminars were held to introduce the business conditions, rules and guidelines for underwriting of the CBRRP to industry representatives. The attending guests spoke actively with in-depth exchanges to provide suggestions for the sustainable development of the CBRRP.
The CBRRP is an important mechanism and industry platform for the insurance industry to support the BRI. Under the leadership of the CBIRC, member companies will unite and work together to strive for the great cause of serving the BRI and jointly write a new chapter for the high-quality development of the BRI.