Draft rules offer help to foreign insurers in China despite headwinds

China could become friendlier for overseas insurers if they are allowed to take full control of local asset management units. On December 10, the CBIRC (China Banking and Insurance Regulatory Commission) released a public consultation document, "Regulations on the Management of Insurance Asset Management Companies (Draft for Comment)" setting out draft rules that would remove the existing 25% cap on ownership by foreign entities, enabling foreign investors to raise their stakes in…