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Authors

Kuan-Chun Chang

Abstract

This paper will include five parts: Part I will clearly examine China's obligations under the General Agreement on Trade in Service and its WTO commitments through official WTO documents. Part II will briefly introduce the history of China's insurance business and relevant legislation, discuss the recent rapid growth in the Chinese insurance market, and reveal that, although the legal reform in insurance law and related regulations has been initiated, other reforms are still necessary to back the continuing growth of the insurance market. Part III will examine whether the Insurance Law of 2002 and related regulations have conformed with all obligations and commitments that China owes the WTO and determine whether further amendments are needed. Part IV will compare China's Insurance Law and other regulations with international standards to see if any disparity exists. This analysis will utilize guidelines, standards, and principles released by the International Association of Insurance Supervisors (IAIS). To cure any defect based on the IAIS standard, relevant legislation from two major insurance markets, the United States and the European Union, will be presented as guidance for the recommendation of further amendments to China's Insurance Law. Finally, Part V will describe an optimal legal system of insurance laws and regulations in the post-WTO era.

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