Shenzhen: Support qualified Hong Kong insurance companies to establish life insurance companies, property insurance companies, and insurance holding companies in Shenzhen

Shenzhen Municipal Financial Regulatory Bureau and four other departments issued the “Action Plan for the Insurance Industry to Support Technological Innovation and Industrial Development (2026–2028).” The plan proposes supporting insurance institutions to grow stronger, better, and larger. It encourages financial enterprises to establish legal entity headquarters in Shenzhen, supports domestic insurance legal entities and foreign insurance institutions to set up subsidiaries in asset management, industrial investment, healthcare, and pension sectors in Shenzhen, and supports qualified Hong Kong insurance companies to establish life insurance, property insurance, and insurance holding companies in Shenzhen, with support from the city and districts in accordance with laws and regulations. The plan also supports insurance institutions in exploring the establishment of insurance innovation centers in key areas to provide specialized services for technological innovation and industrial development. It encourages insurance institutions to strengthen data cooperation with key industries and enhance basic data governance capabilities. The plan promotes accelerating digital transformation and improving operational management capabilities of insurance institutions. It also encourages districts to fully utilize policies such as risk compensation pools, “tech insurance vouchers,” and premium subsidies in accordance with laws and regulations to promote the development of specialized insurance products. (People’s Financial News)