China's insurance market has emerged as the second-largest in the world and is on pace to become the largest worldwide by the 2030s. In the seventh episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and Skadden colleague Feargal Ryan explore China's regulatory transformation from a centralized state monopoly to a sophisticated risk-based system. They highlight the establishment of the National Financial Regulatory Administration, the implementation of the China Risk-Oriented Solvency System (C-ROSS) and Shanghai’s recent growth as an international reinsurance hub.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Feargal Ryan

What he does: Feargal is a counsel in Skadden’s Financial Institutions and Insurance groups. He advises on a wide range of insurance-related transactions, as well as regulatory issues in the insurance sector.

Organization: Skadden

Words of wisdom: “Despite the delayed start, China's insurance market has grown rapidly and is the second-largest insurance market globally in terms of total premium volume following only the United States. It is predicted to become the largest market globally by the mid-2030s. In 2024, China recorded a total insurance premium income of 5.7 trillion Chinese Yuan, equivalent to approximately US$794 billion, which is an 11.15% year-on-year increase. China is home to approximately 10% of the world's global insurance activities. The Chinese market serves as a unique opportunity for foreign insurers, especially considering the size of its population, demographics, and the rapid economic development throughout recent decades.”

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In the latest episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Rob Chaplin and colleague Chiara Iorizzo explore regulatory capital in the United States, one of the largest insurance markets in the world. They discuss how the insurance industry is regulated across the country, as well as how the National Association of Insurance Commissioners operates and interacts with state-level regulators. They also review how solvency capital is calculated in the U.S. and how companies licensed in multiple states must adhere to relevant laws in each jurisdiction, among other topics.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Chiara Iorizzo

What she does: Chiara is an associate in Skadden's Financial Institutions Group who is admitted to practice in England & Wales and in New York.

Organization: Skadden

Words of wisdom: “Each insurance company is domiciled in one state, subject to certain exceptions where an insurer can be deemed to be commercially domiciled in a second state. While insurers are primarily regulated by the domiciliary regulator, they're also subject to the laws of each and every state where they're licensed.”

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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

The Middle East insurance market is expected to grow significantly as a hub over the next several years, with predicted growth of almost 29% by 2028. In the fifth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer explore the regulatory landscape in the UAE, Saudi Arabia, Qatar, Bahrain and Oman. During the discussion, Mr. Chaplin and Ms. Jaffer explore the state of the Middle East insurance sector, including “financial free zones,” capital requirements, solvency margins and the growing influence of international standards in the region's evolving insurance markets.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Caroline Jaffer

What she does: Caroline has extensive experience working on insurance matters and liaising with regulators in both the U.K. and internationally, having practised in the U.K. and the Middle East.

Organization: Skadden

Words of wisdom: “There are more than 50 free zones in the UAE, which have been designed to attract investment into the country into their designated sectors by, for example, permitting 100% foreign ownership.”

Connect: LinkedIn

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☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app.

The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.