Only the most experienced foreign insurers will be enjoying access to the lucrative markets of China, the China Insurance Regulatory Commission says. It is demanding international insurers have at least 20 years’ continuous experience in the industry before entering the market, the Xinjua News Services reported this week.

At present, foreign insurers need only have a favourable business history with no regulatory black marks from other jurisdictions. 

China opened its doors to foreign insurers in late 2004. Since then 124 companies have established representative offices in the country.

The change is part of a draft set of reforms that aims to enhance risk management in the country.