In this April 8, 2018 photo, a pedestrian walks past the headquarters of China Banking and Insurance Regulatory Commission (CBIRC) in Beijing, China. (PHOTO / IC)

BEIJING - China Banking and Insurance Regulatory Commission (CBIRC) has started soliciting public opinion on a revised regulation on foreign insurance companies that could scrap foreign ownership caps.

The revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions

The revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions, fine-tune shareholder change and access requirements, and scrap foreign ownership caps, according to CBIRCr'E

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New market access conditions will not be added and entry barriers will not be raised under the revised regulation, CBIRC said, adding that domregulationestic and foreign insurers will be able to conduct business under the same rules.

The revised regulation aims at promoting a higher level opening-up while continuing to strengthen risk management and control, according to CBIRC.

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