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The outbreak of the 2008 financial crisis has generated long-lasting impact on the world economy and the global financial system. However, instead of disrupting the globalized market, the crisis has brought different countries together to fight a common foe, and further strengthened their ties and dialogues and alliances. As a result, the financial crisis and economic cooperation have pushed worldwide financial regulatory reformations and regulatory coordination into a new phase. In line with the trend of economic globalization and the demand of market-oriented reformation of China's insurance industry for market-oriented reforms, the China Insurance Regulatory Commission ("CIRC") has actively explored various ways and models for the solvency regulatory reform of the industry, and officially launched the development of second generation regulatory regime, China’s Risk Oriented Solvency System (C-ROSS), China Risk Oriented Solvency System ("C-ROSS") in March 2012. After three years of research, testing and construction, China has, by the end of 2014, preliminarily put in place a new risk-oriented and internationally comparable solvency regulatory system that meets the need of the marketization of ChineseChina’s insurance marketsector for market-oriented reforms, which is expected to be duly put into effect in 2015.

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