China allows 3 foreign insurers

Ulhas Joglekar uvj at vsnl.com
Sun Nov 3 16:35:53 PST 2002


The Financial Express

Sunday, November 3, 2002

China allows 3 foreign insurers

REUTERS

SHANGHAI: China has approved three key foreign insurers to set up operational units in the country as part of its policy of opening the booming but rigidly controlled sector, official securities newspapers said on Saturday.

China insurance regulatory commission had given permission to Britain's Standard Life, Liberty Mutual Insurance Co of the United States, and a Japanese insurer to establish units to do business in the country, the China Securities Journal said.

The Chinese-language newspaper identified the Japanese firm as Japan Property Insurance Company but gave no further details. The commission and company officials could not be reached for comment. Standard Life is Europe's biggest mutual insurer. Liberty Mutual Insurance is a key unit of major US car and home insurer Liberty Mutual Group. Standard Life will set up a joint venture with China's Tianjin Taida Investment, the paper said.

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