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| China's insurance agent business to be opened up |
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| www.chinaview.cn
2006-12-05 16:33:14
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BEIJING, Nov. 5 (Xinhua) -- The insurance agent business in China will be
liberalized at the end of this year, said a China Insurance Regulatory
Commission (CIRC) official.
Foreign investors will be able to set up their own insurance agent companies,
including insurance brokerages, notarization and appraisal businesses,
from the end of 2006, said Meng Zhaoyi, head of the CIRC
international department.
However, foreign investors cannot solely fund a life insurance company in
China, said Meng.
The 50 percent limit on foreign stakes in a life insurance company has not
been changed.
Since China joined the WTO five years ago, 47 foreign insurance companies
have set up 121 branches in China, with 135 more establishing 200 representative
offices in China.
Revenues of foreign insurance companies in China amounted to 34.1 billion
yuan (4.35 billion U.S. dollars) in 2005, nine times more than in2001.
Foreign insurance companies had a 7 percent market share in China at
the end of 2005, up from 5.3 percent in 2001. However, they have 19 percent of
the market in Beijing in 2005 and 17 percent in Shanghai.
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