Generali China Life, Marsh (Beijing) win approval to establish Sichuan units |
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Tue, 20 Nov 2007 04:00
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given approval to Generali China Life Insurance Co Ltd, a 50-50 joint venture between China National Petroleum Corp (CNPC) and Italy's Assicurazioni Generali SpA, to set up a branch in southwestern China's Sichuan province.Founded in 2002, Generali China Life currently has operations in Beijing and Shanghai, and in Guangdong and Jiangsu provinces.The venture reported premium income of 2.04 bln yuan in the first nine months.Separately, the CIRC said Marsh (Beijing) Insurance Brokers Ltd was also approved to establish a unit in Chengdu, capital of Sichuan.Marsh obtained a wholly-owned foreign enterprise insurance broking license early this year from the Chinese insurance regulator, the first of its kind in China.Last month, sino-foreign insurance joint ventures by US insurer CIGNA Corp and UK's Standard Life Assurance Co also won approval to set up Sichuan units.(1 usd= 7.43 yuan)allen.shu@xfn.comxfnals/xfnrcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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China permits three more foreign insurance firms to establish local units 