The China Insurance Regulatory Commission (CIRC) granted foreign property insurance companies permission to conduct business in China's non-life sector. The commission said the deregulation was in line with China's commitments to the World Trade Organization.
The CIRC also opened Fuzhou, Xiamen, Ningbo, Shenyang and Wuhan to foreign insurance firms. China has vowed to fully lift regional controls on the insurance sector by 2005.