The China Insurance Regulatory Commission has announced the timetable for lifting geographic restrictions on foreign insurance companies’ operations after China joins the World Trade Organisation. Foreign life and non-life firms will be allowed to provide services in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan as soon as China joins and the number will be progressively enlarged until all geographic restrictions are lifted after three years. China will scrap its limit on the number of licences for foreign insurance firms upon entry.
To obtain an operating licence, a foreign insurer must have been in business for at least 30 years, have had a representative office in China for two years and have minimum assets of US$5bn.
You must log in to post a comment.