UK-based Willis Group Holdings, the world's no 3 insurance broker, was suspended from conducting business in Guangdong province for obstructing China Insurance Regulatory Commission investigations, the South China Morning Post reported, citing local CIRC bureau sources. Willis China operations, which run to 18 branches, are headquartered in Shanghai, where last year it acquired a 50% stake in Shanghai Pudong Insurance Brokers. A Willis official said the company was in discussion to resolve the problem, which a CIRC official characterized as grave.
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