China's Insurance Industry Increasingly Open

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Last updated at: (Beijing Time) Thursday, December 19, 2002

China's Insurance Industry Increasingly Open

China's insurance industry has opened remarkably since the WTO entry, said an official with the China Insurance Regulatory Commission (CIRC).

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China's insurance industry has opened remarkably since the WTO entry, said an official with the China Insurance Regulatory Commission (CIRC).

In the past year, a number of new companies have entered China's insurance market, including six foreign insurance firms who got approval to open business institutions and 15 foreign-funded companies which just began operations.

To date, there are in China a total of 54 business agencies of 34 foreign insurance companies from 12 countries and regions worldwide.

The cities open to foreign funding have expanded from Shanghai and Guangzhou to include the coastal cities of Shenzhen, Dalian and Foshan.

The new Insurance Law was revised and will be in force from January 1, 2003. More regulations will be revised in accordance with China's WTO commitments after surveying public opinion.

CIRC has also increased the transparency of the insurance regulation revision and supervision process by taking into account public opinions and allowing the general public to participate in the revision process.

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