China's Insurance Opening-up Enters New Historic Phase

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Last updated at: (Beijing Time) Monday, July 07, 2003

China's Insurance Opening-up Enters New Historic Phase

The opening up of China's insurance market has entered a new historic phase, said Li Kemu, vice-president of China Insurance Regulatory Commission (CIRC).

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The opening up of China's insurance market has entered a new historic phase, said Li Kemu, vice-president of China Insurance Regulatory Commission (CIRC).

He said China's insurance fulfilled World Trade Organization (WTO) commitments, and kept opening up to a wider and deeper extent.The number of foreign insurance companies has increased and in the first half of this year, more foreign companies gained approval from CIRC, such as Skandia and Groupama.

The area open to foreign insurance companies has increased since China joined the WTO. Beijing, Tianjin, Suzhou, Chengdu and Chongqing joined the list of cities open to foreign companies before the WTO commitment schedule.

Li said China had drafted the regulations on foreign insurance company management and will ask for public opinion.

In the second half of 2003, China will create a fair environment for both domestic and foreign insurance companies and quicken the pace of reform.

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