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China Approves Four New Life Insurance Companies
The China Insurance Regulatory Commission (CIRC) has approved the launch of four new life insurance companies, China Securities said on November 7.
The companies are Minsheng, Oriental, Shengming and Heng'an, which, according to the CIRC, are to have a registered capital of no less than one billion yuan each.
The CIRC also granted permits to the firms to enter into joint ventures with foreign insurers.
According to the report, Minsheng Life Insurance will mainly have private businesses as its shareholders. So far, 21 well-known private enterprises have shown interest in the project.
Sources from the Minsheng preparation group confirmed that the company will operate as a joint venture.
Oriental Life's 10-odd shareholders will come from various sectors. Among them are some listed companies.
China's major private firm Stone is among the potential shareholders of Shengming Life, the report said.
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