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China's Insurance Industry to Open up Faster
China's insurance industry will quicken the pace of opening to the rest of the world during the 2001-2005 period, according to the industry's top regulator.
Ma Xiaowei, chairman of the China Insurance Regulatory Commission, said that specifically speaking, the service area of foreign insurance companies will be expanded into cities other than Shanghai and Guangzhou.
Moreover, the business scope of foreign insurance companies will be expanded step by step, said Ma, who is a member of the National Committee of the Chinese People's Political Consultative Conference, China's top advisory body.
For example, regulations stipulate that foreign insurance companies now may handle personal marketing business only. Three to five years after China joins the World Trade Organization, they will be permitted to handle business in medical insurance, pension insurance, etc.
Ma described opening-up as an "orderly and gradual process". He also disclosed that the "Regulations Governing Management of Foreign-Funded Insurance Companies" will be promulgated soon.
He said that to date, foreign insurance companies have opened 17 branches and joint ventures in China, as well as 200 representative offices.
"I think the rapid development of China's insurance industry is due largely to the pursuance of the open policy," he said.
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