FTZ insurance rules eased
Print Edition
SHANGHAI’S insurance regulator last week simplified procedures of appointing senior managers for insurance branches in the free trade zone and the setup of marine insurance and re-insurance branches.
Marine insurance companies and re-insurance firms in Shanghai are no longer required to apply for administrative approval to set up sub-branches in the city’s FTZ, the Shanghai branch of China Insurance Regulatory Commission said. Instead, they are required to fill an application form, hand in several documents including business plan and solvency description.
Approval requirements have also been dropped for these insurers to move office address in the zone.
Besides, all insurers appointing senior managers in the zone need only to register with the regulator within 10 days after the appointment takes effect, the regulator said.
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