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Insurers get approval for FTZ branches
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China Pacific Insurance and Dazhong Insurance have been approved to set up in Shanghai’s free trade zone that will officially open on Sunday, the companies said yesterday.
The two Shanghai-based insurers will offer property and casualty products at their branches in the FTZ to meet demand for insurance such as shipping and offshore liabilities by companies setting up there.
But an official with China Pacific said: “It’s too early yet to predict business demand.”
Foreign insurers such as AIG have also expressed an interest in setting up a branch in the zone, but they declined to disclose more details as official rules governing the insurance business there have not been confirmed.
Other insurance companies such as People’s Insurance Company of China and Ping An Insurance are preparing to submit applications to the regulator, the Shanghai Securities News reported yesterday.
A draft plan for the FTZ said China may allow foreign companies to operate and sell products directly there.
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