No approval needed for marine insurers for FTZ sub-branches
Print Edition
MARINE insurance companies and re-insurance firms in Shanghai do not need to apply for administrative approval to set up sub-branches in the city’s free trade zone, the first time the China Insurance Regulatory Commission has dropped the requirement.
Additionally, all types of insurance sub-branches in the zone will be able to appoint new heads without getting the regulator’s approval, the CIRC said in a statement yesterday. The latest move seeks to boost insurance businesses in the FTZ, the statement said.
The CIRC also said the Shanghai marine insurance association will develop marine insurance policies and registration with the regulator, and saving time for the insurance companies.
Pei Guang, head of Shanghai Insurance Regulatory Bureau, pointed out that it is the first time an industrial association is allowed to register new policies, the first time marine insurance agents can set up sub-branches, and the first time setting up sub-branches do not need approval.
The association now has 31 members, of which 25 are insurance companies. Almost 40 percent of property insurers in China have joined the association.
Tu Guangshao, vice mayor of Shanghai, yesterday said the measures are part of market liberalization policies that are aimed at the FTZ.
Last Friday, banks in Shanghai started to offer centralized foreign exchange cross-border fund management solutions to companies in the zone.
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