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Shanghai Life Insurance starts operation in FTZ
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CHINA'S insurance regulator has approved Shanghai Life Insurance Co to start its business in the city's pilot free trade zone on Tuesday, as Shanghai continues to boost its financial service and build its innovation sector.
The newly-established insurer, with a registered capital of 2 billion yuan (US$319 million), will offer insurance and asset-management services, as well as traditional life insurance and health insurance products, China Insurance Regulatory Commission said in a statement.
The company will mainly develop its business in Shanghai in the first two years and open branches after that.
Mi Chunlei, former Chief Executive Officer of Shanghai-based private conglomerate Zhong Ying Enterprises (Group) Co, is registered as company's legal representative, the statement said.
Co-invested by a consortium of eight state-owned and private companies, the company is backed by the Shanghai government and the local insurance regulator to tap the financial reform measures in the FTZ, as well as call for more private capital in the insurance industry.
The consortium is led by Lanhai Holdings, a real estate developer affiliated to Zhong Ying Enterprises Co.
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