China Further Opens Insurance Market

China Thursday lifted the lid on its commitments to the World Trade Organization (WTO) for the first time by releasing procedure details for foreigners entering the insurance market.

Industry watchdog China Insurance Regulatory Commission (CIRC) set out the process in anticipation of a flood of interest from overseas firms.

"China's insurance industry will follow WTO rules and the commitments for foreign insurers involve forms of establishment, geographic coverage, business scope and licenses,'' announced Meng Zhaoyi, deputy director of CIRC's International Department.

Meng was speaking at the two-day WTO Insurance Summit held in Beijing, which finished Friday.

Details include:

-- For the establishment of models following China's entry to the WTO, foreign non-life insurers may set up their branches or joint ventures in China, and a joint venture with foreign equity could be 51 percent.

Within two years of China's accession, wholly foreign-owned subsidiaries of life insurers will be permitted with no limitation on business models.

Foreign life insurers can set up joint ventures in China but foreign equity should be no more than 50 percent.

Within five years of accession, wholly foreign-owned subsidiaries for life insurers could be set up.

-- Concerning geographic coverage, foreign life and non-life insurers will be permitted to provide services in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan on China's accession.

Within two years, such companies' business could be expanded to another 10 cities.

And the geographic restriction for these foreign companies will be lifted within three years of China becoming a member of WTO.

-- For business scope, foreign non-life insurers will be permitted to provide identified services in specified areas on China's entry to the WTO, and business limitation will be abolished within two years.

Within two years of accession, foreign life insurers may only provide individual insurance to foreigners and Chinese.

Within three years of accession, they will be permitted to provide health insurance, group insurance and pension/annuities insurance to foreigners and Chinese.

-- For license approval, business licenses will be issued to foreign insurers with no quantitative limits upon China's entry to the WTO.

Qualifications for establishing a foreign insurance company are as follows: the investor shall be a foreign insurance company whose nation has more than 30 years' experience as a WTO member.

It shall have a representative office for two consecutive years in China.

And it shall have total assets of more than US$5 billion at the end of the year prior to application.

Official statistics show China's insurance sector has registered 10 to 15 percent revenue growth for several consecutive years. Total income from premiums hit US$19.27 billion last year and is likely to exceed US$20 billion this year.

But despite its rapid growth, the insurance industry is still only a small part of the entire economy -- less than 2 percent -- compared with 11 percent in Japan and 8 percent in the United States.

Foreign insurers shared just 1 percent of the Chinese insurance market.

"WTO accession provides lots of business opportunities for domestic and foreign counterparts, and the key task for competitors is exploring and expanding the market with huge potential,'' said Long Yongtu, vice-minister with the foreign trade and economic cooperation.

"Everybody should firstly consider how to make the market cake larger instead of how to divide the shares,'' he added.

(China Daily November 23, 2001)



In This Series

Beijing Preparing to Open Up Insurance Market

Foreign Insurance Companies to Enter Beijing

Insurers Prepare for WTO Entry

Insurance Watchdog Cleans up Market Order

More Foreign-funded Insurance Companies Enter China

Insurance Market Opens Further

References

Archive

Web Link
主站蜘蛛池模板: 欧美日韩亚洲国产精品| 精品欧美高清不卡在线| 国内精品久久久久久久久蜜桃| 中文字幕一区二区三区日韩精品 | 欧美疯狂做受xxxxx高潮| 免费在线观看h| 丁香六月婷婷综合激情动漫| 日韩电影免费观看| 亚洲午夜成人片| 欧美精品亚洲精品日韩1818 | 岛国免费v片在线观看完整版| 久久久一区二区三区| 日韩欧美一区二区三区视频| 亚洲永久中文字幕在线| 99香蕉国产精品偷在线观看| 性生活视频网址| 久久久久久青草大香综合精品 | 国产初次破初视频情侣| 久久久xxxx| 欧美性巨大欧美| 亚洲爆乳无码专区www| 男人j桶进女人p无遮挡动态图二三| 又粗又黑又大的吊av| 色偷偷亚洲第一综合网| 国产亚洲精品aa片在线观看网站| 黄色网页免费观看| 成年女人免费播放影院| 久久国产视频一区| 日韩午夜小视频| 五月婷婷在线免费观看| 欧美人与性禽xxxx| 亚洲性久久久影院| 欧美激情另类自拍| 亚洲欧美久久精品一区| 波多野结衣伦理片在线观看| 亚洲美女视频免费| 爱搞网在线观看| 亚洲精品自在线拍| 波多野结衣mxgs-983| 亚洲精品无码不卡在线播放| 浪荡欲乱之合集|