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Taiwan's Cathay Life Insurance Co. has won approval from Taiwan authorities to set up a branch in Guangzhou, an official from the island's Investment Commission said Wednesday.
The official said Cathay Life, the first local insurer allowed to set up a branch in the mainland, will be able to invest 22.85 million US dollars in the Guangzhou business.
A Cathay Life spokesman said the company still needs final approval from the mainland authorities.
According to mainland rules, the threshold for foreign insurers to open a branch are: they must be in the business for at least 30 years; own a minimum assets of five billion US dollars; and have maintained a representative office in the mainland for at least two years.
Currently, Cathay Life has two representative offices in the mainland, one in Beijing and the other in Chengdu.
(China Daily December 25, 2002)
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