Approval requirement for marine insurance companies scrapped in Shanghai FTZ
May 27, 2014 Category Logistics, Ports & sea transport
Marine insurance companies and reinsurance firms in Shanghai do not need to apply for administrative approval to set up sub-branches in the city’s free trade zone (FTZ), the first time the China Insurance Regulatory Commission (CIRC) 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. The latest move seeks to boost insurance businesses in the FTZ. The CIRC also said the Shanghai Marine Insurance Association will develop marine insurance policies and registration with the regulator. Pei Guang, Director of the 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. Tu Guangshao, Vice Mayor of Shanghai, said the measures are part of market liberalization policies.
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