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The first foreign-funded insurance shareholding company limited was approved

China Banking and Insurance Regulatory Commission gave an official reply on 25th, approving Allianz SE to build Allianz (China) Insurance Shareholding Co., Ltd., the first foreign-funded insurance shareholding company limited approved to be set up.

 

According to the reply by China Banking and Insurance Regulatory Commission, during the period of preparing to build, Allianz SE should set up a preparatory group, which should complete the preparation work within 1 year after receiving the reply.

 

According to reports, since the beginning of this year, China has promulgated a series of policies to expand the opening up of the financial industry; on the basis of practicing legal compliance and safeguarding firmly the risk bottom line, China Banking and Insurance Regulatory Commission has continued to promote the implementation of various opening-up measures in banking and insurance industries, and accepted and approved multiple market access applications.


The relevant responsible person of Allianz SE said that the establishment of Allianz (China) Insurance Shareholding Co., Ltd. would allow Allianz to better grasp the development opportunities in China and provide comprehensive solutions and services for financial and risk management for consumers.