First Foreign Insurance Business Dept. Set Up in SIP
As part of China's commitment to WTO and open policy for banking business, and following the entry of foreign-funded banking business in SIP, foreign insurance companies are now heading for SIP market, the first being SIP Business Dept. of Jiangsu Branch of American International Insurance Company, which was incorporated on April 11 under SIP Bureau of Industry & Commerce.
American International Insurance Company is the first to be approved in China for insurance business. It set up Jiangsu Branch in 2002, and obtained business permit from China Insurance Supervisory Commission in February 2007 for its business department in Suzhou Industrial Park, with business qualification in training of sales agents, daily management, receipt of commissioned insurance fees, issue and distribution of insurance policies, and handling of customers' inquiries, etc. The department is also authorized by the head office to carry out accident investigation and compensation.
April 13, 2007