A Chinese and a British insurance company have been given the
go-ahead to set up China's largest life insurance joint venture in
the northern port city of Tianjin.
Heng An Life Insurance Company of China and Standard Life Assurance
Company of Britain received the approval document from Wu Dingfu,
chairman of the China Insurance Regulatory Commission, on November
1.
Both companies will contribute 50 percent each for the joint
venture. Its registered capital will be 1.302 billion yuan (US$158
million), the largest of any joint venture life insurance firm in
China.
The new firm's Chinese name translates as Heng'an Standard Life
Insurance Co., but the two companies have yet to decide on the
English-language name.
They submitted their application on July 31 after year-long
negotiations.
Companies from the United States, Japan, Australia, France and
other countries have been approved to set up joint venture
insurance companies in China.
(Xinhua News
Agency November 7, 2002)