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The insurance agent business in China will be liberalized at the end of this year, said a China Insurance Regulatory Commission (CIRC) official.

 

Foreign investors will be able to set up their own insurance agent companies, including insurance brokerages, notarization and appraisal businesses, from the end of 2006, said Meng Zhaoyi, head of the CIRC international department.

 

However, foreign investors cannot solely fund a life insurance company in China, said Meng.

 

The 50 percent limit on foreign stakes in a life insurance company has not been changed.

 

Since China joined the WTO five years ago, 47 foreign insurance companies have set up 121 branches in China, with 135 more establishing 200 representative offices in China.

 

Revenues of foreign insurance companies in China amounted to 34.1 billion yuan (US$4.35 billion) in 2005, nine times more than in2001.

 

Foreign insurance companies had a 7 percent market share in China at the end of 2005, up from 5.3 percent in 2001. However, they have 19 percent of the market in Beijing in 2005 and 17 percent in Shanghai.

 

(Xinhua News Agency December 6, 2006)