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The American International Assurance Company (AIAC) has become the first foreign insurer allowed to operate in the Chinese capital of Beijing after China'saccession to the World Trade Organization.
AIAC, a member of the American International Group, used to be the first foreign insurer to get a license to run an insurance business in China. It was approved in 1992 by the People's Bank of China to operate in Shanghai.
China has since granted licenses to more than 20 foreign insurers, but all of them are limited to Shanghai, Shenzhen and other provincial cities.
The opening of AIAC's Beijing branch showed that the city has taken the first substantive step in opening up, said an official with the Beijing office of the China Insurance Regulatory Commission.
The AIAC Beijing company is wholly owned by AIAC and devoted to life insurance only.
AIG Chairman Mauricer Greenberg said AIAC has been performing well in China, as its premium income hit US$200 million in 2001. The company is aiming for 25 percent growth this year.
He pledged that his company will bring the most advanced services and products to Beijing, which he said is one of the most important markets for AIAC.
( Xinhua News Agency June 7, 2002)
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