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Three foreign insurance companies on Friday won approval to operate in China, bringing the total number of foreign insurance companies in the country to 34.
China Insurance Regulatory Commission Chairman Wu Dingfu announced Friday that the British-based Standard Life Insurance Company, U.S.-based Liberal Mutual Insurance Group and Japan-based Sompo Japan Insurance Inc. had approval to set up subsidiaries in China.
Standard Life Insurance plans to set up a joint venture with domestic investment company Taida in north China's Tianjin Municipality. Both Liberal Mutual and Sompo Japan will set up affiliated property insurance companies.
(Xinhua News Agency November 2, 2002)
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