CHINA LIFE PLANS INSURANCE AGENCY

The Chinese insurance watchdog, China Insurance Regulatory Commission (CIRC), has given the green light to China Life’s plan to enter the insurance agency industry. The insurer’s proposal will see it take a 49% stake in a joint venture with China-based Sinocoal International Engineering Design & Research Institute. The announcement comes shortly after China Life declared an interest in acquiring stakes in two of China’s banks, the Agricultural Bank of China and China Development Bank, which are both seeking to refinance in the wake of losses incurred by the US sub-prime crisis.