CHINESE COMMERCIAL BANKS MAY BE ALLOWED TO FORM INSURERS
The China Banking Regulatory Commission (CBRC) is considering the possibility of permitting commercial banks to establish insurers, according to CBRC vice-chairman Tang Shuangning at a press conference in Beijing today. He said that the Bank of Communications (BoCom) and China Construction Bank have both applied to the CBRC to set up insurers. Such a move would also require the approval of the insurance regulator CIRC, and Mr Tang said that regular lines of communication had been established between the two overseers. Meanwhile, a Xinhua
report cited Meng Zhaoyi, head of the CIRC’s international department, as saying that foreign insurers will be allowed to open their own brokerages by the end of the year, and be allowed to offer services such as notarisation. However, the 50% cap on foreign investment in domestic insurers will remain, the report cited Mr Meng as saying.
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