NEW GENERAL INSURER GETS APPROVAL IN CHINA

A joint venture property and casualty insurer is set to hit China’s general insurance market after winning the necessary regulatory approval from China Insurance Regulatory Commission (CIRC). The two shareholders – the Generali Group, a European insurer, and China Petroleum Finance – have amassed a registered capital of RMB500m, which is split equally between the two shareholders. The regulator has granted the insurer license to offer policies in the property loss, liability, credit, health, accident insurance and reinsurance. Generali has previously invested in joint ventures in China’s insurance market, the most notable being its partnership with China Petroleum Finance in establishing Generali China Life in 2005, which was the largest joint venture in the life sector in 2005.