TAIWAN INSURERS LOOK FOR JOINT VENTURES IN CHINA
A number of Taiwan-based insurers are seeking mainland partners to collaborate on a number of joint ventures in mainland China. The first of the three insurers to have tentative arrangements in place is Shin Kong Life which, along with Hainan Airlines, has submitted an application to the insurance watchdog China Insurance Regulatory Commission to establish a life insurance venture in Beijing. Meanwhile Taiwan Life is reported to have recruited Southern Airlines and Taiwan-based electronics company TCL Corporation for a life insurance venture in addition to later reports that it had also sought to partner with China Life CMG Life Assurance, partnership between China Life and Commonwealth Bank of Australia. Additionally Taiwan Life is expected to buy a 49% stake in Shougang Group, a China-based steel maker. The third Taiwan-based assurer Taiwan China Life, has been given regulatory approval for a China-based joint venture but is yet to find a suitable partner, according to reports. Although 10 Taiwan-based insurance groups have representative offices in mainland China, only one, Cathay Life Insurance, has established a mainland-based joint venture to date.
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