Asia

Willis’ China licence reinstated by authorities

International insurance broker Willis said that the earlier suspension of the licence of its Guangzhou branch office ( Willis Pudong Insurance Brokers) to accept new business has now been lifted. The suspension related to a misunderstanding in which representatives of the China Insurance Regulatory Commission were mistakenly denied access to the office. Willis said that it has been fined RMB100,000 (US$12,200) and that the company has now put in place procedures to ensure that there will be no re-occurrence of the incident. The company is licensed to engage in a full range of insurance and reinsurance activities throughout China where Willis Pudong operates through 18 licensed branch offices and two service offices.