China’s non-life insurers will be able to compete with the country’s life insurance industry to provide flight passenger insurance polices beginning January 1, 2003.
A bulletin from the country’s official Xinhua News Agency, as reported by Dow Jones Newswires, indicates that The Chinese Insurance Regulatory Commission (CIRC) has issued new rules governing the insurance industry, which contain permission for P/C insurers to offer flight coverage.
The new rules are part of the regulatory changes the CIRC has begun in order to bring Chinese administrative rules governing the country’s insurance industry into line with the agreements reached in negotiations covering China’s entry into the World Trade Organization last year.
Under the agreement China agreed to loosen restrictions on foreign insurance companies, that limit the areas in which they can do business, and the types of products they can offer.
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