The Hong Kong-based insurance unit of China’s Bank of Communications Co. has filed a formal application with the China Insurance Regulatory Commission (CIRC) to establish a Shanghai-based P/C insurance subsidiary.
China Communications Insurance will operate with mainland partners. It would be classified as a “foreign” insurer, and could hold up to a 24.9 percent stake in the new venture. News reports indicate that the initial capitalization would be between 500 and 800 million yuan ($61.67 to $98.7 million).
Oklahoma Schools Destroyed by Tornado Lacked ‘Safe Rooms’
Connecticut Court Rules That Lawyers Can’t Be Sued for Fraud
Wage and Hour Claims Among Top Threats to U.S. Employers
Cyber Attacks On Banks More Serious Than Public Realizes
E&O Insights: Restaurant and Tavern Risks
CEA’s First CIO Reflects C-Suite Trend
Golf and Country Clubs Weather the Storm
Midwest AGs Go After Storm-Chasing Roofing Companies
Sign up to receive insurance news alerts!
