American International Assurance Company, Limited (AIA), a subsidiary of American International Group, has received approvals from the China Insurance Regulatory Commission (CIRC) to conduct group insurance business throughout AIA’s operations in China.
“With the approvals, AIA is authorized to issue a single group policy contract covering a range of insurance products, including group life insurance, personal accident and health insurance, medical insurance and annuities,” said the bulletin. “The single policy contract can cover a defined group of five or more people, enabling organizations to purchase policies for their workforces and their family members.”
Commenting on the CIRC approval, AIG Senior Vice Chairman, Life Insurance, Edmund S.W. Tse stated: “We are very pleased to receive approval to conduct group insurance business through AIA’s operations in China. With rapid economic development, Chinese enterprises, as well as multinationals with operations in China, are experiencing an increasing demand for group insurance services for their employees. Combining service strength and innovative products designed for the local market, AIA is dedicated to meeting the demand from Chinese enterprises and families for high quality insurance products, protection and value-added services.”