According to a report from Reuters News Agency, Aon Corp., the world’s second largest insurance broker, is in the process of concluding a 50/50 partnership arrangement with China’s state-owned COFCO, and expects to receive a license to begin operations in the country by the end of the year.
China’s recent admission to the World Trade Organization (See IJ Website Nov. 15), which is expected to be formalized by the end of December has apparently accelerated the pace at which foreign insurers and brokers will be admitted to the Chinese market. Neither COFCO management nor officials of the China Insurance Regulatory Commission would comment on the report, but Reuters cited “an official at Aon’s Beijing representative office” as indicating that the company expects to receive a license by the end of the year.
The new brokerage would be headquartered in Shanghai, and would specialize in foreign invested firms and joint ventures.
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