Winterthur, Two Others Receive Chinese Regulatory Approvals

June 30, 2003

Winterthur, the Insurance division of Credit Suisse, Tianan Insurance and the Shenzhen branch of Hong Kong’s Ming An Insurance Co. have reportedly been granted permission by Chinese regulatory authorities to offer foreign-currency property insurance and personal insurance policies, as well as reinsurance.

Dow Jones Newswires, which reported the approvals, indicated that the number of foreign insurers allowed to collect foreign currency premiums has reached 24 since the first permit was issued in August 2000. It also noted that airline companies are “among the major buyers of foreign currency-denominated insurance policies.”

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