CIRC Lifts Suspension of Willis China Office in Guangzhou

Willis Group Holdings Limited announced that the suspension of the license of its Guangzhou, China, branch office to accept new business has now been lifted.

Willis said the “suspension related to a misunderstanding in which representatives of the China Insurance Regulatory Commission were mistakenly denied access to the office.” The international broker also said it had been fined RMB 100,000 (US$12,200) and “has put in place procedures to ensure that there will be no re-occurrence of the incident.”

Willis Pudong Insurance Brokers Co., Limited is licensed to engage in a full range of insurance and reinsurance activities throughout the People’s Republic of China. It currently has18 licensed branch offices and 2 service offices located in the country.