The China Insurance Regulatory Commission (CIRC) has granted Lockton a Wholly-Owned Foreign Enterprise (WOFE) insurance broking license to operate in the country.
Lockton said the new license underscores its “plans to accelerate the introduction of international best practice standards and practices to the insurance broking industry in China, a leading CIRC initiative. The firm will operate, subject to final business registration, as Lockton Companies (Shanghai) Insurance Brokers Ltd. and plans to commence business in late September 2008.”
Lockton also noted that it is “only the second foreign enterprise to be granted a wholly owned insurance broking license in China. Marsh received the first such license last year [See IJ web site – https://www.insurancejournal.com/news/international/2007/01/26/76325.htm].
Lockton also noted that it “has operated in Asia for more than 30 years and was one of the first companies (then as Alexander Forbes) to establish a representative office in China in Beijing in 1996.”
Lockton International CEO Julian James commented: “It is a considerable honor to be awarded a WOFE insurance broking license in China. We are very grateful to be given the opportunity to assist in the development of the Chinese market and to introduce our international risk management and insurance broking experience.
“We are committed to continually introducing innovative risk transfer and insurance solutions and to educate and assist corporate insurance buyers in best practice insurance purchase strategies. This process of buyer education in China will be complemented by a team of local insurance executives who will open the office. The local Shanghai team will be supported by Lockton experts around the world.”
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