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General Motors Corp. announced this week that it has received Chinese approval to open an office in Shanghai as a step toward beginning insurance operations in China.
Detroit-based GM said that Motors Insurance Corp., part of the insurance unit within the automaker’s General Motors Acceptance Corp. financing subsidiary, received approval from the Chinese Insurance Regulatory Commission to establish the office.
The Chinese agency also approved the appointment of Henry Dai as chief representative of the GM insurance unit in Shanghai.
General Motors Acceptance Corp. already offers auto financing in China through a joint venture with Shanghai Automotive Industry Corp.
“We are gratified to receive this opportunity from the Chinese government as we seek to develop our presence and capabilities in China,” William Noll, president of GMAC Insurance, said in a news release.
The Shanghai office will seek to conduct market research and feasibility studies. GM said its insurance division will be eligible to apply for an insurance license after two years.