porno Chinese Law | China: China’s compulsory transport accident insurance market opens to foreign insurers
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 China Lehmanlaw - Chinese Law Firm

China’s compulsory transport accident insurance market opens to foreign insurers

  1. Q: Is WFOE allowed for foreign investment insurance company in general?

 

A: Yes, but subject to strict conditions on the investor and special requirements to the WFOE.

 

  1. Q: Is WFOE allowed for foreign investment insurance agent company?

 

A: Yes, but subject to strict conditions on the investor and special requirements to the WFOE.

 

  1. Q: What is the function of insurance agent?

 

A: Insurance Agent Company will act on behalf of the insurances company for selling insurances products.

 

  1. Q: Is WFOE allowed for foreign investment insurance brokerage company?

 

A: Yes, but subject to strict conditions on the investor and special requirements to the WFOE.

 

  1. Q: What is the function of insurance brokerage company?

 

A: Insurance Brokerage Company will act for the insured interests.

 

  1. Q: Can foreign invested insurance company provide large compulsory transport accident insurance (“LCTAI”) services in mainland <place w:st="on"><country-region w:st="on">China</country-region></place>?

 

A: Not yet, but it will be under discussion since the visit of Jinping Xi, the vice President of P. R. China, and indicated in the Joint Statement on Strengthening US-China Economic Relations released on February 14, 2012.

 

  1. Q: Is there any certain time line for foreign investment insurance to operate LCTAI?

 

A: Currently, no fixed schedule yet. Relevant regulation is forthcoming.

 

  1. Q: Can foreign investment company operate life insurance?

 

A: Yes, but the shareholding by foreign investor shall not exceed 50%.

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