China’s compulsory transport accident insurance market opens to foreign insurers
- 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.
- 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.
- Q: What is the function of insurance agent?
A: Insurance Agent Company will act on behalf of the insurances company for selling insurances products.
- 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.
- Q: What is the function of insurance brokerage company?
A: Insurance Brokerage Company will act for the insured interests.
- 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.
- Q: Is there any certain time line for foreign investment insurance to operate LCTAI?
A: Currently, no fixed schedule yet. Relevant regulation is forthcoming.
- Q: Can foreign investment company operate life insurance?
A: Yes, but the shareholding by foreign investor shall not exceed 50%.
|
