Date
22 April 2018

CIRC keeps 50% cap on Taiwan insurers’ stakes, paper says

The mainland’s China Insurance Regulatory Commission (CIRC) agreed Thursday to speed up reviews of applications by Taiwan insurers to set up new cross-strait ventures or add branches for existing ones, Apple Daily Taiwan reported Friday, citing deliberations of a meeting of insurance regulators from both sides in Taipei Thursday. In addition, the CIRC will help such ventures raise capital, allow them to take part in a pilot deferred pension insurance scheme in Shanghai and improve cross-strait cooperation in the insurance business. But the CIRC did not agree to let Taiwan insurers own more than a half-stake in their mainland ventures, an expansion the insurers were keen to see, the report said.

– Contact HKEJ [email protected]

 

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