Guangzhou will open its commercial insurance claims sector to qualified service providers from Hong Kong and Macau, China News Service reported Monday. The southern mainland city has been designated as a pilot area for the sector under the Closer Economic Partnership Arrangement with the two special administrative regions. Applications to set up commercial insurance claims firms must be submitted to the municipal government’s Bureau of Foreign Trade and Economic Cooperation, while those from other countries need further approval from the Ministry of Commerce, the report said. Firms must have a capital of at least US$300 million, it added.
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