The Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage.
Willis Insurance Brokers has become the first fully licensed foreign broker to transact all insurance business in China, according to a statement from Willis Towers Watson.
Willis Insurance Brokers is a subsidiary of Willis Towers Watson and has its headquarters in Shanghai.
According to a statement, the approval from China’s Banking Insurance Regulatory Commission (CBIRC) follows President Xi Jinping’s announcement early last month of a series of significant financial liberalisation initiatives.
Operationally, the Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage, the statement said.
Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994.
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