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Asian News - China: 10 new insurers approved in 1H

Source: Asia Insurance Review | Aug 2016

The Chinese insurance regulator has given its approval to the setting up of a new life insurer. This is the 10th insurance entity to receive a licence from CIRC this year to date.
   The new life insurer, called Huagui Life Insurance, has a registered capital of CNY1 billion (US$150 million), said Shenghe Resources Holding in a statement.
   Shenghe Resources, a listed company whose main activities are smelting, separation and deep processing of rare earth, is investing CNY50 million in the insurer, for a 5% stake. There are altogether 11 shareholders in the insurance venture.
   Huagui Life is to be established in Guizhou, which is a province in western China that is also among the country’s less developed regions. Chengdu-headquartered Shenghe and its partners had reached agreement to set up the life insurer in 2013.
The other nine insurers
The nine other new insurance entities approved by CIRC in the first half of this year to date are: Zhonghui Property Mutual, Huiyou Construction Property Mutual, Xinmei Life Mutual, Taiping Technology Insurance, Hengqin Life Insurance, Three Gorges Life Insurance, CCB Property Insurance, Qianhai Reinsurance, and PICC Re.
   At present, there are more than 150 life and non-life insurance companies operating in China, and at least three reinsurers.
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