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Foreign insurers urge CIRC to simplify procedures

(China Daily)
Updated: 2006-10-23 09:00

Foreign insurance companies have called on China's insurance regulator to streamline licensing requirements for their geographical expansion and improve access to investment channels.

China has removed geographical restrictions on foreign insurers as part of its World Trade Organization (WTO) commitments, but it has a separate and more complex licensing process for foreign firms.

"The separate licensing process may slow down foreign insurers' pace of geographical expansion, and we hope the regulator could eliminate the barriers," David F. Snyder, vice-president of the American Insurance Association, said when attending the 13th IAIS Annual Conference yesterday in Beijing.

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The full text is available in the October Issue ofChina Insurance