China is set to get another insurance firm as the Chinese Insurance Regulatory Commission (
CIRC) gave another firm the go-ahead.
CIRC have backed a new life insurer, called Huagui Life Insurance, taking the total number of approvals for new firms this year to 10.
“Huagui Life Insurance will have a registered capital of CNY 1 billion, of which the company will invest CNY 50 million, amounting to 5% of the total shares,” Shenghe Resources, one of the firms behind the new insurer said in a statement.
“Recently, China Insurance Regulatory Commission issued its approval for the establishment of Huagui Life Insurance by 11 companies including Shenghe Resources Holding, for a registered capital of CNY 1 billion, with registered address at Gui’an New District in Guizhou,” the statement continues.
The statement noted that the preparatory team behind Huagui Life Insurance have one year to complete work on the firm before CIRC reviews and issues its approval before registration with the State Administration for Industry and Commerce.
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