Chinese authorities have extended the licence of global insurer Jardine Lloyd Thompson (JLT), allowing it to trade as a foreign broker in the country and cover all lines of insurance brokerage, the firm announced Tuesday.
The extension from the China Banking Insurance Regulatory Commission (CBRIC) takes effect from May 08 this year. The scope of business for the new licence is the same as that permitted for a domestic insurance brokerage company in China and allows JLT to provide its suite of risk advisory, employee benefits and insurance broking services to the full spectrum of Chinese businesses.
“CBIRC has recognised JLT’s firm commitment to the Chinese market and the skills and value that we seek to bring, and this expanded license will enable us to strengthen and expand our offering in the country,” said JLT China CEO Philip Rong.
“Combined with our rich local knowledge and strong global expertise, we are better positioned to offer a full range of risk advisory and insurance services to meet the ever-growing demands of our existing and potential clients in China,” Rong added.
During his speech at the Boao Forum in Hainan last month, Chinese President Xi Jinping renewed a pledge to speed up the opening of the country’s insurance sector, as well as giving foreign players greater access. The speech marked the 40th anniversary of major reforms under former leader Deng Xiaoping, which led to the opening up of the Chinese economy.
