Sunshine Life Wins Nod to Prepare for Shanghai Branch

Chinese insurer Sunshine Life Insurance Co., Ltd. on November 25 gained approval from the China Insurance Regulatory Commission to prepare for a branch in Shanghai.

The time for it to prepare for the establishment of the branch is not longer than six months and during the period, it is not allowed to conduct business in the market. It will be thought to give up the approval willingly provided that the branch fails to meet operation standards set by the top Chinese insurance watchdog, except that there are no special reasons. Upon completion of the preparation, it should apply for operation from the Shanghai Insurance Regulatory Commission and as long as it wins a nod from the local insurance regulator, the branch could kick off operation.

Sunshine Life was established in Beijing at the end of 2007 with a registered capital of CNY 660 million. As the end of June 2009, its premium revenue exceeded CNY 2.7 billion accumulatively.