HSBC Life Insurance Approved to Prepare Beijing Branch
Monday, Feb 14,2011, 11:34:24 AM Click:
HSBC Life Insurance Company Limited, a 50/50 joint venture between HSBC Insurance (Asia) Limited and Beijing-based National Trust Limited, just received approval from the China Insurance Regulatory Commission to prepare for Beijing branch.
It can take maximum six months for the preparation, when it is forbidden to commence operation.
Upon the completion of the preparation, the life insurer should apply to CIRC for the opening of Beijing branch.
HSBC Life Insurance, headquartered in Shanghai, offers a comprehensive range of life, pensions, health and casualty insurance.
With a registered capital of CNY 500 million, it commenced operation on August 27, 2009. In January through December 2010, it obtained CNY 158.53 million premiums, according to CIRC statistics.
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