China to relax foreign ownership in life sector from June

Foreign ownership restrictions in China’s life insurance sector will be lifted in three years, according to a top regulatory official at the Boao Forum in Hainan, China.

Foreign ownership limits in joint venture life insurance companies will be raised to 51% starting end of June, said Yi Gang, governor of the People’s Bank of China, the country’s central bank.

Yi said the move is part of a wider package of policies that are aimed at further opening the country’s financial sector to foreign investors.

This was a welcome development for many industry players who say the new measures will instil market vitality and spawn new opportunities for development.

Yi, who spoke at a panel at the forum, said most measures will already be in place at end of June, the first time China has given a definite timeline on the opening up of its financial market.

This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.

Follow us on twitter @Insreporters

Also, Like us on facebook

Be the first to comment

Leave a Reply