China to relax foreign ownership in life sector from June

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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.

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