This week in asset owner history: Allianz gets landmark approval in China
In 2018, the German group got the green light to set up the first wholly foreign-owned insurance firm in China. The trailblazing process has since moved the needle for foreign insurers seeking to set up shop on the mainland market.
On November 25, 2018, The China Banking and Insurance Regulatory Commission (CBIRC) made the announcement that Germany's Allianz had won approval to set up the first wholly foreign-owned insurance holding company in China.
The move aimed to open up the mainland insurance industry earlier than initially scheduled - seen as a deft political move on the part of the regulators - and was described by the CBIRC as starting “a new chapter in opening up the financial sector”.
The regula…
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