Taiwan Life Insurance's mainland JV to open branch in Fuzhou
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Taiwan Life Insurance Co announced on Tuesday in a statement that the China Insurance Regulatory Commission (CIRC), the nation's insurance regulator, has granted approval for its mainland joint venture (JV) to establish a branch office in Fuzhou City, the capital of Fujian Province.
The JV, called King Dragon Life Insurance Co, will be permitted to open for business in Fuzhou City. On Monday, mainland China's insurance authorities allowed the company to begin selling insurance policies in the city.
King Dragon Life Insurance was set up by Taiwan Life and China's Xiamen C&D Corp in late 2008 with an initial investment of RMB 240 million (US$35.1 million) and is equally held by the two companies. It began operations in Xiamen City.
The statement also said that the JV would soon set up points of sale in two other cities in Fujian Province, Quanzhou City and Zhangzhou City.
King Dragon Life Insurance will set up one branch office in China every year as part of its effort to expand its business in the Chinese life insurance market.
Taiwan Life Insurance was established 1947 as the first life insurance company in Taiwan and was listed on the island in 1997. It is mainly engaged in offering life, health and accident insurance services to individuals, groups and students. It also offers reinsurance, annuity insurance, investment products and interest-sensitive products.
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