Signing of the Economic
Cooperation Framework Agreement (ECFA) between China and Taiwan on
29 June 2010 has had a sequel.
The China Insurance
Regulatory Commission (CIRC) has selected Xiamen, capital of
China’s Fujian province, as the pilot city to promote cooperation
between the two countries’ insurance industries.
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The ECFA is viewed as the
most significant agreement between China and Taiwan since the two
countries split after the Chinese Civil War in 1949
According to China’s official
news agency Xinhua, cooperation between China and Taiwan will
include motor insurance reform, developing annuity and old-age
insurance products, encouraging commercial insurance businesses’
involvement in medical insurance, promoting development of the
insurance intermediary sector, and insurance product
innovation.
In September, financial
services company Fubon Financial became the first Taiwanese company
to be given the go ahead by the CIRC to establish an insurance
business in China.
To be named Fubon Property
& Casualty Insurance, the general insurance company is
anticipated to commence operations at the end of 2010.
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By GlobalDataThe new company, which will
have an initial capital of some $60m, is based in Xiamen and is
Fubon’s second venture into China.
In 2008, Fubon acquired a 20% stake in Xiamen Bank in
2008.
