China is planning to accept applications in early 2019 from foreign insurers looking to take ownership of their local joint ventures.

According to a report by Reuters, the Chinese government is also mulling the possibility of offering these foreign insurers ownership of Chinese insurance JVs earlier than previously said.

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“We have seen no signs of China looking to delay or put on hold its commitments to open up the financial sector despite the challenges on other fronts. If anything, they are looking to advance the process,” a top executive at a foreign insurance firm having a China presence was quoted by the publication as saying.

Recently, insurance giants Prudential and Sun Life Financial, based in the UK and Canada respectively, have shown interest in raising the ownership in their China businesses.

Hong Kong’s FWD Group too is in the process of securing regulatory nod for a majority-owned China insurance joint venture, the report said.

Final guidelines on the issue is said to be issued by the first quarter of next year, which will be followed by the process of accepting applications.

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Last year, China unveiled plans to increase the foreign ownership cap to 51% from 50%. Plans are also on to eliminate the limit entirely in three years.

The country is currently planning to advance the three-year time period, Reuters said.

Meanwhile, the China Banking and Insurance Regulatory Commission (CBIRC) has proposed that the key shareholder of a foreign-funded insurer will be restricted from selling the equity within five years from its takeover.