Willis Towers Watson announced that the China Banking and Insurance Regulatory Commission (CBIRC) has granted it a licence to transact all insurance business in the country.
According to a press statement by the company, this makes Willis Insurance Brokers the first fully licensed foreign broker in China, following President Xi Jinping’s announcement of liberalisation of the financial sector and allowing further entry of foreign firms.
A sub-regulator, the Shanghai Insurance Regulatory Bureau, has also expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage.
“Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994,” commented Scott Burnett, head of Asia at Willis Towers Watson. “This latest announcement speaks to the long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded licence represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise.”
“Willis Towers Watson is actively exploring and assisting Chinese insurance companies in product innovation and development,” added Smilla Yuan, CEO of Willis Towers Watson Greater China. “With forward looking perspectives and innovative experiences, the extension of our licence enables us to provide our Chinese clients with enhanced analytical and risk management capabilities.”
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