More than two dozen companies have applied for a license toset up reinsurance operations in China, the SecuritiesTimes reported Aug. 18.
The China Insurance Regulatory Commission is processing applicationsfrom 25 firms with planned registered assets totaling 20 billion yuan. Theapplicants include Asia-Pacific Reinsurance, Huayu Reinsurance and TianyuanReinsurance.
PICC Reinsurance and Qianhai Reinsurance gained approvalfrom the CIRC in March, while the other players in the sector in China includetwo local firms China Reinsurance(Group) Corp. and Taiping Reinsurance Co. Ltd., as well as seven foreignreinsurance companies.
As of Aug. 17, US$1was equivalent to 6.64 Chinese yuan.