18 life insurance firms in China may be kept from opening new provincial branches because of their continuous loss-making, said people in the know.
The 18 life insurers include six Chinese players and 12 foreign players like Allianz China Life Insurance and ICBC-AXA Life. There are 68 life insurance firms across the country now.
In a set of regulations released earlier this year, the China Insurance Regulatory Commission (CIRC) said that over-eight-year-old life insurers that have yet to come out of the red are not allowed to apply for the formation of new provincial branches.
Source:
http://www.sinocast.com/readbeatarticle.do?id=94474
