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In Depth: How China’s Freeze on Insurance Licenses Has Impacted the Market

2019年07月18日 19:36 来源于 财新网
Restrictions that followed corruption investigation have made it harder for domestic players to start an insurance company, but have been a boon for foreign capital
“Those with insurance licenses are like besieged fortresses. Those outside want to get in, while those inside want to get out,” said a shareholder in one insurance company. Photo: VCG

There was a time when Chinese regulators handed out insurance company licenses like candy. It began in October 2011, when Xiang Junbo became head of the China Insurance Regulatory Commission — then China’s insurance regulator. Xiang approved 48 licenses during his tenure, up until authorities began investigating him in April 2017. He was later charged with accepting bribes worth 19.4 million yuan ($2.8 million).

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