NU Online News Service, Dec. 11, 9:20 a.m. – New York Life Insurance Company, New York, and MetLife, New York, both announced today that they have received approval from Chinese authorities to establish life insurance operations in China.
New York Life established a representative office in Shanghai in 1994 and since then has opened additional offices in Beijing, Guangzhou and Chengdu.
New York Life says it has invested in infrastructure projects in China, adding that it has also provided technical training courses on insurance regulation and supervision to Chinese regulators in Beijing, Shanghai, Guangzhou and Tianjin.
MetLife has been granted approval by the China Insurance Regulatory Commission to operate a joint venture life insurance company in China.
MetLife says its initial plans are to focus on the sale of individual insurance policies through a career agency system.
The company has representative offices in Beijing and in Shanghai. Since establishing its first office in 1995, MetLife has served as advisor in China on a number of projects with government agencies, the company says. It also played a role in supporting the passage of permanent normal trade relations status for China with the U.S. Congress and the executive branch, the company says.