NU Online News Service, Dec. 26, 10:04 a.m. – New York Life Insurance Company, New York, and the Haier Group today announced they will form a joint venture to sell life insurance in China, pending approval by the China Insurance Regulatory Commission.

The joint venture company, to be called Haier New York Life, is to be a 50/50 partnership between the Haier Investment & Development Company Ltd., under the Haier Group of Qingdao, China, a manufacturer of household appliances, and New York Life International, the overseas arm of New York Life.

The new company will immediately begin the process of establishing a management team and determining the location of its initial operations.