NU Online News Service, May 24, 11:23 a.m. – The American International Group Inc., New York, says a wholly owned subsidiary, American International Assurance Company Ltd., has received authorization to open a Beijing life insurance operation.
The AIG subsidiary is the first foreign insurance organization to be licensed in Beijing, AIG says.
AIA received approval at the end of 2001 to begin setting up life insurance offices in Beijing, Suzhou, Dongguan and Jiangmen.
The China Insurance Regulatory Commission recently approved AIA’s application to establish its Beijing branch, and AIG says it hopes to receive approvals for the Suzhou, Dongguan and Jiangmen offices shortly.
AIG had operations in China years ago. It returned to the country in 1992 by setting up operations in Shanghai.
AIG also has licenses to operate in Guangzhou, Foshan and Shenzhen.