[May 14, 2006] CIRC Approves 5 Insurers to Build Branches Tweet (SinoCast China Business Daily News Via Thomson Dialog NewsEdge)BEIJING, May 15, SinoCast -- China Insurance Regulatory Commission posted on its website that five insurance companies are approved to set up branches in the country. Sunshine Property and Casualty Insurance Company is ratified to create subsidiaries in Hunan and Sichuan. Alltrust Insurance Company of China is allowed to prepare for establishment of its Shenzhen branch within six months. Hyun Dai Marine & Fire Insurance Co. is approved to construct a unit for property insurance business with a preparing period of a year. Besides, the industry authority ratified two US insurers to found representative offices in Beijing and Shanghai. In addition, Zhejiang-based Wanxiang Group will sell 120 million shares it holds in Minsheng Life to Wanxiang Finance Company. Thereafter, the latter will take a 13.75% stake in the insurer. Shanghai Lujiazui Finance and Trade Zone Development Co. will buy 28.60 million share in Tianan Insuarnce from Shanghai Zijiang Enterprise Group. Then Shanghai Lujiazui will hold a total of total 73.60 million shares, or a 14.67% stake, in the insurance company. [ Back To TMCnet.com's Homepage ]