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Taiwan Urges China To Increase Insurer’s Limit, Allow Multiple Partners

To let the Taiwanese insurers hold more than the standard 50% in joint ventures on the mainland China

Taiwan is expecting China to let it’s insurers hold more than the standard 50% in joint ventures on the mainland – reported AFP.

Reportedly, Taipei is also in the process of seeking permission to allow its insurers to have multiple Chinese partners, instead of current regulations that restrict them to only one each.

It would be viewed as a breakthrough for Taiwan’s insurance industry, provided China agrees.

In recent times, many Taiwan companies including Cathay Financial, Shin Kong Financial and Taiwan Life have established joint insurance ventures in China under the 50% rule.

Reportedly, Taiwan was seeking to reach a mutual agreement on insurance business even though it has not yet signed memorandum of understanding to boost cross strait financial activities.

Market observers stated that the memorandum may not be signed by the end of this year, as previously expected, quoted AFP.