Two foreign-funded insurance brokers approved to set up in Beijing

BEIJING - Two foreign-funded insurance brokerage companies have received regulatory approval to set up in Beijing, according to the annual conference of Financial Street Forum 2023.

The two companies are BMW (China) Insurance Brokers Co Ltd, and ERGO-FESCO Broker Company Limited, according to the National Financial Regulatory Administration.

These two companies have received authorization to conduct insurance brokerage businesses, including working on insurance plans for policyholders as well as reinsurance brokerage, in the Chinese mainland.

In recent years, the city of Beijing has taken concrete measures to expand high-level financial opening-up and facilitate cross-border investment and financing to attract more foreign financial institutions and long-term capital.

With Beijing promoting the construction of the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone in recent years, the city has attracted six foreign financial institutions and representative offices of two foreign banks, according to the Beijing branch of the National Financial Regulatory Administration.