Lloyd’s China granted a direct licence
Wed 19 May 2010
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Lloyd’s China has been granted a licence by the China Insurance Regulatory Commission (CIRC) to write direct insurance in addition to their existing reinsurance licence.
Lloyd’s China has been granted a licence by the China Insurance Regulatory Commission (CIRC) to write direct insurance in addition to their existing reinsurance licence.
Lord Levene, Lloyd’s Chairman, announced the news in the UK Pavilion at the World Expo in Shanghai.
He said: “This is a very significant development for both Lloyd’s and the Chinese insurance market. We are most grateful to the CIRC for their help and to the Shanghai Municipal Government. This will be a further important building block in the development of Shanghai as a major international financial and maritime centre.”
Lloyd's will now begin work on making its new direct licence operational, a process that could take up to a year. This will involve converting Lloyd's Reinsurance Company (China) Ltd into a direct insurance company, with the development of associated required infrastructure.
Lloyd's will be working very closely with the Market and the Chinese authorities to ensure its direct operation can comply with the relevant regulations in China.
