Industry News | China Exchange Life approved for establishment

China Gateway Life was approved for establishment

On 28 June, the website of the State Administration of Financial Supervision and Administration (SAFR [2023] No. 80) published the approval for the opening of China Gateway Life Insurance Company Limited and its branches, agreeing to the opening of China Gateway Life Insurance Company Limited (hereinafter referred to as "China Gateway Life") and accepting the territorial supervision and management of the Beijing Banking and Insurance Bureau; Approved the establishment of 261 branches of China Gateway Life Insurance Company Limited and granted permission to open.

From the specific approval information, Zhong Hui Life will be subject to the local supervision and management of the Beijing Banking and Insurance Regulatory Bureau, and its place of business will be Room 803, 8th Floor, No. 52 Jin Bao Street, Dongcheng District, Beijing. The registered capital is RMB33.2 billion, with Central Huijin Investment Company Limited (hereinafter referred to as "Central Huijin") contributing RMB2.656 billion and holding 80% of the shares, and China Insurance Guarantee Fund Limited Liability Company contributing RMB6.64 billion and holding 20% of the shares.

The business scope of China Gateway Life includes:

1. all types of life insurance business such as life insurance, health insurance and accident insurance;

2、Reinsurance business of the above business;

3, Insurance capital application business as permitted by national laws and regulations;

4. other business approved by the insurance regulatory authority under the State Council.

In addition, the State Administration of Financial Supervision also approved the qualification of Ren Xiaobing as the Chairman of China Life Insurance Company Limited and Li Yuan as the General Manager of China Life Insurance Company Limited.