Shanghai: AIG Insurance has been approved to set up its Shanghai Shipping Insurance Operation Center and became the first foreign capital insurance company in Shanghai, according to the China Insurance Regulatory Commission.
AIG is the third insurance company that has been approved by the China Insurance Regulatory Commission to set up shipping business operation centers this year. The operation base is expected to be ready within six months.
The China Insurance Regulatory Commission shortened the pre-approval to set up shipping insurance operation branches in Shanghai in May this year, as part of the city’s bid to become an international maritime centre. [07/11/14]
