China Awards First Licenses for Mutual, Cooperative Insurers

(Beijing) – China approved the establishment of three cooperative and mutual insurers this week, opening up an industry niche that's common in foreign markets as part of Beijing's efforts to reform the financial sector by bringing in more private money.

The first three licenses went to two associations providing property insurance, Zhonghui and Huiyou Jiangong, and one focused on life insurance, called Xinmei, the China Insurance Regulatory Commission (CIRC) said in a press conference on June 22. Jack Ma's Ant Financial Services Group, which is affiliated to Alibaba Group Holding Ltd., is a founding member of Xinmei, according to commercial registry material.