China Insurance Regulatory Commission (CIRC) has granted Taiping Reinsurance Co., a subsidiary of China Taiping Insurance Group Ltd., to transform its Beijing branch to Taiping Reinsurance (China) Co., a subsidiary with corporate status.
This is the second independently licensed reinsurance company in China following China Reinsurance (Group) Corporation.
The Taiping Reinsurance (China) Co.'s business includes commercial reinsurance of property insurance, life insurance and short-term health insurance and casualty insurance.
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