China scraps insurer foreign shareholding cap

Mainland's market watchdog has canceled the restriction on the proportion of foreign shares in insurance companies below 51 percent.

The move by China Insurance and Banking Regulatory Commission is to further expand the opening up of the insurance industry.

Foreign insurers or groups' portion of the shareholdings can reach 100 percent.

CIRBC's new rule also clarifies the access requirements for foreign insurance groups and companies and overseas financial institutions with reference from overseas countries.