The China Insurance Regulatory Commission has granted insurance broker Lockton a wholly owned foreign enterprise insurance broking license to operate in China.
The company believes that the new license underscores its plans to accelerate the introduction of international best practice standards and practices to the insurance broking industry in China, a China Insurance Regulatory Commission initiative.
The firm will operate, subject to final business registration, as Lockton Companies Shanghai Insurance Brokers and plans to commence business in late September 2008.
Julian James, international CEO of Lockton, said: It is a considerable honor to be awarded a wholly owned foreign enterprise insurance broking license in China. We look forward to a long partnership with the Chinese insurance and risk management community.