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CIRC grants approval to expand Internet-based insurance companies

( July 2, 2015, 08:07 GMT | Official Statement) -- MLex Summary: The China Insurance Regulatory Commission said in a statement today that it has given approval to Zhongan Insurance, the first domestic Internet-based insurance company, to engage in the newly added businesses of car insurance and financial information services and to raise additional capital of 57.6 billion yuan ($9.4 billion). In addition, the regulator granted another three Internet-based insurance companies approval to operate, seizing the opportunity brought about by the country’s “Internet Plus” initiative, the statement said.The statement follows:...

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