June 22, 2016 / 7:20 AM / 3 years ago

China regulator approves establishment of first mutual insurance associations

BEIJING, June 22 (Reuters) - China’s insurance regulator has approved the establishment of three mutual insurance associations, the first time such associations have been set up in China, the regulator said at a press conference on Wednesday.

China has become the world’s third largest insurance market, with insurance premiums reaching 2.4 trillion yuan ($364.29 billion) and total assets reaching 12 trillion yuan in 2015, according to data from the insurance regulator. The Chinese government passed a new regulation in February 2015 allowing the establishment of mutual insurers. ($1 = 6.5882 Chinese yuan renminbi) (Reporting by Zhang Shu and Nicholas Heath; Editing by Shri Navaratnam)

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