Apr
15
Chinese Insurance Regulator licences Scor to expand Operations
By Sergio | Published April 15, 2010
Scor SE, has been granted a composite reinsurance license by the China Insurance Regulatory Commission (CIRC) that will allow the company to add life and health insurance services to their current non-life business.
The CIRC approved Scor SE to engage in non-life insurance business in October 2006, although the company actually started underwriting in China in 2008. In January 2010 their Beijing branch saw an additional capital injection of US$15 million (EUR 11 million), with the approval of the CIRC as well.
With the rapid expansion of the life and health insurance business in China, the extended license granted by the CIRC better positions Scor SE to benefit from the strong growth in demand for reinsurance. Clients in China will benefit from tapping into the expertise of Scor SE in the areas of innovation, capital management and risk selection.
With a presence of over 35 years in China, Scor SE will continue expanding its operations, aided by the additional license granted by the CIRC.
Insurance Company mentioned:
SCOR is now a multinational Group, born from the merger between the SCOR Group, with its strong presence in France and the United States, Revios, which was based in Cologne, and Converium, whose headquarters were in Zurich. The new SCOR group had to take this polycentric situation into consideration in terms of its organisational structure, in order to align this with the diverse cultural practices attached to the three former companies. The Group also had to factor in the details of its 2007 statutory reorganisation around three Societas Europeae in paris, as well as the fact that SCOR Global Investments, the Group’s third operating company, was created at the beginning of 2009 and is also adopting Societas Europaea status. SCOR therefore decided to structure its entities around six life and non-life management platforms or Hubs, attached to which are the subsidiaries and branches of the geographic area in question.
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[...] SCOR SE a été accordée par la China Insurance Regulatory Commission (CIRC) une licence de réassurance composite qui permettra à l'entreprise d'ajouter de la vie et des services d'assurance santé pour leurs activités non-vie actuelle. URL article original: http://www.globalsurance.com/blog/chinese-insurance-regulator-licences-scor-to-expand-operations-781... [...]
[...] SCOR SE ha sido concedida por la Comisión Reguladora de Seguros de China (CIRC) de una licencia de reaseguros compuesto que permitirá a la compañía para darle vida y servicios de seguro de salud a su negocio actual de no-vida. URL del artículo original http://www.globalsurance.com/blog/chinese-insurance-regulator-licences-scor-to-expand-operations-781... [...]
[...] SCOR SE è stata concessa dalla China Insurance Regulatory Commission (CIRC), una licenza di riassicurazione composito che consentirà alla società di aggiungere vita e servizi di assicurazione malattia per il loro business attuale non-vita. URL articolo originale http://www.globalsurance.com/blog/chinese-insurance-regulator-licences-scor-to-expand-operations-781... [...]
[...] Scor SE hat von der China Insurance Regulatory Commission (CIRC) eine Lizenz, die Composite-Rückversicherung ermöglichen dem Unternehmen, Lebens-und Krankenversicherung von Dienstleistungen für ihre aktuelle Nichtleben-Geschäft beitragen wird gewährt worden. URL des Original-Artikel http://www.globalsurance.com/blog/chinese-insurance-regulator-licences-scor-to-expand-operations-781... [...]
[...] is not the only foreign reinsurer to see growth in China recently, as Scor SE received a composite insurance license in April from the CIRC which allows it to expand its reinsurance business to encompass life and health [...]