Sino-US United Metlife Insurance Co opened its sub-branch in the free trade zone on Friday to become the first joint-venture life insurance company to tap prospects in the zone.
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It was three months after China Insurance Regulatory Commission approved the insurer to set up a sub-branch in the zone. Metlife, the third-largest foreign invested life insurance company in China, said it is interested in ongoing financial reforms and innovations in the zone, and is dedicated to the development of life insurance industry in the zone.
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A blueprint released last December said that companies and individuals can open special accounts with banks, insurers and brokerages in the FTZ that can eventually be used to move local and foreign exchange funds into and out of China without being subject to the strict capital controls.Â
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Sino-US United Metlife Insurance Co opened its sub-branch in the free trade zone on Friday to become the first joint-venture life insurance company to tap prospects in the zone.
