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Willis becomes first licensed foreign broker to operate as domestic broker in China

The global insurance broker WTW - Willis Towers Watson said that China's Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China.

The announcement "provides Willis Towers Watson with the same license to operate as domestic brokers", according to a statement published on WTW website.

The decision follows President Xi JINPING's announcement early last month of a series of major financial liberalization initiatives aimed at opening up the Chinese market to foreign operators.

"In response to President Xi JINPING's announcement, the Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson's operating permit to encompass all lines of insurance brokerage".

Commenting on the announcement, Scott BURNETT, Head of Asia, said "Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994. This latest announcement speaks to the long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded license represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise."

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