On December 3rd, the National Financial Regulatory Administration officially announced the approval for the establishment of Suzhou Dongwu Property Insurance Co., Ltd., stating that the establishment of Suzhou Dongwu Property Insurance Co., Ltd. is agreed upon. On September 27th of this year, the State-owned Assets Supervision and Administration Commission of the Suzhou Municipal People's Government had already published a recruitment announcement for Suzhou Dongwu Property Insurance Co., Ltd. (under preparation) on the government website.
On December 3, after the public recruitment was launched, the regulatory approval for the establishment of Soochow Property Insurance by East Wu finally became public.
On December 3, the China Banking and Insurance Regulatory Commission officially issued a reply on the establishment of Bank of Suzhou Soochow Property Insurance Co., Ltd., stating that it agrees to establish Suzhou East Wu Property Insurance Co., Ltd. This is the second financial and insurance "new force" to obtain regulatory approval this year after Beijing Faba Tianxing Property Insurance was approved for establishment.
Suzhou International Development Group operates, Soochow Property Insurance's establishment approval document appears.
Today, the China Banking and Insurance Regulatory Commission issued a document stating that it agrees to establish Suzhou East Wu Property Insurance Co., Ltd. Suzhou International Development Group Co., Ltd. should strictly handle the establishment matters in accordance with relevant laws and regulations and complete the establishment work within 1 year from the date of approval. During the establishment period, it shall accept the supervision and guidance of the China Banking and Insurance Regulatory Commission and shall not engage in financial business activities. After the establishment work is completed, it shall submit an application for opening business to the China Banking and Insurance Regulatory Commission in accordance with relevant regulations and procedures.
The date on the regulatory approval document is September 25, 2024.
According to the information on the official website of Suzhou International Development Group Co., Ltd., the predecessor of Suzhou International Development Group Co., Ltd. was Suzhou International Economic Development Holding Group Co., Ltd., established in 1995. In 2001, approved by the provincial government, it was granted the role of state-owned asset investment entity by the municipal government. In 2003, the municipal party committee and government clearly defined that Guofa Group would be built into a state-owned holding company with finance and investment as its main business.
Currently, under the company's umbrella, there are various financial institutions such as Soochow Securities Co., Ltd., Bank of Suzhou Co., Ltd., East Wu Life Insurance Co., Ltd., Suzhou Asset Management Co., Ltd., Suzhou Innovation Investment Group Co., Ltd., Suzhou Trust Co., Ltd., and Jiangsu Golden Financial Digital Group Co., Ltd.
Recruitment has started earlier, and another joint venture property insurance company will be approved within the year.
Financial Union reporters found that on September 27 this year, the Suzhou Municipal People's Government State-owned Assets Supervision and Administration Commission has already posted the recruitment announcement for Suzhou Dongwu Property Insurance Co., Ltd. (Preparatory) on the government website.
According to the recruitment announcement mentioned above, Suzhou Dongwu Property Insurance Co., Ltd. (Preparatory) is a national property insurance company approved for establishment by the China Banking and Insurance Regulatory Commission (Establishment Approval No. 633 of 2024), with its headquarters in Suzhou. Now, in accordance with the establishment needs, they are openly recruiting management personnel at all levels, involving 32 positions, specifically including the deputy general manager of the head office, 15 responsible persons for related business categories, and professional and technical personnel.
According to public information, the establishment of Dongwu Property Insurance is to deal with the legacy issues of Anxin Property Insurance. Anxin Property Insurance obtained regulatory approval for establishment in 2015, with seven shareholders collectively contributing to a registered capital of up to 1 billion yuan, but later faced development difficulties. In March of this year, Anxin Property Insurance's registered address was changed from Beijing's Yanqing to Xiangrong Building, High-speed Rail New City, Xiangcheng District, Suzhou.
Furthermore, according to the latest list of insurance institution legal persons published on the official website of the China Banking and Insurance Regulatory Commission, as of the end of June 2024, there are a total of 13 insurance group (holding) companies including PICC Group; and 89 property insurance companies including PICC Property and Casualty Company were listed. However, on November 5 this year, the regulatory authorities have approved the establishment of Beijing Fabeixing Property Insurance Co., Ltd., jointly established by France's Paris Insurance Group, Sichuan Yinmi Technology Co., Ltd., and Volkswagen Financial Services Overseas Co., Ltd. This also means that the number of property insurance companies announced by the regulatory authorities will soon expand once again.
