Approval Obtained for Change in Scope of Business for Chinese Subsidiary of Mitsui Sumitomo Insurance
Mitsui Sumitomo Insurance (China) Co., Ltd. (hereafter, “MSI (China)”), a local Chinese subsidiary of Mitsui Sumitomo Insurance Co., Ltd. (President: Yasuyoshi Karasawa), a member of the MS&AD Insurance Group, obtained an approval for change the scope of its business to handle Compulsory Traffic Accident Liability Insurance for Motor Vehicle* (hereafter, “compulsory automobile insurance”) from the China Insurance Regulatory Commission, the regulatory authority for insurance in China, on May 6, 2014.
MSI (China) has steadily expanded the scope of its business since opening its Shanghai Branch in May 2001 (reorganized into an independently capitalized subsidiary in September 2007), and has the largest network of Japanese non-life insurance companies in China. The company has used its extensive network to underwrite various lines of insurance and offer risk management services to meet the increasingly diverse needs of its customers, and started underwriting automobile insurance (voluntary insurance) in 2012. The company intends to officially begin selling this insurance after passing inspection by the relevant authorities and obtaining a product sales permit.
Mitsui Sumitomo Insurance Co., Ltd. and MSI (China) will utilize the expertise cultivated through the expansion of business in Japan and Asia to offer even more comprehensive products and services in the future.
* Compulsory Traffic Accident Liability Insurance for Motor Vehicle:
This insurance consists of 3rd party liability insurance (for death, permanent disability, and medical expenses) and property liability insurance. Under the Road Traffic Safety Law of the People’s Republic of China, it is compulsory for automobile owners and managers to enroll in this insurance.
【Overview of MSI (China)】
|Company Name:||Mitsui Sumitomo Insurance (China) Co., Ltd.|
|Chairman and President:||Yukitaka Ito|
|Date of Acquisition of Permit for Establishment:||
July 23, 2007(Opened as a branch in May 2001)
|Capital:||CNY 500 million (approximately JPY 8 billion)|
|Location of Headquarters:||
34－T70 Shanghai World Financial Center,
100 Century Avenue, Pudong New Area, Shanghai
|Number of Employees:||Approximately 340|
|Marketing Branch Network:||Guangdong Branch, Beijing Branch, Jiangsu Branch, Shenzhen Marketing Service Department, Suzhou Marketing Service Department, Shanghai Marketing Division|