Pursuant to China’s WTO accession commitments, as of today, foreign-funded life insurance companies are permitted to be engaged in health insurance, group insurance, and pension/annuity business; geographical limitations on establishment of foreign-funded insurance institutions are removed; and shares controlled by foreign equity-holders can be as high as 51% for joint ventures of insurance brokerage companies.

Foreign-funded life insurance companies may apply for adjustments to “Insurance Institutional Legal Person License” and “Insurance Business License” as per relevant rules.

China Insurance Regulatory Commission

December 11, 2004