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The Dalian branch of Sompo Japan Insurance Inc. began operation on Tuesday in the port city of Dalian in northeast China, becoming the first overseas-funded property insurance firm approved by the country's insurance watchdog in northern China.
Tadashi Okamoto, general manager of the branch, said the branch had an operating capital of 200 million yuan (US$24 million) with nearly 30 employees.
He said the branch was the first overseas-funded property insurance company approved by the China Insurance Regulatory Commission north of the Yangtze River.
The business mainly offered property insurance, and related services and their reinsurance to overseas-funded firms in China, said the manager.
Sompo, the second largest property insurance company in Japan, set up its representative office in Beijing in 1981 with offices in Shanghai, Chongqing and Shenzhen.
With about 8,000 overseas-funded firms, including 2,000 Japanese-funded, the port city of Dalian is one of the first group of Chinese cities whose insurance sector has opened to overseas insurance companies.
(Xinhua News Agency July 2, 2003)
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