The abolition of restrictions on the shareholding ratio of foreign investors in insurance asset management companies
As early as 20 July 2019, the office of the Financial Stability and Development Committee of the State Council announced 11 measures to promote the opening up of the financial sector, including "to cancel the requirement that total shares of an insurance asset management company held by domestic insurance companies shall not be lower than 75%, and allow foreign investors' stake to exceed 25%." After that, Allianz Insurance Asset Management Company Limited, the first wholly foreign-owned insurance asset management company in China, was established. The New Rules also cancel the requirement that the total shares of an insurance asset management company held by domestic insurance companies shall not be lower than 75% in the Old Rules, and further clarify that the total shareholding ratio of domestic and foreign insurance group (holding) companies and insurance companies in insurance asset management companies shall exceed 50%.
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