Published by World Tibet Network News - Friday, November 15th 1996BEIJING, Nov 15 (AFP) - Germany's Allianz Holding AG will be the first insurer from a European Union (EU) member state to receive a license to operate in China, EU Commissioner Leon Brittan said here Friday.
The granting of the license is to be announced during the visit here next week of German President Roman Herzog, said Brittan, who was informed of the decision during a meeting with Vice Premier Zhu Rongji.
Allianz had expected to become the first European insurer to win an operations license in October, but Sino-German ties were severely strained at the time over Tibet, and the permit was awarded instead to Swiss giant Winterthur Insurance Group.
Brittan said Zhu and Foreign Trade Minister Wu Yi had made it clear that similar licenses would be granted in the near future to French and British insurers.
Allianz will become only the fifth foreign insurer allowed to issue policies in China's highly protected market.
The others are American International Group (AIG), Japan's Tokio Marine and Fire Insurance Co., Canadian firm Manufacturer's Life Insurance (Manulife) and Winterthur.