Several Japanese insurers authorized to sell mandatory motor covers

The Chinese Insurance Regulatory Commission (CIRC) has authorized three Japanese insurers to sell compulsory motor covers. These are Tokio Marine, NKSJ Holdings and MS&AD Insurance.

Japanese insurers were hitherto allowed to sell only voluntary motor insurance, which was penalizing them compared to other companies operating in the Chinese market.

As a reminder, the government has opened the market for compulsory insurance to foreign companies since May 2012.