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(Yicai Global) June 6 -- China will ease the way that insurers in China can send money abroad in order to improve their efficiency of handling cross-border claims.
China will stop examining all insurers' foreign exchange capital settlements beforehand and instead allow them to send funds overseas based on their actual demand from July 1 so that these firms can compensate overseas clients in the Chinese yuan, the State Administration of Foreign Exchange said in a statement yesterday.
The SAFE expects more insurance brokers to start offering cross-border services with the further opening-up of the sector.
Insurance companies have been complaining about the low efficiency of cross-border business, according to earlier surveys. Red tape has slowed down compensation seekers' ability to recover from damages caused by accidents, particularly proven by maritime emergencies.
China started reforming the related forex management system in March 2015 by reducing the amount of paperwork.
Editor: Emmi Laine