On June 17, 2020, the China Banking and Insurance Regulatory Commission officially issued an official reply to AIA Group Limited, approving its reorganization from Shanghai Branch into a wholly foreign owned personal insurance company——AIA Life Insurance Company Limited. It is the first wholly foreign-owned company in mainland China to be approved to operate life insurance business.
Founded in 1919 in Shanghai, China, AIA Group is now a life insurance group listed on the Stock Exchange of Hong Kong, covering 18 markets in the Asia- Pacific region, with a large network of exclusive agents, partners and employees. The approval of the subsidiary is another milestone in AIA's more than one hundred years' journey, and is also the full embodiment of AIA's continued support for further opening up of China's financial services industry.
As the legal advisor of AIA, JunHe participated in the feasibility analysis of the project, the design of the reconstruction scheme, the communication with the regulatory authorities, the preparation of the application materials and the provision of other Chinese legal advice and suggestions related to the reconstruction to AIA. JunHe will continue supporting AIA in completing the restructuring.
The Leading partner of this case is DENG, Liang (Teresa).