Marsh insurance brokerage said it received China's first ever Wholly-Owned Foreign Enterprise (WOFE) insurance broking license, allowing the firm to expand beyond its role as a consultant.
The new license provisions, subject to tax and regulatory approvals, are in line with China's World Trade Organization commitments to open its insurance industry to foreign investment.
Under terms of the new licensing agreement Marsh, a subsidiary of New York-based Marsh & McLennan Companies, will no longer be limited to providing consulting services in China.
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