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The China Insurance Regulatory Commission has approved the establishment of the country's fourth local reinsurer, Asia Insurance Review reports.
The CIRC has given approval to the country's business services firm Shenzhen Tempus Global Business Service Holding Ltd. to set up a reinsurer in Qianhai, Shenzhen.
The new reinsurer, Qianhai Re, will have a registered capital of 3 billion Chinese yuan ($462 million).
Qianhai Re's founders have up to a year to prepare for starting the operations.