American International Assurance Co. Ltd., a subsidiary of American International Group Inc., announced Friday that it had gotten approval from the China Insurance Regulatory Commission to do group insurance business throughout AIA’s China operation.
The commission authorized AIA to issue single group policy contracts covering a range of insurance products, including group life insurance, personal accident and health insurance, medical insurance, and annuities. The single policy contract can cover a defined group of five or more people, enabling companies to buy policies for their work forces and the latter’s family members.
AIA is Southeast Asia's largest life insurer, the company said, with branch offices, subsidiaries, and affiliated companies in countries and jurisdictions including Australia, mainland China, India, Indonesia, and Japan.
