UPDATE: Bank of Communications Applies for P/C License

The Hong Kong-based insurance unit of China’s Bank of Communications Co. has filed a formal application with the China Insurance Regulatory Commission (CIRC) to establish a Shanghai-based P/C insurance subsidiary.

China Communications Insurance will operate with mainland partners. It would be classified as a “foreign” insurer, and could hold up to a 24.9 percent stake in the new venture. News reports indicate that the initial capitalization would be between 500 and 800 million yuan ($61.67 to $98.7 million).