AIG Pulls Application Over China Business

HONG KONG – U.S. insurer American International Group Inc. has withdrawn an application to add group insurance to its business in China because its Hong Kong agents violated rules by selling policies to mainland Chinese customers, the company said in a filing with U.S. stock regulators.Foreign insurers are banned from selling insurance to visiting mainland Chinese citizens in Hong Kong, but it is reportedly a common practice.Hong Kong, a former British colony, returned to Chinese rule in 1997, but the two sides maintain separate political and financial systems…..

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