Willis Group Holdings Limited said Chinese authorities have lifted the suspension of the brokerage firm's Chinese affiliate, Willis Pudong Insurance Brokers Co., Limited.
The suspension, according to New York-based Willis, was the result of a misunderstanding in which representatives of the China Insurance Regulatory Commission were mistakenly denied access to the broker's offices.
Willis said it had been fined 100,000 Renminbi, or roughly $12,000, and has put procedures in place to ensure that the situation does not happen again.
"We understand there was an unfortunate situation," said Dan Prince, a spokesman for Willis, adding that the company is "pleased that the matter has been resolved."
Willis Pudong has 18 licensed branch offices and 2 service offices located in the People's Republic of China and is the only fully licensed international insurance broker that can offer global resources to clients in that country through local offices.
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