Previously, China restricted the operation area of foreign-funded                      insurance providers in Shanghai & Guangzhou. On accession                      date (11/12/01), Shenzhen, Foshan and Dalian was no longer                      restricted to foreign insurance providers. After two years,                      foreign-funded insurance providers will be permitted to engage                      in business in Beijing, Chengdu, Chongqing, Suzhou, Xiamen,                      Ningbo, Shenyang, Wuhan and Tianjing. After three years, all                      geographic restrictions will be removed.