China's top insurance regulator has approved Allianz China Life Insurance Co's application for opening a branch in Qingdao, a company executive said, paving the way for the company's development in this eastern coastal city.

A delegation led by Hao Yufei, an executive at the CEO office of Allianz China Life, paid a visit to Qingdao from March 11 to 13. Officials of Qingdao's commerce, finance and international investment and cooperation authorities met with the guests and had discussions about matters related to the proposed project.

Hao said China Insurance Regulatory Commission has given the nod to Allianz China Life's application and that the company will speed up preparations to get the new business open in Qingdao as soon as possible.

Allianz China Life, the first European joint venture insurer in China, was co-founded by Allianz SE, the German financial services conglomerate, and China's CITIC Trust in Shanghai in 1999. At present, Allianz China Life has registered capital of 2 billion yuan ($320 million), of which Allianz SE holds a 51 percent stake and CITIC Trust owns 49 percent, according to the company’s website.