Taiwan's Cathay Life Insurance Co. has won approval from Taiwan authorities to set up a branch in Guangzhou, an official from the island's Investment Commission said Wednesday.

　　The official said Cathay Life, the first local insurer allowed to set up a branch in the mainland, will be able to invest 22.85 million US dollars in the Guangzhou business.

　　A Cathay Life spokesman said the company still needs final approval from the mainland authorities.

　　According to mainland rules, the threshold for foreign insurers to open a branch are: they must be in the business for at least 30 years; own a minimum assets of five billion US dollars; and have maintained a representative office in the mainland for at least two years.

　　Currently, Cathay Life has two representative offices in the mainland, one in Beijing and the other in Chengdu.