China to have specialized liability insurer
By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2006-08-08 09:34
Chang An Liability Insurance Incorporated Co Ltd, China's first specialized
liability insurance company, will open in October this year, according to
proposed president Liu Zhi.
Initiated by seven companies including Chang An Guaranty Co Ltd, Beijing
Huayuan Group and China Orienwise Group, the insurer's registered capital is 510
million yuan (US$63.91 million), according to a reply of the China Insurance
Regulatory Commission to the establishment of Chang An Liability Insurance
Incorporated Co Ltd.
In April 1997, the establishment of Chang An Liability Insurance was proposed
by the Ministry of Construction, but the People's Bank of China, the country's
central bank and former insurance industry regulator, hadn't granted approval,
so the Chang An Liability Company was shelved, according to Liu.
......
The full text is available in the August Issue of China
Insurance.
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