Last updated at: (Beijing Time) Tuesday, November 20, 2001
Shanghai to Improve Supervision over Insurance Market
This east China metropolis will strengthen its supervision over its booming insurance market through setting up prosperity forecast, credit inspection and information supervision systems.
This east China metropolis will strengthen its supervision over its booming insurance market through setting up prosperity forecast, credit inspection and information supervision systems.
Zhou Yanli, director of the Shanghai Insurance Regulatory Office, said the measures will help other economic sectors, including financial departments and insurance organizations get access to overall information about the situation of the insurance market in Shanghai, formulate development strategies and improve their awareness of the necessity for cautious management.
Addressing a meeting held by the Shanghai Office of the China Insurance Regulatory Commission, Zhou said the measures will also help establish a management system characterized by government supervision, industrial self-discipline and corporate self-restriction.
By the end of October this year, there were 30 insurance companies or agencies operating in Shanghai with a total insurance revenue of 14.7 billion yuan (about 1.709 billion U.S. dollars) during the first quarter of this year, up 46.8 percent from the same period of last year.