Latest News:  
Beijing   Sunny    4 / -7   City Forecast

People's Daily Online>>China Business

China to open third-party auto insurance market to foreign firms

By Dou Hongmei (Beijing Daily)

14:45, February 18, 2012

Edited and Translated by People's Daily Online

The news that China has decided to allow foreign companies to compete in the market for compulsory third-party liability automobile insurance has shocked the industry.

Compulsory third-party liability automobile insurance is the first compulsive insurance system implemented in accordance with national laws.

“In China, compulsive auto insurance bears more social management functions,” said Tao Cunwen, professor with Insurance School of Central University of Finance, the insurance not only helps victims of traffic accidents obtain timely and efficient compensation and medical treatment, but helps reduce economic burdens of the persons causing traffic accidents.

According to experts, apart from buying compulsive insurance in accordance with national mandatory regulations, automobile owners will also buy some necessary commercial insurance, such as car caustic danger, robbery and theft insurance, insurance for persons on board etc.

【1】 【2】

Email|Print|Comments(Editor:韩莎莎)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Diamonds set to sparkle in China

  2. Chinese movies make strong comeback

  3. Tourists visit snow covered Hungarian

  4. Director Tsui Hark brings movie to Berlinale

Most Popular

Opinions

  1. Promoting peace talks shows China's attitude
  2. European integration at crossroad
  3. China needs to improve overseas security
  4. National interests may trump prior goodwill
  5. China, India should strengthen mutual trust
  6. China, EU should cooperate calmly and rationally
  7. Chinese VP's US visit strengthens bilateral ties
  8. Returning to Libya not easy for Chinese companies
  9. Xi’s visit offers chance to renew consensus
  10. China should continue tight monetary policy

What's happening in China

Audience injuries at Chongqing Faye Wong concert

  1. Eye laser surgery safe, say doctors
  2. Proview says it will sue Apple
  3. Tour bus crash in Taiwan injures 32 from mainland
  4. Palace Museum accused stole 'on spur of moment'
  5. 5.2-magnitude earthquake hits Tibet: CENC

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai