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China's railway authority mulls new insurance plan

(Xinhua)

14:08, November 11, 2011

BEIJING, Nov. 11 (Xinhuanet) -- China's railway authority is mulling a new compulsory liability insurance following a series of railway accidents, under a plan that has been submitted to the China Insurance Regulatory Commission (CIRC), reports said.

Chang An Property and Liability Insurance said it has been exclusively negotiating with the Ministry of Railways over the project, the Securities Market Weekly reported.

The insurance plan could cost the ministry 1.8 billion ($278 million) to 2 billion yuan in premiums annually, said an anonymous manager of the Beijing Hualong Century Investment Management Consultants, an underwriter of Chang An Insurance, adding that other issuance companies will also have a share once it is approved, said the Beijing Morning Post.

Under the current accident insurance plan for Chinese rail passengers, which automatically charges 2 percent of the ticket price as premium, passengers are only entitled to a maximum compensation of 20,000 yuan in the event of an accident.

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