China's insurance sector has set up a panel to appraise liabilities that might be caused by the computer millennium bug, also known as Y2K, the China Insurance Regulatory Commission (CIRC) said on December 23.

The panel would provide advice to insurance firms on Y2K- related liabilities. The expert group will also provide consultancy in case of litigation cases that may arise due to the Y2K.

The panel is headed by Wu Xiaoping, vice-chairman of the CIRC and head of the CIRC's coordinating group on Y2K. Its members come from insurance firms and the Ministry of Industry Information.

CIRC officials said that the insurance sector is now fully prepared for Y2K with emergency plans in place.