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 | Tuesday, April 25, 2000, updated at 21:06(GMT+8) | ||||||||||||
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China | ||||||||||||
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Shanghai Insurance Regulatory Office UnveiledThe China Insurance Regulatory Commission (CIRC) announced Tuesday that its Shanghai office, the first of its local bodies, has been officially launched.The CIRC said in a press release that the Guangzhou and Beijing regulatory offices will be launched soon. CIRC chairman Ma Yongwei said at the opening ceremony of its Shanghai office that the establishment of the three local offices is an important part of the reform of China's insurance regulatory system and will actualize the CIRC's regulatory function in China' s most important three local insurance markets. In 1999, the three cities reported a total premium income of 34. 8 billion yuan, accounting for 25 percent of the nation's total. An overwhelming majority of foreign insurance companies and their representative offices are also located in the three cities, though the CIRC has recently opened Tianjin, Dalian, Chongqing and other cities to foreign insurance companies. The CIRC is also considering to set up regulatory offices in a few other cities, which are expected to be operational by the end of the year.
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