CIRC Opens Branch in GuangzhouThe China Insurance Regulatory Commission (CIRC) launched its second local office in Guangzhou on April 28.The CIRC launched its first local office in Shanghai early this week and will soon launch its third office in Beijing. Guangdong now has eight insurance companies, 670 local branches and 22 representative offices of foreign insurance companies. The total premium income of the province reached RMB14 billion in 1999, accounting for 10.15% of the country's total. CIRC Chairman Ma Yongwei said that establishment of the CIRC Guangzhou office will be beneficial to regularizing the local insurance market, preventing risks in insurance business, safeguarding the legitimated rights and interests of the insured and promoting the sound and fast development of the local insurance industry. |
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