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Insurance Association of China Set Up
The Insurance Association of China was set up in Beijing Thursday. Tang Yunxiang, the general manager of the People's Insurance Company of China (PICC), China's leading property insurer, was elected president of the association.
Ma Yongwei, chairman of the China Insurance Regulatory Commission said at the inauguration ceremony that the launch of the association is important progress by China in establishing a modern regulatory system that is marked by government regulatory, industrial self-discipline and internal control mechanism.
He expressed hope that the association will help build a just and fair market order, protect insurers' legal interests, enhance the public's understanding and trust of the insurance sector and improve the sector's management.
Tang Yunxiang, the association's chairman, said his organization will work for strengthened self-discipline and closer exchanges and co-operation among member companies.
The association also aims to promote exchanges between Chinese insurers and their foreign counterparts so that its members can learn from the advanced technologies and management expertise of foreign firms and take a more active role in international competition.
The conference Thursday passed a self-discipline covenant for the sector.
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