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China's Notaries Join Hands with Insurance Giant
China's 18,654 notaries are to be insured against negligence responsibilities, according to an agreement between China Notary Association and the country's largest property insurance institution -- China People's Insurance Company.
The agreement, the first plan of its kind, is to be implemented in 3,189 notarization agencies nationwide next year.
"The establishment of an insurance system in China's notarization industry will help strengthen the industry's risk-resisting capabilities and further regulate notarization practices in China," said Duan Zhengkun, vice-minister of Justice, on Monday's signing ceremony.
According to the agreement, China Notary Association will act as the policy-holder in the insurance deal. China People's Insurance Company is responsible for compensating legitimate and due claims against the negligence and wrongdoing of notaries in conducting notarization practices in the People's Republic of China (with the exception of the Hong Kong Special Administration Region, Macao SAR and Taiwan).
Tang Yunxiang, the general manager of China People's Insurance Company, pointed out that the industry insurance agreement is a new move in expanding and improving their services to the society.
China's notary industry was first initiated 20 years ago. Now it is striving to provide clients with comprehensive non-litigation legal services.
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