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CIRC Tianjin Office Makes Debut
The Tianjin Office of the China Insurance Regulatory Commission (CIRC) was formally set up in the morning on January 19, 2001. Ma Yongwei, chairman of the CIRC said on the opening ceremony that the establishment of the office symbolized the CIRC's supervision was put into effect in Tianjin.
Reportedly, great progress has been made for the recent 2 years in Tianjin's insurance industry. By the end of 2000, there are 10 insurance companies with 2,728 insurance dealers. And the insurance premium attained 3,107 million yuan.
Presently a market pattern manipulated by the state owned commercial insurance companies with the coexistence of other insurance companies has formed. It is said that the Hengan Insurance Co., Ltd. which had already gained the approval from the CIRC would settle down in Tianjin. Besides, some foreign funded insurance institutions also chose Tianjin as their first choice to penetrate into the Chinese insurance market. (Panorama)
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