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Two Insurance Intermediary Companies Established
The China Insurance Regulatory Commission (CIRC) has approved the establishment of two domestic insurance loss adjustment companies in south China's Guangdong Province and Shanghai, the first of their kind in China.
Loss adjusters, a component of the insurance intermediary sector, can be entrusted by both the insurer and the insured. When the two sides hold diverging views, the loss adjuster will make an evaluation and provide related services independently, CIRC official said.
Three other companies are under examination by CIRC as well, and will be authorized to do such business soon, the official disclosed.
The Guangdong Zhongfang Insurance Adjusting Co., Ltd and Shanghai Dayang Insurance Adjusting Co., Ltd are two comprehensive insurers with businesses covering insurance examination, risk and premium assessment, survey, loss-adjustments and loss settlement.
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