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Shanghai Launches Liability Insurance for Accountants
The Shanghai Branch of the China Ping'an Insurance Company today signed a contract to provide liability insurance to nine accountancy firms in this metropolis in east China.
This is the first time for China to conduct such a kind of insurance, an insurance company source said.
Re-appearing in China at the beginning of the 1980s, accountancy firms have long faced huge risks of counterclaims.
"Liability insurance will benefit both accountants and their clients," said Deng Xionghan, a local insurance supervision official.
Shanghai has 83 accountancy firms.
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