New Insurance Company for Xinjiang
In business news today it was announced that the establishment of the China United Property Insurance Co. has been approved by the China Insurance Regulatory Commission. For someone from a country with a deregulated market economy the ownership of the company – the majority of shares held between different state organisations – makes one feel a little uncomfortable.
New insurance company receives CIRC approval
Sep. 19, 2006 (China Knowledge) – The application of China United (Holding) Corp. Ltd. to establish the China United Property Insurance Co. has been officially approved by the China Insurance Regulatory Commission (CIRC), according to a press release.
The registered capital of the United Property Insurance is RMB 1.5 billion, out of which RMB 1 billion will be injected by China United.
United Property Insurance will conduct a range of business activities within the insurance industry including property loss, liability, credit and guarantees, short-term health, casualty, and reinsurance of the above mentioned insurance businesses.
China United plans to set up a property insurance firm as well as a life insurance company and operate them as two subsidiaries. The proposal to establishing the China United Life Insurance Co. is still on the waiting list and subject to approval by the CIRC.
The company is also hoping to set up its own asset management firm following the establishment of the life insurance firm.
China United was incorporated on Jun. 11, 2006 from the former China United Property Co. Currently, the State-owned Assets Supervision and Administration Commission of Xinjiang Production and Construction Corp. owns 61% of China United.
Urumqi State-owned Assets Management Co. Ltd. has a stake of 21%, while the Xinjiang Union Co. holds the remaining 18%.
(source:Â New insurance company receives CIRC approval, China Knowledge.com).
3 Comments, Comment or Ping
Angela Bankay
Kindly provide the mailing address of China United Property Insurance Co., as we are the Surveying Agents in Canada.
Oct 17th, 2006
symeg
Ok, I sent off an email to one of my friends in Xinjiang. We are in Japan at the moment, so it is probably easier for him to source the mailing address for you.
Oct 17th, 2006
clive talbot
Dear Sirs,
Kindly supply us with an e-mail and address of of China United Property Insurance Co., as we are Lloyds Survey Agents in Peru and we need to inform them of a high claim we are handling.
Mar 6th, 2009
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