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Jiangsu's first provincial insurer approved

By Hao Zhou (chinadaily.com.cn)
Updated: 2008-02-20 10:20

Jiangsu's first long-awaited provincial insurance corporation, Zijin Property and Casualty Insurance, has been approved in principle by the China Insurance Regulatory Commission.

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Once the leaders of the preparatory panel have decided, the insurance regulator will formally issue a license for the corporation's establishment. If Zijin gets its license in the first quarter of this year, the insurer would likely begin operations by the end of this year.

Funded by a group of 15 Stated-owed and private enterprises, Zijin boasts a registered capital of 1.7 billion yuan (US$237.43 million). Jiangsu Guoxin Investment Group Ltd contributed 20 percent – the biggest share – of the total investment, followed by Beijing Hua Di Union Investment Co Ltd and Intercontinental (Shenyang) Investment Co Ltd, each holding 14.71 percent of Zijin's stakes.

Some 34.13 percent of investments in Zijin come from three investment firms under the World Chinese Overseas Investment Head Association, including Hua Di Union and Intercontinental. The remainder comes from 12 Jiangsu local enterprises, with State-owned companies accounting for the biggest share.

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The full text is available in the February Issue of China Insurance.