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China Railway sets up nation's second captive insurer

BritCham / CBBC
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Asia Insurance Review, 10/02/2015

The China Insurance Regulatory Commission (CIRC) has given the green light to the national railway operator, China Railway Corporation, to establish a captive insurance company. China Railway is the second giant mainland corporation given such approval. Information released by the CIRC shows that the captive insurer, to be called China Railway Property Captive Insurance, will have a registered capital of CNY2 billion (US$320 million). The captive insurer is based in Beijing, reported Xinhua News Agency.

At an international seminar on the development and supervision of captive insurers in China on 30 January, CIRC Vice Chairman Mr Wang Zuji said that the CIRC would soon issue some opinions on the supervision of captive insurance companies, including widening the scope of the underwriting operations to allow the captive insurer to provide cover for its parent company and related companies. For China Railway, however, the scope of coverage of the captive insurer would not be extended to accident insurance for passengers and cargo insurance.Information released by the CIRC shows that the captive insurer, to be called China Railway Property Captive Insurance, will have a registered capital of CNY2 billion (US$320 million). The captive insurer is based in Beijing, reported Xinhua News Agency.

China’s largest oil and gas producer and supplier, China National Petroleum Corp (CNPC) and its subsidiary Petro China established the country's first onshore captive insurance company. The captive is based in Karamay City in oil-rich Xinjiang in western China. The group's application for a captive insurance licence was approved by CIRC in October 2012. This captive is seen as a trial project by the CIRC.

Source: http://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/32055/Type/eDaily?utm_source/Edaily-News-Letter/utm_medium/Group-Email/utm_campaign/Edaily-NewsLetter

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