China mulls policy supervising online insurance, CIRC vice chairman
BEIJING, Mar 03, 2013 (Xinhua via COMTEX) --
The China Insurance Regulatory
Commission (CIRC), China's top insurance regulator, has approved
Alibaba (01688.HK), Tecent (00700.HK) and Ping An Insurance Co.
(601318.SH; 02318.HK) to set up an online insurance company, and the
CIRC will come up relevant supervisory policies during the company's
Li Kemu, vice chairman of the CIRC and a member of the Chinese
People's Political Consultative Conference (CPPCC), made above
remarks on Sunday.
The CIRC on February 28 approved nine companies including Alibaba,
Tecent and Ping An Insurance Co. to prepare to set up an online
property insurance company within one year, which would become the
first online insurance company on Chinese mainland.
Industry insiders believed that the cooperation of the three
giants in insurance and internet fields could spur each other to give
a full display of their advantages. A fresh internet economic pattern
is expected to come into being. (Edited by Hou Yujie,
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