Fund May Sell Stake In Life Insurance Firm
By Joy Wang |
August 1, 2009, Saturday
|
Print Edition
Print Edition
CHINA'S insurance protection fund may sell its stake in New China Life Insurance Co, said the China Insurance Regulatory Commission yesterday.
"The fund has been in talks with potential investors, but the details are not settled," Yuan Li, a CIRC spokesman, said at a press conference in Beijing.
The fund was established in 2005 to protect policyholders in case insurers file for bankruptcy. It bought 480 million shares of New China Life in 2007, the country's fourth-largest life insurer, after the alleged embezzlement of funds by the insurer's former Chairman Guan Guoliang.
Meanwhile, the CIRC said it would help China United Property Insurance Co introduce strategic investors to enhance the company's solvency and governance. China United Property, the country's fourth-largest property insurer based in the Xinjiang Uygur Autonomous Region, has suffered big losses in recent years because of excessive expansion and weak management.
"The fund has been in talks with potential investors, but the details are not settled," Yuan Li, a CIRC spokesman, said at a press conference in Beijing.
The fund was established in 2005 to protect policyholders in case insurers file for bankruptcy. It bought 480 million shares of New China Life in 2007, the country's fourth-largest life insurer, after the alleged embezzlement of funds by the insurer's former Chairman Guan Guoliang.
Meanwhile, the CIRC said it would help China United Property Insurance Co introduce strategic investors to enhance the company's solvency and governance. China United Property, the country's fourth-largest property insurer based in the Xinjiang Uygur Autonomous Region, has suffered big losses in recent years because of excessive expansion and weak management.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
