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August 1, 2009

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Fund May Sell Stake In Life Insurance Firm

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.


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