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Insurance protection fund may sell New China Life stake
By Wang Yanlin |
July 31, 2009, Friday
|
Online Edition
Online Edition
CHINA'S insurance protection fund may sell its stake in New China Life Insurance Co, said Yuan Li, spokesman of the China Insurance Regulatory Commission, at a press conference in Beijing today.
"The fund has been in talks with potential investors, but the details have not been settled," Yuan said.
The insurance protection fund was established in 2005 to protect policyholders in case insurers go bankrupt. In 2007, it bought 480 million shares of New China Life, the country's fourth-largest life insurer, after its former chairman Guan Guoliang allegedly embezzled funds.
Meanwhile, CIRC said it would help China United Property Insurance Co Ltd find strategic investors to enhance the company's solvency and governance.
China United Property, the country's fourth-largest property insurer and based in Xinjiang Autonomous Region, has suffered great losses in recent years due to excessive expansion and weak management.
"The fund has been in talks with potential investors, but the details have not been settled," Yuan said.
The insurance protection fund was established in 2005 to protect policyholders in case insurers go bankrupt. In 2007, it bought 480 million shares of New China Life, the country's fourth-largest life insurer, after its former chairman Guan Guoliang allegedly embezzled funds.
Meanwhile, CIRC said it would help China United Property Insurance Co Ltd find strategic investors to enhance the company's solvency and governance.
China United Property, the country's fourth-largest property insurer and based in Xinjiang Autonomous Region, has suffered great losses in recent years due to excessive expansion and weak management.
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