Recently, upon the approval of China Insurance Regulatory Commission(CIRC), Guangdong Yuedian Property Captive Insurance Co.,Ltd.(preparatory) (short for Yuedian Captive Insurance) was approved for preparatory establishment , marking the official entry into preparation for operation of China’s first power captive insurance company. It is the fourth captive insurance company approved in Chinese mainland after CNPC Captive Insurance Co.,Ltd., China Railway Captive Insurance Co.,Ltd. and China COSCO Shipping Captive Insurance Co.,Ltd. It is also the first captive insurance company approved for establishment preparation among Chinese provincial enterprise group. According to the approval of CIRC, Yuedian Captive Insurance will be registered in Nansha Free Trade Zone(Nansha FTZ), and the first of its kind registered in a free trade zone with the approval of CIRC.

 

Together with Fosun Lianhe Health Insurance Co.,Ltd., approved in August, 2016, Nansha FTZ now has two insurance corporate entities under establishment preparation. It is also the two new insurance corporate entities of Guangzhou since September 2012. Meanwhile, some other insurance corporate entities intending to move in Nansha with business scope of life insurance, shipping insurance, responsibility insurance and credit insurance etc., have submitted application documents to CIRC for approvals. With the move-in of more and more insurance corporate entities, Nansha FTZ further accelerates its pace in forging an insurance industry clustering zone.

 

Nansha is concentrating on cross-border finance, shipping finance, financial leasing and other special financing sectors, energetically building Nansha Modern Financing Service Zone, actively boosting combination of finance with industries, and giving full play of finance’s role in serving real economy.

 

Source: Translated from Invest Guangzhou, Jan. 3, 2017