China has decided to give the green light to foreign-invested insurance companies to enter the business of mandatory third-party liability insurance for motor vehicles in China, according to the Joint Fact Sheet on Strengthening US-China Economic Relations released Tuesday, Xinhuanet reported Wednesday.
Since Zhou Yulan's husband died two years ago, the 76-year-old woman has lived alone in the dormitory provided by her husband's former work unit.
China is pressing ahead with the effort to include all foreign workers into the country's social security system, Yin Chengji, spokesman of the Ministry of Human Resources and Social Security, said on Friday.
Disabled people in China's rural areas will enjoy full coverage by all the country's social security systems by 2015, the China Disabled Persons' Federation (CDPF) said on Thursday.
The message that the free healthcare enjoyed by civil servants will be incorporated into the general employees' medical insurance system is the first step in reform of public welfare.
Compared with banking systems in free-market, developed economies, China has a relatively high interest margin.
Insurance companies in China reaped 1.43 trillion yuan ($226.4 billion) of premiums last year, up 10.4 percent year-on-year, according to data from the China Insurance Regulatory Commission (CIRC).
Basic medical insurance coverage in China's rural areas reached 97 percent in 2011, outnumbering that of urban areas.
Stocks on the Chinese mainland fell for a third day as a cash crunch weighed on equities after banks hoarded cash to meet year-end reserve-ratio requirements and Ping An Insurance (Group) Co plunged on fundraising plans.
China's insurance industry is expected to outstrip its counterparts in other emerging markets in 2012 ,even though many observers say the country's growth will slow during the same time, according to a report.
More than half of the foreign life insurance companies operating in China estimate that their business has grown 20 to 40 percent in 2011, but their market share is expected to remain low, PricewaterhouseCoopers (PwC) said in a report released on Monday.
New China Life Insurance, the country's third-largest life insurer, is pressing ahead with its potential $4 billion Shanghai and Hong Kong initial public offering, Thomson Reuters publication IFR reported on Thursday, citing unidentified sources.
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China's three basic medical insurances programs currently cover 1.28 billion people, or 95.5 percent of the nation's total population.
China can introduce liability insurance for its housing projects for low-income earners to strengthen quality control, an expert said on Sept 24.
Ping An Insurance (Group) Co of China Ltd has obtained regulatory clearance to invest in private equity and real estate, the official Shanghai Securities News reported on Sept 14.
The China Pacific Insurance (Group) Co said Monday that its net profits jumped 44.7 percent year-on-year to 5.82 billion yuan ($911.04 million) in the first half of the year.
Equity ratio restrictions on insurance companies can be reduced and large companies are encouraged to get listed or make shareholding reforms, China Insurance Regulatory Commission (CIRC) announced in its latest notice.
Insurance Australia Group will buy a 20 percent stake in a Chinese insurer for around $107 million in a foray into the world's second-largest economy, marking a key step in securing 10 percent of gross written premium from Asia by 2016.
Around 72 percent of Chinese plan to buy insurance in the next 12 months because of growing risk awareness and a rising need to supplement basic social security protection.
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