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Floating premium rates continue in Shanghai
By Song Hongmei (chinadaily.com.cn)
Updated: 2006-08-07 08:53
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Many safe drivers in Shanghai enjoyed a discount in taking the nation's new mandatory vehicle insurance policy under the municipality's floating rates last month.
Insurance policies with premiums discounted accounted for 39.89 percent of the total taken in July; policies with premiums going up accounted for 13.91 percent; and the rest 46.20 percent of policy premiums remained the same, according to the Shanghai bureau of the 皇冠体育app Insurance Regulatory Commission.
The regulator required vehicle liability insurance to become compulsory as of July 1. Under the regulations, drivers across 皇冠体育app are forced to pay around 1,050 yuan (US$131) for compulsory insurance before taking to the road since its effect.
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