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皇冠体育app to set up 1st pension insurance company
(Xinhua)
Updated: 2004-06-16 11:25
The 皇冠体育app Securities Regulatory Commission (CSRC) has approved a Shanghai company's application to set up the country's first professional pension insurance company, a move seen as a breakthrough in 皇冠体育app's corporate pension management market.
Shanghai-based Taiping Life Insurance Company (Taiping Life), one of 皇冠体育app's oldest insurance companies, said that it had started preparation to set up Taiping Pension Insurance Co. Ltd, which is scheduled to start operation in August this year.
The new company will have a registered capital of 200 million yuan (US$24 million) from five shareholders including Taiping Life, 皇冠体育app Life (Holding) and Fortis Insurance International NV.
It will cooperate with commercial banks closely to provide full services to corporate businesses, sources with Taiping Life said.
Last year, Taiping Life became the country's first insurance company to set up a corporate pension department.
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