Chinese vice-premier urges further reform of state insurance companies

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Last updated at: (Beijing Time) Wednesday, December 31, 2003

Chinese vice-premier urges further reform of state insurance companies

Chinese Vice-Premier Huang Ju Tuesday urged state-owned insurance companies to deepen reform and build modern enterprise management mechanisms.

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Chinese Vice-Premier Huang Ju Tuesday urged state-owned insurance companies to deepen reform and build modern enterprise management mechanisms.

Insurance companies should transform management, and develop into modern enterprises with ample capital, tight internal management, safe operation, excellent service and good economic returns, said Vice-Premier Huang at Tuesday's symposium on share-holding reorganization of state-owned insurance companies.

China's insurance industry is still at its primary stage of growth and could not meet the needs of social and economic development, said the vice-premier.

Huang urged insurance supervision departments to better fulfilltheir responsibilities and further tighten supervision on insurance companies to protect the legal rights of consumers.

China's insurance market has been experiencing a growth period over recent years. Statistics from the industry indicate that China collected 296.8 billion yuan (35.9 billion US dollars) of premiums in the first nine months this year, equal to the total of2002.

Vice-Premier Huang called for state-owned insurance companies to firmly grasp the rare opportunity and promote the competitive ability of China's insurance business.

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