The China Insurance 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 China's corporate pension management market.

Shanghai-based Taiping Life Insurance Company (Taiping Life), one of China'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 (24 million US dollars) from five shareholders including Taiping Life, China 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.

Source: Xinhua