First Local Insurer to Debut in Hunan Province

China Insurance Regulatory Commission (CIRC) on August 4 approved of the establishment of a life insurance company in Changsha city, the first local-incorporated insurer of Hunan province.

With CNY 1.15 billion registered capital, the life insurer named Jixiang Life Insurance Co. will be founded by nine companies including Hunan Finance Investment Holdings Co., Shanghai Lu'an Investment, Changsha Zoomlion Heavy Industry Science & Technology Development Co., Ltd., Hunan Provincial Railway Investment Group Co. Hu Jun stands for chairman and general manager of the life insurer.

Many local governments and state-owned companies in China are willing to set up local-incorporated insurance companies, which can help boost local financial industry and act as financial platform for enterprises.

CIRC has given approval to quite a few insurers to be incorporated regionally in Hangzhou, Dalian, Nanjing, Jinan, Guangzhou, Chengdu, Zhengzhou, Nanchang and Nanning cities. While a number of such kind of insurers are lining up for approval.