Jintai Property Insurance OKed to Debut

Jintai Property Insurance Comany Ltd. has gained go-ahead from the Chinese regulators to make a debut.

The property insurer, based in Chengdu, capital city of Sichuan province, central China, will have a registered capital of CNY 1.1 billion, said the China Insurance Regulatory Commission (CIRC), the country's top insurance market watchdog, in a statement at the end of January 2011.

The to-be-launched company, headed by Deng Mingxiang, will operate a series of businesses like property damage insurance, liability insurance, credit insurance, guarantee insurance, short-term health insurance, accident insurance, and reassurance services.

Jintai Property Insurance will provide services in Sichuan in the first two years and, expandi its presence into other provinces two years after its birth.

The company will be set up by a group of eight renowned investment companies including Xinhu Zhongbao Co., Ltd. (SHSE: 600208) and China's State Development & Investment Corporation (SDIC).