Pilot for banks buying into insurers may start soon

By Li Weitao (chinadaily.com.cn)
Updated: 2009-03-07 11:26

Chinese regulators are striving to start a pilot program in the first half of this year which will enable commercial banks to buy into the country's insurers, Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC), said on the sidelines of the annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference.

In December 2007, the State Council, or the Cabinet, approved the pilot program and allowed three or four banks to buy stakes in insurance companies. However, the program has yet to make any substantial progress as the pilot is posing a challenge for country's banking and insurance regulators.

CIRC Vice Chairman Li Kemu said last month that the banking and insurance regulators have reached a consensus on details of the pilot program.

Earlier reports said Industrial and Commercial Bank of China, Bank of Construction, Bank of Communications and Bank of Beijing would be first batch of banks allowed to buy into insurers.

The list of the banks has yet to be finalized, Wu said. And the list still needs approval from the State Council before the pilot is formally kicked off, Wu was quoted by China National News as saying.

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Pilot for banks buying into insurers may start soon