After more than a year, another insurance company was finally approved to start business
source: website of China Banking and Insurance Regulatory Commission
On February 8, the website of the CBRC showed that on January 29, the CBRC approved the opening of China RONGTONG Property Insurance Co., Ltd. (hereinafter referred to as "RONGTONG property insurance"), with a registered capital of 3 billion yuan, a registered place in Shanghai and a legal representative of Li Yao.
The China Securities Journal China Securities Taurus reporter noted that in April last year, the CBRC agreed to prepare for the establishment of property and casualty insurance. At that time, the CBRC proposed that the preparation of property and casualty insurance should be completed within one year from the date of receiving the approval documents.
The reply shows that the business scope of financing property insurance includes: motor vehicle insurance; Enterprise / family property insurance and engineering insurance (excluding special risk insurance); Liability insurance; Ship / cargo insurance; Short term health / accident insurance; Reinsurance business of the above business; Insurance fund utilization business and other insurance related businesses approved by the China Banking and Insurance Regulatory Commission.
There are four shareholders of RONGTONG property insurance, of which China RONGTONG Asset Management Group Co., Ltd. (hereinafter referred to as China RONGTONG group) invested 975 million yuan, accounting for 32.5%; China RONGTONG Real Estate Group Co., Ltd. invested 675 million yuan, accounting for 22.5%; China RONGTONG Agricultural Development Group Co., Ltd. invested 675 million yuan, accounting for 22.5%; China RONGTONG Tourism Development Group Co., Ltd. invested 675 million yuan, accounting for 22.5%.
As a major shareholder of RONGTONG property insurance, what is the origin of China RONGTONG group?
Public information shows that China RONGTONG group is a wholly state-owned commercial company directly managed by the central government, and the SASAC of the State Council performs the duties of investor. The business scope of China RONGTONG group mainly includes real estate, agriculture, hotel and tourism, business services, resource recycling, scientific and technological services, medical and health care, security services, finance, insurance, education and other fields
source: website of SASAC of the State Council
It is worth noting that China RONGTONG group ranks 10th in the list of central enterprises published on the website of the state owned assets supervision and Administration Commission of the State Council in December 2021.
In recent years, the approval of insurance licenses by the CBRC has become stricter. According to incomplete statistics of China Securities Journal and China Securities Taurus reporter on the website of the CBRC, since 2019, only Allianz (China) Insurance Holding Co., Ltd., China Agricultural Reinsurance Co., Ltd. and Heng'an standard Endowment Insurance Co., Ltd. have been approved to open.
Source: website of China Banking and Insurance Regulatory Commission
