BIZCHINA / Finance
10th Five-Year Plan
Updated: 2006-04-18 10:13
Ping'An Insurance Company was a pioneer in introducing senior management
personnel from abroad and absorbing advanced foreign experience. The
re-insurance companies in China have applied the system of holding
positions through competition and insurance unwritten by individuals that
have produced successful results in reforming the human resources system
in the insurance industry.
3. The supervision system in the insurance industry
An insurance supervisory system has been set up with a supervisory
organization system and supervision system as its basis. Establishing the
framework included the following steps: insurance supervisory
organization systems have been preliminarily set up all over the country;
to date the China Insurance Regulatory Commission has set up (with the
exception of Lhasa, Tibet Autonomous Region) 31 insurance supervisory
offices in 30 provincial capitals and Shenzhen city.
The second step is to further consummate insurance laws and regulations:
44 administrative regulations and normative documents, like Management
Regulations for Insurance Companies, have been issued.
The insurance supervisory management index system has been set up
following considerable research.
Furthermore, branch coverage areas have been widened. Large-scale
commercial insurance services and insurance "Master Policy" services have
been allowed to operate across different areas.
Finally, efforts have been strengthened in investigating and prosecuting
unlawful practices.
4. Staff salary conditions
In total, there were 264,000 people in the insurance industry in 1999
with an average annual salary of about 12,033 yuan.
In 2002, the total revenue of the insurance premium was 305.3 billion
yuan -- an increase of 44.3 percent over the previous year. In total,
about 195.7 billion yuan came from life insurance and 31.8 billion yuan
from health insurance and accident injury insurance, and 77.8 billion
yuan from property insurance. The paid insurance proceeds and indemnity
amounted to 70.7 billion yuan, with a total 22.5 billion yuan in life
insurance; health, property and accident insurance totaled 5 billion yuan
and 43.2 billion yuan respectively.
(US1=8.27 yuan)
[Source:2001 Yearbook of China's Insurance]
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