China's big four state-controlled banks will be the first batch to run their own insurance company in a pilot program, an official from the country's banking regulator said at a forum on Apr 11th, 2009.
Lai Xiufu, an official from the China Banking Regulatory Commission (CBRC) confirmed on Apr 13th that CBRC has reached an agreement with the insurance regulator on banks setting up their own insurance companies, and the big four banks will be the first batch to run on a pilot basis.
At a press conference in February, Li Kemu, vice chairman of the China Insurance Regulatory Commission, told journalists that there should be at least one insurance company launched by a bank to be approved this year. The two regulators have now reached a consensus on the regulatory framework. (Apr. 27th 2009)