The First Mainland Branch of BOC Insurance Receives Approval for Establishment

On December 30, spokesman of Bank of China Wang Zhaowen briefed the media that Jiangsu Branch of the Bank of China Insurance Company, Ltd. (hereinafter referred to as BOC Insurance) had received approval from regulatory authorities for establishment. Jiangsu Branch of BOC Insurance is the first branch of BOC Insurance and the first foreign-funded property insurance company in Jiangsu as well.

According to Wang Zhaowen, BOC Insurance, established in January 2005, is a wholly owned subsidiary of Bank of China Limited. It is the first foreign-funded company that receives approval to transform into a foreign-funded property insurance company, and the first company that has put forward the operational model of bank insurance.

As a member of the big family of Bank of China, BOC Insurance holds the operational philosophy of compliance and integrity, striving to be the best insurance company internationally. BOC Insurance characterized by bank insurance makes great efforts in integration of banking and insurance products and risk management and control, and has built a team composed of bank and insurance professional.

In less than one year, BOC Insurance with its product line, rich experiences in insurance, strong capability and wise philosophy, provided insurance for FY-2C Satellite, APSTAR VI Satellite, Long March 3B Rocket, Tianjin Subway Celanese Nanjing Taiyuan Iron and Steel etc, which showed the great potential and competitiveness of BOC Insurance and gradually built the brand image through efficient, quality, convenient and integrate services.

On the basis of sound economic foundation and rich insurance resources, Jiangsu Province provides healthy environment for the development of insurance market. In 2004, by implementing the scientific approach of development, insurance of Jiangsu kept a robust rate of expansion: the premium income of the year reached RMB41.732 billion and was ranked the first domestically in terms of premiums income for the third consecutive year.

The spokesman of the Bank said that the presence of BOC Insurance in Jiangsu as the first foreign-funded property insurance company in the province, supported by the China Insurance Regulatory Committee and China Insurance Regulatory Commission Jiangsu Bureau, had great significance for the development of BOC Insurance, further implementing the scientific approach of development, and optimizing the structure of Jiangsu insurance market.

According to relevant provisions of Insurance Law of the People s Republic of China and Regulations of the People s Republic of China on Administration of Foreign-funded Insurance Companies, Jiangsu Branch of BOC Insurance covers all of the property insurance except compulsory property insurance, including i) property insurance such as loss insurance, liability insurance and credit insurance; ii) short-term health insurance and accident insurance. The spokesman also said that Jiangsu Branch of BOC Insurance would be open soon.