Shantou Regulatory Branch of China Insurance Regulatory Commission founded

On June 28, the Shantou Regulatory Branch of China Insurance Regulatory Commission, one of the five pilot insurance regulatory branches of China Insurance Regulatory Commission at the prefectural level city, was formally founded and put into operation.

It is reported that upon approval by the State Commission Office for Public Sector Reform, the China Insurance Regulatory Commission decided to set insurance regulatory branches in Tangshan of Hebei Province, Suzhou of Jiangsu Province, Wenzhou of Zhejiang Province, Yantai of Shandong Province and Shantou of Guangdong Province. The Shantou Insurance Regulatory Branch has jurisdiction over four administrative areas of Shantou, Shanwei, Chaozhou and Jieyang, responsible for regulating the operation activities of insurance institutions under its jurisdiction as authorized by the China Insurance Regulatory Commission and the Guangdong Insurance Regulatory Bureau.
Li Feng, Secretary of the CPC Shantou Committee, said, by setting the pilot regulatory branch in Shantou, the China Insurance Regulatory Commission and Guangdong Insurance Regulatory Bureau showed care for and attention to Shantou and stimulated the development of financial industry of Shantou. As Shantou is currently building itself into a regionally central city, some outdated mentality must be changed and the role of insurance sector should be strengthened and the mechanism of insurance for social management should be explored so as to build a modern service industry and provide support and guarantee for the economic and social development of Shantou.

Huang Hong, Director of the Insurance Regulatory Bureau of Guangdong Province, required the Shantou Insurance Regulatory Branch to work in a down-to-earth manner to lead the insurance sector in east Guangdong to develop scientifically, standardize the insurance market, effectively prevent financial risks of insurance, strengthen industrial regulation and positively serve the general situation of economic and social development.

Source:Shantou Daily ,June 29,2010