China encourages banks to invest in insurance companies

Monday, May 12, 2008; Posted: 04:50 AM

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BEIJING, May 12, 2008 (Xinhua via COMTEX) -- -- China is drafting detailed rules for banks to invest in insurance companies, said Zhou Yanli, vice chairman of China Insurance Regulatory Commission (CIRC), at Lujiazui Forum 2008 in Shanghai.

Zhou added that banks are only allowed to take as much as 20 percent stake in insurance companies for the time being, in accordance with responding regulations.

CIRC will make efforts to prompt legislation work on integrated business models linking insurance, banking and securities, according to Zhou.

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