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CNPC Captive Insurance Officially Registered and Established in Karamay

On December 24, 2013, CNPC Captive Insurance Co., Ltd. (hereinafter the "captive insurer") officially received the approval of the CIRC to commence operations. The company's legal representative is Yu Yibo. The company will mainly engage in property damage insurance, liability insurance, credit insurance, surety insurance, short-term health insurance and accident insurance within the CNPC group, reinsurance of the above business, and the use of insurance funds as permitted by laws and regulations.

2013-12-24

Author：Editorial Team
CIRC Issues the "Notice on Matters Concerning the Regulation of Captive Insurers"

Recently, the CIRC issued the "Notice on Matters Concerning the Regulation of Captive Insurers" (hereinafter the "Notice"), and the head of the relevant CIRC department answered reporters' questions on related issues.

2013-12-02

Author：Editorial Team

from：中国保监会
Sinopec Establishes Captive Insurer in Hong Kong

It is reported that Sinopec Insurance Limited was authorised by the Hong Kong Office of the Commissioner of Insurance on October 31 to carry on captive insurance business. Sinopec's captive, named "Sinopec Insurance Limited", is registered in Hong Kong with a registered capital of HK$300 million and is wholly owned by China Petrochemical Corporation (Sinopec Group). Its first directors include Liu Yun, Chief Accountant of Sinopec Group; Wen Dongfen, Director of the Finance Department of Sinopec Group; and Geng Xianliang, General Manager of Sinopec International Petroleum Exploration and Production Corporation. According to a regulatory source, Liu Jifeng, Chief Accountant of Sinopec International Petroleum Exploration and Production Corporation, serves as head of the captive.

2013-10-31

Author：Editorial Team

from：中石化自保公司落地香港中石油自保公司注册新疆
A Captive Insurer Sets Sail in Karamay

The joint establishment of a proprietary property insurance company by China National Petroleum Corporation and PetroChina Company Limited has recently received formal approval from the CIRC and entered the preparation stage. China's first professional "captive insurance company" is expected to be officially established and begin operations in Karamay in the first half of next year.

2012-11-14

Author：Editorial Team
CIRC Approves Preparations for the Establishment of "CNPC Captive Insurance Co., Ltd."

On October 11, 2012, the CIRC issued an announcement approving China National Petroleum Corporation and PetroChina Company Limited to jointly initiate preparations for the establishment of CNPC Captive Insurance Co., Ltd., with a registered capital of RMB 5 billion, registered in Karamay, Xinjiang.

2012-10-11

Author：Editorial Team

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