Beijing Times, 7/13/11
Chinese online travel service provider Ctrip (Nasdaq: CTRP) has been licensed to establish its own insurance agency, the China Insurance Regulatory Commission (CIRC) announced yesterday. Ctrip senior vice president Sun Maohua will serve as executive director of the new business.
According to the CIRC statement, the newly formed Ctrip Insurance Agency Co., Ltd. possesses RMB 50 mln in registered capital. Areas in which the new subsidiary is allowed to operate include acting as a agent in the sale of insurance products and collection of insurance payments, as well as appraisal of damages and settlement claims.
Editor's Note: On August 4, 2000, CIRC published Provisional Regulations Regarding Dual-Business Insurers, in which it defined a dual-business insurer as one authorized to provide insurance services as well as operate a separate, non-insurance-related business.