On December 7, the insurance regulatory commission approved self-insurance cosco shipping property insurance co., LTD. The preparation, the registered capital is RMB 2 billion.
At present, China has been in the oil, two holding companies of China railway opened one after another, and another 3 holding companies registered in Hong Kong, China, cnooc, CGNPC and holding company of sinopec.
Phoenix WEMONEY - so-called holding company, is controlled by a single capital contribution or the parent company and its parent company subsidiary company, joint venture, and is only provided for the parent company and its subsidiary property insurance, short-term health insurance and short-term accident injury insurance of insurance companies. Self-preservation properties for property insurance company, don't need to set up branches can also conduct business throughout the country.
It is important to note that because of the self-insurance company mainly provide risk guarantee for the parent company, the business is limited to its parent company, not by the parent company outside of the insurance mark, and self-preservation companies operating risk is ultimately borne by the parent company, don't need the insurance guarantee fund the bailout.
In the end of 2013, the China insurance regulatory commission approved the first exclusive property insurance holding company, petrochina co., LTD. Based on December 11, 2013, the China insurance regulatory commission issued the "notice of self-preservation company regulation related problem, set up a holding company of the investor shall be the prominent main business, good profitability of the business enterprise, and the total assets of not less than RMB 100 billion, registered capital of 2 billion yuan of above. Despite the high threshold, in recent years, a growing number of large state-owned enterprises through the self-insurance form to spread business risk. At present domestic energy, transportation, manufacturing, construction, information industries such as many large enterprises to establish self-insurance company has the strong will.
Learned, professional self holding company is the biggest advantage of saving the cost, at the same time on the insurance and claims, can also be designed according to the actual needs of the parent company specific risk products, improve risk management flexibility of the parent company, at the same time through the way of re spread risk, thus reducing the risk retention.
China's self-preservation market really has huge development potential. Willis insurance brokers co., LTD., general manager of xuhui think tank said, so far, more than 70 countries and regions in the world become a self-preservation place of incorporation, self-preservation number has reached nearly 7000 by the end of 2015. Up to 70% of the global top 500 enterprises set up a holding company, global self-insurance company total insurance cost more than $50 billion; In the United States, the world top 500 enterprises in more than 90% of the enterprises set up a holding company, holding company liability insurance cost accounts for about 40% of the liability insurance market in North America; About 30% of American business insurance cost from the holding company. Protect themselves in the market, while China is still in its beginning stage.
And with the speed up the pace of Chinese enterprises "going out", set up a holding company, especially the need to set up a holding company overseas is expected to be more intense. On January 7, 2017, in "China insurance institute self-preservation professional committee meeting and China self-preservation market development seminar", petrochina's exclusive guo-liang wei, general manager of property insurance company, CNPC has decided to oil holding company set up overseas subsidiaries, in the current report application has been sent to the circ, hair change have been circ department for examination and approval and the consent of the international division, is preparing to circ on the audit committee review.