The CBIRC has given approval to the newly established National Pension Insurance Company to commence operations, making it the 10th standalone pension insurer operating in China.
The business scope of the new company includes: Annuity insurance, life insurance, accident insurance, health insurance; reinsurance business of the above-mentioned businesses; and management of clients' yuan and foreign-currency denominated funds for the purpose of old-age security.
The National Pension Insurance Co is set up to serve as an impetus for the development of the third pillar (commercial pensions) of the pension system in the country. The company is expected to make innovative breakthroughs and enrich the range of pension products in the Chinese market.
National Pension Insurance Co has a registered capital of CNY11.15bn ($1.7bn) with 17 financial institutions as its shareholders. The financial institutions include leading banks, insurance companies and securities firms.