Beijing: Two major domestic insurance companies, China Pacific Insurance and Pingan Insurance, have got approval to undertake the deposit liability insurance business for NVOCCs, following People’s Insurance Company of China, according to a notice on the website of the Ministry of Transport (MOT) released today.
More insurers’ participation will lead to competition, which would be helpful to improve the service level and optimize the develop environment of the NVOCC industry, Xu Guibin, an official from MOT said.
Based on the statistics of MOT, till early February, there are over 4,300 domestic and international companies operating in the NVOCC business in China. [20/02/13]
