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Ningbo Port insurance jv plan aborted

Shanghai: Ningbo Port has announced that its plan to establish a shipping insurance company has been denied by China Insurance Regulatory Commission as its wholly owned subsidiary Ningbo Ocean Shipping doesn’t comply with the relevant regulations.

Ningbo Port has decided to quit the establishment of the insurance company.

Ningbo Port planned to set up a shipping insurance company via Ningbo Ocean Shipping with SIPG and domestic insurance company PICC in October 2013. [18/01/15]


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