CIRC Chairman Xiang Expected to Visit Taiwan in 2013

Taipei, June 13, 2012 (CENS)-- Chairman Xiang Junpo of the China Insurance Regulatory Commission (CIRC) will reportedly visit Taiwan next year to attend the International Association of Insurance Supervisors (IAIS) Conference, which will be held in Taiwan for the first time.

IAIS holds one conference and three committee meetings per year, and the 2013 conference is slated to take place in October in Taipei, with Xiang said to be invited to attend the conference. The invitation is said to be extended by Y. C. Chen, chairman of Taiwan's Financial Supervisory Commission (FSC), during his recent visit to Beijing.

FSC officials indicated that insurance exchange between the two sides of Taiwan Strait started earlier than other financial industries, and as a result, quite a few Taiwanese insurance firms have already established their footholds in China.

However, Taiwanese insurers in China have still faced some restrictions, including the limitation on insurance joint ventures and being banned from underwriting motor vehicle accident liability compulsory insurance. So, they hope that FSC officials can put forth the said issues to Xiang during his visit in Taiwan.