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Cinda Property and casualty insurance Co. (Cinda P&C) and Happy life insurance Co. (Happy Life), two subsidiaries of China Cinda Asset Management Co., recently won regulatory approval to act as mutual agency. The China Insurance Regulatory Commission asked the two insurers to work out detailed internal management measures on the mutual agency business and undergo [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
Industry Goes on Offensive to Tackle Caravan Crime
October 12th, 2010 
gary A new working group has been launched in an unprecedented move against caravan-related crime. The Vehicle Crime Intelligence Service (AVCIS), the National Caravan Council (NCC), The Camping and Caravanning Club and The Caravan Club have together formed the Caravan Safety and Security Group (CSSG). This cross-industry project is supported by the Association of Chief Police [...]
Insurers Depend Much on Equity Investment
October 11th, 2010 gary Insurers in the Chinese market captured combined investment income of CNY 885.99 billion from 2004 to August 2010, with annual return on investment of over five percent, Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, said at a conference recently. Currently, they still invest much in varieties with [...]
Kunlun Health Insurance Approved to Prepare Third Branch
October 11th, 2010 gary Kunlun health insurance Co., Ltd. has won regulatory approval to prepare Guangdong branch, its third branch. Headquartered in Beijing, the insurer was established in January 2006 by eight companies including Shanghai Synica Chemical Corporation Ltd., Shanghai Xincheng Investment (Group) Co. and Shenzhen Jiahaosheng Industrial Co., Ltd. It opened Beijing branch on April 20, 2007 and [...]
Realty Investment of Insurance Institutions Expected to Boom
October 11th, 2010 gary Not only insurers of China’s Mainland but also insurers of Taiwan lately are allowed to make the realty investment in China’s Mainland. This May, major life insurance institutions of Taiwan had applied to the competent authority for investment into securities and real estate markets of China’s Mainland. A total of 14 Taiwan-based insurers are expected [...]
JAPAN’S FUJITSU TO OFFER US$602.4 MLN IN STRAIGHT BONDS
October 8th, 2010 gary TOKYO – Japan’s Fujitsu Ltd. (TSE:6702) is expected to raise 50 billion yen (US$602.4 million) by issuing straight bonds as early as this month. The offering will most likely consist of 20 billion yen in three-year notes and 30 billion yen in five-year bonds. The proceeds will be used to beef up the cloud computing [...]
PAKISTAN’S SEC EXTENDS AMNESTY ON COMPANY SCHEMES
October 8th, 2010 gary The Securities and Exchange Commission of Pakistan (SECP) has extended amnesty schemes of the Companies Regularisation Scheme (CRS) and Companies Easy Exit Scheme (CEES), up to October 31. These schemes were initially introduced for a period of three months, from July 1 to September 30, in three monthly phases. Both schemes have received an overwhelming [...]
SIX JAPAN NONLIFE INSURERS’ PREMIUM INCOME UP 1ST TIME IN 4 YRS
October 8th, 2010 gary Six major Japanese casualty insurers’ combined premium income for the April-September half increased for the first time in four years, thanks mainly to robust sales of Auto Insurance. According to preliminary data the firms released Wednesday, the figure climbed 1.2 per cent on the year to a combined 3.12 trillion yen for the first half. [...]
