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Small insurers to be allowed to invest directly in stocks

(Xinhua)
Updated: 2009-02-23 11:45

Qualified small- and medium-sized insurance companies in China would be allowed to invest directly in the country's stock market, in a move to cope with the economic slowdown, according to a government official.

Related readings:  Infrastructure investment a good option for insurers  Rules broaden insurers' investment channels  Insurers expand into central and western regions

Sun Jianyong, director of the Insurance Fund Investment Supervision Department of the China Insurance Regulatory Commission (CIRC), said at a conference held in Shanghai on Saturday that the CIRC would increase investment subjects which would add qualified small- and medium-sized insurance companies.

He did not detail the criteria of qualification. Previously, these insurers invested in the stock market through third-party management companies.

He said the CIRC had hammered out a new policy package to make proper adjustments and seek new growth points to help buoy the economic development during the financial crisis.

The new package includes enriching the categories of bond investments, issuing some debenture bonds and promoting assets securitization.

The new policy will also encourage insurance companies to add investment in infrastructure constructions and expand investment scale to stimulate domestic demand and revive the country's economy, he said.

Pilot programs for insurance company equity investments would also begin. No other information was available.