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China to allow insurers to invest in property

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-02 19:35

China's insurance regulator will work out detailed regulations specifying what percentage of total assets insurers are allowed to invest in real estate by Oct 1, Yang Huabai, director general of the China Insurance Regulatory Commission's legal affairs department, said at a briefing on Monday.

Allowing insurers to invest a percentage of their total assets in property is part of the changes in the revised insurance law passed by the National People's Congress on Saturday, which becomes effective on Oct 1.

Other major changes include more measures to protect the insurants' benefits and tightened control over insurers' solvency.