Establishement of the first local credit insurer

The China Insurance Regulatory Commission (CIRC) has approved the creation of a new company specialized in credit guarantee insurance. Sunshine Yurong Credit Guarantee Insurance, whose capital amounts to 152 million USD, is a joint venture of two life insurers (Sunshine Property Insurance and Ancheng Property Insurance) and a financial group (Chongqing Two Rivers Financial Development).

This creation is part of the country's policy aimed at promoting credit guarantees to Chinese consumers.