Ministries said to be cooperating on life insurance
5 June 2007
The Ministry of Labor and Social Security (MLSS) has listed the reform of personal financial account management, a subset of life insurance, on its working agenda, according to the Economic Observer (in Chinese). The MLSS is rumored to have joined with the Ministry of Finance (MOF) to discuss the marketing of personal financial account management, plans for which are currently being discussed between the two agencies. According to the Caijing Shibao, a mainland financial newspaper quoted in the article, management of investments will be transferred from local securities organizations to external financial institutions, and the relevant investment instruments will be broadened to bond and stock markets. People close to the source disclosed that MLSS and MOF have reached a common understanding on the reformation structure of personal financial account management, and are in discussions on details, in preparation for the upcoming regulations on personal financial account investment management of endowment insurance.
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