BEIJING, Mar. 7, 2011 (Xinhua News Agency) -- The China Insurance Regulatory Commission (CIRC) will not increase the proportion of capital held by insurance companies that is allowed to be invested in stock markets, as there is still room for further investment under current limits.
Wu Dingfu, chairman of the CIRC, made this statement on Sunday when interviewed by China Securities Journal on the sideline of the ongoing NPC and CPPCC sessions.
Wu revealed that the CIRC is drafting relevant regulations on insurance capital's investment in affordable housing, and it plans to conduct a pilot scheme in Shanghai. The China Pacific (OOTC:CHNAQ) Insurance (Group) is expected to participate in the pilot.
As for insurance capital's investment in real estate and equities, the CIRC is drawing up detailed measures now and is expected to finish the work in the first half of this year.
Wu also disclosed that an insurance exchange is to be established in Shanghai. (Edited by Hou Yujie, houyj@xinhua.org)