China's insurance regulator has approved the launch of Taiping Technology Insurance, the country's first ever insurer to specialise in offering services to the technology sector.
The CIRC granted approval for China Taiping Insurance Group to launch the technology insurer, reported the Xinhua News Agency citing a CIRC statement.
Headquartered in Jiaxing, a city in east China's Zhejiang Province, the new company has a registered capital of CNY500 million (US$ 77 million).
The company will provide services related to scientific and technological businesses. The offerings include property, engineering, liability, cargo, short-term health and unforeseen injury, special risk, and credit and guarantee insurance.
The idea of establishing technology insurers was proposed by the Ministry of Science and Technology and the CIRC in 2006, aiming to provide insurance for high-tech firms in their research and development, as well as transfer of technological knowhow.
The unit has nine founding shareholders, including Taiping General Insurance, Zhejiang Finance Holdings, Zhejiang Expressway, Zhejiang Technology Venture Capital, Zhejiang Xinghe Group, Honwa Leasing, Zhejiang Xingke Technology Development Investment, Jiaxing Gas Group and Zhejiang Zhehua Investment.