Chairman of China Insurance Security Fund Co., Ltd.
On September 11, 2008, China Insurance Regulatory Commission (CIRC), the Ministry of Finance and the People’s Bank of China jointly issued the new Measures for Administration of the Insurance Security Fund, and the Chinese government accordingly sponsored China Insurance Security Fund Co., Ltd. (CISFC), which has entailed a significant change to the insurance security fund system and heralded a new era of the insurance security fund as a company.
As the entity collecting, managing and employing the insurance security fund, CISFC is an institution offering public services, and an important organization with which the regulatory authorities prevent and resolve the industry risk, as well as an incorporated enterprise implementing corporate governance and market-oriented operation. Ever since its inception, CISFC has always adhered to the mission of “serving supervision, serving healthy development of the industry and serving insurance consumers” and made every possible effort to serve as the identifier and alarm of the industry risk, as the pacemaker and fire extinguisher of risky companies, and as the stabilizer and booster for healthy development of the insurance industry.
Over the past years, CISFC has actively dedicated itself to the evolution of the exit mechanism in the Chinese insurance market, and participated in the risk resolution of troubled companies. By doing that, CISFC has helped these companies step out of the plight and effectively curbed the possible industry risk. More importantly, CISFC has accumulated rich experience of risk resolution and bailout from the practice, laid a solid foundation to further cement the risk barrier of the insurance industry, and safeguard policy interests of insurance consumers.
On the way to reform and innovation, the security fund cause has not only received vigorous support from CIRC and other ministries, but also attracted extensive attention from peers at home and abroad as well as friends from all circles. Overall, CISFC has been continuously optimizing our system design for the security fund and making its operation and management more energetic. In future, CISFC will exhaust its utmost to boost the healthy development of the insurance industry, safeguard policy interests of insurance consumers and also contribute to the development and refinement of the security fund system throughout the world, by shouldering its mission of “sparing no effort to safeguard legitimate rights and interests of insurance consumers” as usual and holding fast to its core value of “compliance & rigidity, professionalism & efficiency, pragmatism & innovation, and pursuit of innovation”.
Chairman of the Board