Official: insurance fund OK to invest in public housing

A pilot insurance exchange is expected to be established in Shanghai and China Insurance Regulatory Commission (CIRC) has begun the research of the access rules regarding insurance fund investments in the construction of security housing for middle and low income groups, Wu Dingfu, president of the CIRC, revealed during the Fourth Session of the 11th National People's Congress on March 6.

Wu said that putting the pilot insurance exchange in Shanghai is consistent with Shanghai's ambition of building an international financial center. The Shanghai Municipal Government and the CIRC have already discussed this issue, according to Wu.

Wu said there are no legal obstacles to insurance fund investments in security housing. However, the use of insurance funds will ultimately safeguard the interests of insurance policy holders, and risk prevention is the most important thing. The CIRC is now studying the access rules regarding insurance fund investments in security housing based on relevant laws and regulations.

By Li Jia, Peoples Daily Online
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