On August 10, China Insurance Regulatory Commission officially issued the Official Reply on Preparation to Establish Qomolangma Property Insurance Co., Ltd (vide BJXK [2015] No. 819). As the legal counsels engaged by the preparatory team of Qomolangma Property Insurance Co., Ltd, our partner He Wei and attorneys Shi Feng and Ren Yue from the team under Shanghai-based senior partner Zhou Tianlin in Finance Department advised on the preparation for the company.
The preparation to establish Qomolangma Property Insurance Co., Ltd was co-initiated by Xizang Investment Co., Ltd and other ten companies, with the registered capital of RMB 1 billion and the registered address in Lhasa. The approval not only indicates that the region of Tibet has achieved the “zero breakthrough” in corporate insurance companies, further improving the financial market system of Tibet Autonomous Region, but also is helpful for boosting the development of insurance in Tibet Autonomous Region, promoting the social development and people’s livelihood improvement in Tibet Autonomous Region and practicing the innovation in insurance system of ethnic region.
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