Plans for six new insurers in China

SHANGHAI - A plan to increase the number of Chinese insurance firmsto 19 has been put before the country's State Council. According toreports in the official Financial Morning Post, the China InsuranceRegulatory Council has asked for approval to license six newinsurance firms. The six include the Shanghai city government backedChina Life Insurance Company and Dongfang Life Insurance Company,supported by businesses in Shanghai's Pudong Development Zone. Theonly property insurer among the six is Dongan Property InsuranceCompany, which is backed by the Communist Youth League of China.