CCB Puts into Operation the Compulsory Vehicle Liability Insurance System

Recently the compulsory vehicle liability insurance system of CCB passed the examination of and was highly recognized by experts. The operation of the system marks that as a concurrent-business insurance agent CCB will offer quality services for both the insurers and the policy holders in selling and underwriting the insurance and settling claims.

Having carefully reviewed the business process, information and operation efficiency of CCB’s compulsory vehicle liability insurance system, experts agree that CCB innovatively developed the system following the strategy of “simultaneous development, test and operation” with three insurance companies. It is said that the system of CCB is the most advanced one in the Chinese bank industry and has fairly strong competitiveness. That the system passes the examination not only paves the way for its nationwide implementation but also marks a new stage of cooperation between CCB and non-life insurance companies.

The Regulation on Compulsory Traffic Accident Liability Insurance for Motor Vehicles which was enacted on July 1, 2006 is closely linked with the interest of the policy holders and has big influence on the healthy development of the insurance industry and even the harmony and stability of the society.

According to a CCB officer, the banks’ compulsory vehicle liability insurance system is jointly developed with PICC, CPIC and Ping An Insurance Company. It is estimated that in October CCB will formally start selling the insurance at its business outlets nationwide. In particular, after October 1 when this insurance became a must for all the motor vehicles, the system of CCB will offer customers with one-stop financial agent services and help the bank get favorable opportunities to grow its compulsory vehicle liability insurance business big and strong, expand customer base and increase market competitiveness.