News
China’s Ministry of Transport announced on February 16 that two listed insurers, China Pacific Insurance and Ping An Insurance, have obtained underwriting licenses of non-vessel operating common carrier (NVOCC) margin liability insurance.
NVOCCs doing business in China are required to set aside RMB 800,000 in a bond. The ministry initiated on November 1, 2010, a pilot program for NVO margin liability insurance with China Pacific Insurance (Group) as the first insurer to carry out NVOCC insurance business. As of end-January 2013, those who use the margin liability insurance amount to 1,537 companies, accounting for 35% of the total registered NVOCCs.
