PetroChina’s captive company gets the go-ahead
According to reports, the China Insurance Regulatory Commission has granted oil company PetroChina permission to establish its captive insurance company in the Xinjiang region in Northwest China.
Before PetroChina moved, the China National Offshore Oil Corp was the only business to have established a captive insurance company onshore.
To date, many Chinese firms assume a self-insurance fund strategy, in which the company sets aside a planned amount of money to compensate for potential losses.