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China Launches Liability Insurance for Accountants
The China Ping'an Insurance Company (CPIC) announced Monday it will provide liability insurance for accountants all over China after a recent successful trial-run of the plan in Shenzhen, Shanghai, Beijing and Guangzhou.
Zheng Xueding, secretary-general of the Shenzhen Institute of Certified Public Accountants, said that his institute began collaboration with CPIC to design the new insurance business three years ago, taking the experience of Hong Kong as reference.
The CPIC Shenzhen Branch signed the country's first contract with the institute on July 14 to provide liability insurance for the city's nearly 1,000 certified public accountants working in 68 accounting firms, with the approval of the China Insurance Regulatory Commission.
Insiders estimated that the total amount insured for accountants in Shenzhen will be 300 million yuan (36 million U.S. dollars) this year.
Liability insurance for professionals is newly underway in China. The CPIC and other insurance companies are presently testing the waters with liability insurance for certified auditors, appraisers and doctors as well.
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