Former Regulator Yongwei Ma Joins CNinsure Board

CNinsure Inc., China’s major independent insurance agency and broker, announced that its Board of Directors has appointed Mr. Yongwei Ma, the former chairman of the China Insurance Regulatory Commission (CIRC), as an independent director. He will replace Paul Wolansky, who was a non-independent director, effective immediately.

“The change is in accordance with the company’s plan to become fully compliant with the relevant corporate governance requirements of the NASDAQ Marketplace Rules before the expiration of the one-year transition period after its initial public offering in October 2007,”; CNinsure said.

Yongwei Ma has been an independent director of China Life Insurance Company Limited since 2006 and a member of the Standing Committee of National Committee of the Chinese People’s Political Consultative Conference since 2003. From 1998 to 2002, he was the chairman of China Insurance Regulatory Commission.

From 1996 to 1998, he served as the chairman and president of the former China Insurance Group Company. From 1994 to 1996, he served as the chairman and president of the former People’s Insurance Company of China. Ma is a Researcher and graduated from Finance Department of Liaoning Finance and Economic University in 1966.

Wolansky has been a CNinsure director since June 2004 and has served as a director of China United Financial Services Holdings Limited, one of the Company’s major shareholders, since July 2001.

CNinsure’s Chairman and CEO Yinan Hu welcomed Ma, and his “37 years’ experience in the banking and insurance industries,”; to the board, indicating that his presence would assist CNinsure in improving “our corporate governance.”

He also expressed his appreciation of Wolansky’s “contribution to the Company’s growth and success in the past years.”

Source: CNinsure Inc. – http://www.cninsure.net

Topics China