China's big four State-controlled banks will be the first batch to run their own insurance company in a pilot program, an official from the country's banking regulator said at a forum on Saturday.

"We've reached agreement with the insurance regulator on banks to set up their own insurance companies, and the big four banks will be the first batch to run on a pilot basis," said Lai Xiufu, an official from the China Banking Regulatory Commission (CBRC).

At a press conference in February, Li Kemu, vice chairman of the China Insurance Regulatory Commission, told reporters that there should be at least one insurance company launched by a bank approved this year. The two regulators have now reached a consensus on the regulatory framework.

(China Daily April 13, 2009)