ZSIB definition
Examples of ZSIB in a sentence
Pursuant to the Listing Rules, ZSIB is a connected person of the Company.
ZSIB holds approximately 55.01% of the registered capital of CIB.
ZSIB is a non-wholly owned subsidiary of PICC Group, the controlling shareholder of the Company.
ZSIB and its non-wholly owned subsidiaries, CIB and PIB, are limited liability companies established in the PRC.
The Company has cooperation relationships with many insurance brokers companies, and ZSIB, CIB and PIB are insurance brokers companies cooperating with the Company.
PICC Group holds approximately 68.98% and 92.71% of the issued share capital of the Company and ZSIB, respectively.
On 17 June 2016, the Company and ZSIB renewed the Cooperation Agreement for a term of three years commencing from 17 June 2016, to continue and strengthen the cooperation with each other within the prescribed scope of insurance businesses, including businesses of insurance sales, insurance broker and insurance loss assessment.
The brokerage fees in aggregate paid by the Company to ZSIB and its Subsidiaries for the business cooperation for the years ended 31 December 2013, 2014 and 2015 were approximately RMB96 million, RMB147 million and RMB140 million, respectively.
The brokerage commissions paid by the Company to ZSIB, CIB and PIB in aggregate for the years ended 31 December 2017 and 31 December 2018 and the period from 1 January 2019 to 31 May 2019 were approximately RMB184 million, RMB344 million and RMB174 million, respectively.
The businesses of ZSIB and CIB include: drafting insurance proposals to insurance purchasers, selecting insurers and completing insurance purchase procedures; assisting insureds and beneficiaries in claims compensation processes; operating reinsurance broker business; and providing consultation services on disaster prevention, loss prevention, risk assessment and risk management.