CNinsure, a China-based independent insurance intermediary company, has established Sales Service Group Company to manage its affiliated insurance intermediary companies.

Representing the first local insurance sales service group company, the firm was set up following receipt of a license approval from the China Insurance Regulatory Commission (CIRC) in September 2012.

Formerly known as Shenzhen Fanhua Nanfeng Investment Holding, the new establishment is expected to serve as the PRC holding company for all of CNinsure’s affiliated insurance intermediary companies.

Cninsure chief executive officer Chunlin Wang said the establishment will help the company to effectively control its intermediary companies through equity ownership instead of contractual arrangements.

”Going forward, we plan to further restructure our group to control all of our affiliated insurance intermediary companies through equity ownership,” Wang added.

Cninsure is a distributor of a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and a provider of insurance claims adjusting as well as other insurance-related services.