CNinsure, an insurance agency and a brokerage company, has appointed Yongwei Ma, the former chairman of China Insurance Regulatory Commission, as an independent director to the company's board of directors, replacing Paul Wolansky, who was a non-independent director.
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.
Mr Ma has been an independent director of China Life Insurance Company 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.
Yinan Hu, chairman and CEO of CNinsure, said: We are very pleased to welcome Mr Ma to the board. With more than 37 years experience in the banking and insurance industries, we believe that Mr Ma will add great value to the company. In addition, as an independent director, he will also help us to further improve our corporate governance.