Regulation of Insurance in China,The
Regulation of mutual insurance organizations
Mutual insurance as a concept began in England in the late 17th century with the establishment of the first mutual fire insurer in 1696 to cover losses due to fire. A mutual insurance company is collectively owned by its members and acts in the best interest of its members. The sole purpose of a mutual insurance company is to provide insurance coverage for its members and policyholders, and its members are given the right to select management.