China bows pic insurance

SHANGHAI — The Pacific Insurance Co. of China (PICC) has started to issue profit loss insurance for film and TV productions, marking another step by China toward standardizing its entertainment business.

PICC already has insured two co-productions between the Xiaoxiang and Inner Mongolia film studios and their Hong Kong partners.

PICC, which is collaborating with the China Film Producers Assn., will evaluate productions and will guarantee a minimum profit based on a valuation of screenplay, producers and creative personnel.

PICC only will insure lawfully registered film and TV companies.

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