Insurance field enters IPR protection of culture industry

The Ministry of Culture (MOC) and the China Insurance Regulatory Commission (CIRC) announced Monday that three Chinese insurance companies have launched together 11 categories of pilot insurance for the culture industry, including the very first for protection of IPR (Intellectual Property Rights).

Two most important categories of the 11 will be the insurances for credit guarantee and torts of IPR for companies in the culture field, according to Wu Zhijian, President of the culture industry related investing company Beijing Guotai Qianxin Investment Management Co. Ltd., cited by a China Business News report Tuesday.

He Zhengsheng, a legal expert and founding partner of Beijing Honor Base Law Firm, said that the category that protects IPR will provide a new channel for companies to obtain compensation. "Legal procedures are very long and sometimes courts disapprove the sum of the compensation claimed. Insurance is much faster and easier." He said.

MOC and CIRC jointly launched a guideline for the insurance industry to provide more support to the culture industry and protect IPR on December 29, 2010. Also in April last year, nine ministries and related departments established a collaboration platform to provide stimulus policies, financial supports and IPR trade information to companies in the industry.