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The China Banking Regulatory Commission (CBRC) is deliberating upon the feasibility and prospect of allowing commercial banks to establish insurance companies, CBRC vice chairman Tang Shuangning told a press conference in Beijing on Wednesday.

He confirmed that the Bank of Communications and China Construction Bank have each applied to the commission, hoping to establish an insurance company each.

"We are talking with relevant departments now. I believe the business will bring about positive fruits," he said.

He said that a regular communication mechanism has been established between the commission and the country's insurance industry watchdog, the China Insurance Regulatory Commission.

Tang also disclosed that the commission would hammer out quantitative indices to help classify behaviors that fall into the category of forbidden unfair competition such as low-price dumping and vicious competition.

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