The China Integrated Circuit Insurance Pool set up an innovation laboratory on Dec 27 in the Lin-gang Special Area, located in East China's Shanghai city.

Zhu Zhisong, director of the Lin-gang Special Area Administration and Wang Junshou, director of the Shanghai bureau of the China Banking and Insurance Regulatory Commission, inaugurate the innovation lab on Dec 27. [Photo/WeChat account: shlgguanweihui]

The China Integrated Circuit Insurance Pool is an organization of 18 property insurance companies that co-write insurance programs for the integrated circuits or IC industry.

It was established in the Lin-gang Special Area on Oct 27.

On the same day, the first batch of five IC companies signed a cooperation agreement with the organization. The China Integrated Circuit Insurance Pool will offer nearly 380 billion yuan ($59.66 billion) of risk guarantees to the companies.

The first batch of eight risk control specialists from the companies, members of the organization and scientific research institutions obtained letters of appointment.