Tibet’s Insurance Regulatory Commission was inaugurated in Lhasa Saturday amid rapid development of the insurance industry in the southwestern Chinese plateau region.

The commission, as the Tibetan arm of China Insurance Regulatory Commission (CIRC), would play an important role in maintaining financial stability and promoting economic growth in Tibet, said Wei Yingning, vice chairman of CIRC.

Wei was in Lhasa for the inauguration.

The new body will map out plans for the insurance industry’s development, oversee the business activities of local insurance companies and intermediary services and maintain a sound market order, said Wei.

Last year, Tibet reported 400 million yuan (58.8 million U.S. dollars) in insurance premiums, an average 21.4 percent annual increase from 2000.

Insurance companies paid a total of 760 million yuan in compensation to their clients from 2006 to 2010, according to figures provided by Tibet’s regional government.

The insurance sector employs more than 1,000 people in Tibet.