The China Insurance Regulatory Commission has said that compensation procedures have begun for Eastern Star victims, with the overall amount expected to exceed 92 million yuan. [Special coverage]
Preliminary investigation shows 340 insurance contracts live up to requirements for settlement claims. A total of 15.7 million yuan is likely to be paid to the owner of the capsized Eastern Star. Of this, 10 million has already been cleared.
Nearly 62 million yuan are also earmarked to be paid out for the life insurance cover of 396 passengers. 18 crew members are also expected to receive a total compensation of over 3 million Yuan.
The vice chairman of China's top insurance regulator Huang Hong laid down the major principles that will guide the claims process.