The insurance industry in China recovered in 1980 after 20 years' standstill. In 1981, the People's Insurance Company of China was transformed from a government department into a specialized company, with branches or sub-branches in every part of China. 1988 saw the founding of the Ping An Insurance (Group) Company of China, and the Pacific Insurance Company, both operating mainly in the coastal areas. In 1996, the People's Insurance Company of China made a big step forward in transforming its administration system and operational mode, in setting up a modern enterprise system, and in integrating with the international market. The promulgation of the Insurance Law in 1995 and the founding of the China Insurance Regulatory Commission in 1998 have provided the legal basis and specific rules for the operation of the insurance market. In 1980, China only had one insurance company; in 2005 there were 93, with premium revenues totaling 493.2 billion yuan, and compensation and expenditure totaling 113.7 billion yuan.