China Insurance Regulatory Commission, Guiding Opinions on Support for Adjusting, Transitioning and Upgrading the Economic Structure from the Insurance Sector
中国保险监督管理委员会关于保险业支持经济结构调整和转型升级的指导意见
September 10, 2013 | BY
CLP Temp &CIRC encourages the development of liability insurance.
Issued: August 27 2013
Main contents: The Opinions give the following guidance to the insurance industry:
1. Insurance support will be intensified for key sectors such as advanced manufacturing, strategic new industries and modern service industries with market growth prospects. Support the development of professional and innovative insurance companies to provide more professional insurance services for economic transformation and upgrading (Article 1).
2. Insurance companies are encouraged to actively develop insurance business such as old-age insurance for farmers who have lost their land, accidental injury insurance and maternity insurance for migrant workers based on the distinctive characteristics of migrant workers who have entered the cities and farmers who have lost their land in the course of the new urbanisation (Article 3).
3. Qualified commercial insurance companies will be actively brought in to engage in short-term export credit insurance business to enhance the undertaking capacity for and coverage of export credit insurance (Article 6).
4. The development of liability insurance for high risk industries, public liability, travel agencies, product quality and food safety will be promoted (Article 7).
5. Insurance companies are supported to use various means, such as equity, funds, debt and asset-backed plans in providing long-term funding support to construction for people's livelihoods and key projects, such as major infrastructure, urban infrastructure and secured home ownership projects (Article 8).
6. Qualified private capital is greatly supported to invest in insurance companies by means of establishment by promotion, equity acquisition and subscription of new shares (Article 9).
Related legislation: Guiding Opinions on Financial Support for Adjusting, Transitioning and Upgrading the Economic Structure, Jul 1 2013, CLP 2013 No.5 p.37; and PRC Insurance Law (Amended), Feb 28 2009, CLP 2009 No.3 p.35
clp reference:3900/13.08.27 issued:2013-08-27This premium content is reserved for
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