IN00309

<p>The State Council stated that it will deepen the reform and opening up of the insurance industry. With a focus on commercial insurance for new energy vehicles, it will deepen the comprehensive reform of vehicle insurance. It will support high-quality overseas insurance institutions in establishing legal entities and branches in China. It will encourage Chinese insurance institutions to steadily expand their overseas business, continuously improve their operational management, and enhance risk prevention capabilities</p>

- The State Council issued opinions on strengthening regulation, preventing risks, and promoting high-quality development in the insurance industry. The focus includes leveraging insurance funds for long-term investments, supporting strategic industries, enhancing disaster insurance, and developing third-pillar pension schemes. The document emphasizes strict market access, continuous supervision of insurance institutions, and improving services for the real economy.
- The recommendations aim to enhance governance, risk management, and consumer protection while promoting innovation and international cooperation. The plan also stresses sustainable development, market access control, and improving insurance services for the public and the economy.
- By 2029, the goal is to establish a robust insurance framework with expanded coverage, balanced asset allocation, and improved governance. The vision for 2035 includes a competitive insurance sector with diverse products, effective regulation, and international engagement.

State Council: Support the development of floating income insurance, strictly regulate the continuous supervision of insurance institutions