The Financial Regulatory Administration: Clarifies that the adjustment cycle for pig insurance premiums shall not exceed 3 years, enhancing the sustainability of the insurance types

The head of relevant departments of the National Financial Regulatory Administration answered reporters' questions regarding the "Notice on Strengthening Cooperation to Promote the High-Quality Development of Pig Insurance" issued by the Financial Regulatory Administration, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs. The "Notice" has four main highlights. First, it promotes "dual precision" in underwriting and claims for pig insurance through "insurance and regulatory cooperation." Due to the characteristics of pig farming and related epidemic prevention requirements, precise underwriting and claims for pig insurance face significant challenges. The "Notice" enhances the accuracy of insurance data by conducting retrospective analysis and verification comparisons between data on pig inventory, harmless treatment, inspection, and quarantine in the agricultural sector and the underwriting and claims data of insurance companies through "insurance and regulatory cooperation."