The China Insurance Regulatory Commission
Yuan Xucheng, a director under the China Insurance Regulatory Commission, says the halt aims to improve the country’s insurance industry.
“In China, social security coverage is very inadequate. So we should invest more time, efforts and capital in social security items on top of the basic medical and pension insurance, rather than simply focusing on offering financing plans. Even when we offer financing plans, they should be supplement to improve the level and services of social security.”
The halt includes insurance products with a maturity duration of less than one year.
The authority has also said those with a maturity duration between one and three years will be reduced to half of the total quota over three years.