Saturday, July 22, 2017

China to develop commercial pension insurance

China is fast-tracking the development of commercial pension insurance, according to a State Council guideline.

Under the new plan, the government aims to create a well-regulated commercial pension insurance system by 2020.

The system is intended to offer support for commercial pension plans for individuals and families, as well as employee pensions.

Furthermore, the pension insurance also seeks to support the social pension system, promote services for the elderly and support the country’s financial security and economic growth.

Its task will include crafting innovative insurance products and services, and making sure that the operation of commercial pension insurance funds is safe and secure.

To achieve this, insurers will be urged to offer customised services to individuals and households, as well as annuity programmes for employers.

To ensure security of the funds, the China Insurance Regulatory Commission will make full evaluations and establish a relatively higher benchmark for selecting qualified insurers.

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