The China Banking and Insurance Regulatory Commission (CBIRC) has issued new rules that seek to lower life insurance premiums, as the coronavirus infection continues to spread across the country and its neighbours.
The CBIRC amended its actuary regulations for health, life, and accident insurance, as well as annuity insurance, a report by Reuters said. According to a filing by the regulator, the changes in the rules will help lower premiums for these types of insurance by between 3% and 5%.
CBIRC is currently assessing the impact of the coronavirus outbreak on China’s financial sector. The regulator has requested several banks in some of the hardest-hit cities to report on how the outbreak is affecting their borrowers. According to a Straits Times report, CBIRC has pledged to support businesses in Guangdong, a major export hub in China. Firms in the retail, wholesale, catering, tourism, transportation, and logistics industries have suffered major losses due to the outbreak
Beijing is facing pressure, both internally and externally, to contain the epidemic. The World Health Organisation has declared the coronavirus as a global emergency, and the death toll had reached 563 as of February 06.
