BEIJING — China has implemented its first national standard to boost the development of the world’s second largest insurance market.
The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to a statement by the China Banking and Insurance Regulatory Commission.
Released on Sept 17, 2018, the national standard has been carried out in China since April 1, 2019, the regulator said.
It covers fundamental terminology of all areas in China’s insurance sector, including insurance products, contract management, compensation, and marketing and sales.
The national standard will help consumers better understand products and services provided by insurance companies and improve the cooperation and communication in the industry, the regulator said.
China has become the world’s second largest insurance market, second to the United States.
In 2018, combined premium in China’s insurance sector totaled 3.8 trillion yuan ($567 billion), up 3.92 percent year-on-year.