BEIJING — China has decided to waive contributions to the insurance security fund for insurers operating in Central China's Hubei province this year, with the aim of supporting epidemic-hit firms, the country's insurance regulator said on June 23.

A total of 80 Hubei branches of insurance firms and four insurers registered in the province will benefit from the policy, saving them more than 700 million yuan (about $99 million) in total, the China Banking and Insurance Regulatory Commission said in an online statement.

The policy will help insurance companies in the province reduce costs and allow them to provide better risk protection and financial support for Hubei's economic and social development, the commission said.

The insurance security fund was set up to protect policyholders in the case of defaults by insurers on beneficiary payments.