China to allow more pension providers
China will expand its commercial pension pilot scheme nationwide from March 1 this year and allow other pension providers to participate in addition to six Chinese life insurers that have been allowed previously, China Banking and Insurance Regulatory Commission said on Monday (February 21).
CBIRC asked pension providers to keep exploring new products to cater to the need of new economy and flexible workers.
It initiated a one-year pilot scheme for commercial pension products in Zhejiang and Chongqing province from June 1, 2021. People’s Insurance Company of China (PICC), China Life Insurance, China Pacific Insurance and three other Chinese life insurers are six designated providers of the pilot scheme since June.
The regulator said on Monday that since the pilot scheme, the six insurers have underwritten nearly 50,000 policies for 400 million yuan ($63.2 million) as of January this year, including almost 10,000 policyholders from the new economy sector, such as couriers and drivers of ride-hailing platforms.
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