Recently, the Chinese Insurance Regulatory Commission has issued the 13th Five-Year Plan for the Standardization of the Chinese Insurance Industry (the "Plan").
The Plan proposes to basically develop a new stage of the industry by 2020 where relevant standards are available to formulate market regulations, to protect public interests, to drive and lead innovation and to support the transformation and upgrading of the industry. For this purpose, the Plan specifies three major tasks: the first is to push forward the development of a standardized system for a new type of insurance industry, enhance the unity and coordination between national standards, industrial standards and group standards and corporate standards in the insurance industry, as well as advance group standards and allow flexibility to corporate standards; the next is to improve the standardization of working mechanisms, with focus on breakthroughs in aspects such as the procedures for making standards, advancement of the implementation standards, supervisory mechanism, and international exchange and cooperation; the third is to optimize the standardized system, expand the supply of standards, formulate regulations for the application of electronic signatures in the insurance industry and the fundamental standards for mobile application information security, and develop unified basic regulations for information disclosure in the industry.