Recently, the China Insurance Regulatory Commission has issued the Outlines of the 13th Five-Year Plan for the Development of Insurance Industry (the "Outlines").
The Outlines set forth the goals by 2020, which are for the insurance industry to strive to achieve around 4.5 trillion in insurance premium income nationwide and also around 25 trillion in total assets, and to become a basic means for governments, enterprises and residents to manage risks and assets. The Outlines require that it is necessary to accelerate the development of the reinsurance market, improve the reinsurance registration system, research and develop a deposit system for offshore reinsurers; to steadily advance the development of the insurance intermediary market, strengthen the information disclosure of such intermediaries, enhance internal control and governance of professional intermediaries as well as the administration of the insurance business of concurrent-business insurance agencies; comprehensively push forward the marketization of insurance premium rates, facilitate the self-registration reform in respect of insurance products, and improve the mechanism of ex post spot checks on products and product exit mechanism. In addition, the Outlines make arrangements in aspects such as making exploration and innovation, providing services for the benefit of people's livelihood, and improving efficiency and upgrading.