China’s banking and insurance regulator will expand commercial pension trials to a nationwide scope.
The China Banking and Insurance Regulatory Commission (CBIRC) announced that starting from 1 March the commercial pension trial area will expand to encompass all of China, and that the trials will permit all retirement insurance companies in China to participate.
The trials originally involved six major participants, including People’s Life Insurance, China Life Insurance, Taiping Life Insurance, China Pacific Life Insurance, Taikang Life insurance and New China Life Insurance.
“Since the launch of special commercial pension trials, overall operation has been stable, the business scope has steadily increased, and trial companies hav actively engaged in the innovation of products and services,” said CBIRC in an official statement.
“CBIRC has decided to expand the scope of the special commercial insurance trials in order to provide consumers with more secure and stable long-term pension options, and better service the multi-tier pension needs of the people.”