Gasgoo.com (Shanghai March 31) - The China Insurance Regulatory Commission (CIRC) announced that it will be commencing research into reforming the country's business vehicle insurance system, Xinhua reported today. The CIRC said it made the decision to better protect the interests of insurers and other parties.
According to the CIRC, there have been many fruitful steps taken in recent years to ensure the national insurance system corresponds with the ever expanding automobile market. However, the CIRC stressed that the system was still not perfect, saying that many hot topics among both the media and general public were a result of imperfections in insurance compensation caused by lack of knowledge or general flaws in the system.
The CIRC's primary focus of research will be directed towards business vehicle insurance management, conditions and fees, as well as the overall acceptation and compensation process. The CIRC's branches in each district will conduct research on the aforementioned topics, and will send their reports in by late May. The CIRC will do its utmost to maintain that work undertaken is of the highest quality.
