February 6, 2020 / 9:31 AM / 14 days ago

China Issues new actuary rules to lower insurance premiums amid virus outbreak

(Reuters) - China’s Banking and Insurance Regulator (CBIRC) issued new rules that would lead to cheaper life insurance premiums on Thursday, as an outbreak of a new coronavirus spreads across the country.

The CBIRC adjusted actuary rules for healthcare, accident and life insurance as well annuity insurance, according to a statement published on the CBIRC’s website on Thursday.

The adjustments will help lower premiums for such insurance by 3 to 5%, the regulator said in a separate filing alongside the revised regulations.

Reporting by Leng Cheng, Zhang Yan; Editing by Alex Richardson

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