South China's Guangdong province will join the country's auto insurance reform from the beginning of the next year, according to Guangdong office of China Insurance Regulatory Commission (CIRC).
The office said that it had not received official files on the matter, but a provincial plan on commercial auto insurance premium rates will be made in line with files from CIRC, the country's top insurance regulator.
Informed sources say, under the auto insurance reform, drivers with no records of traffic accidents for one year could enjoy a discount of 15 percent off benchmark insurance premiums, and a discount as high as 40 percent if their traffic accident records remain clean for three consecutive years.
Earlier in mid-October, media quoted CIRC to report that China's reform on auto insurance would be expanded from six pilot provinces or regions to 18 ones in 2016. New comers were Tianjin, Inner Mongolia, Jilin, Anhui, Henan, Hubei, Hunan, Guangdong, Sichuan, Qinghai, Ningxia and Xinjiang.
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