China is seeking to revise its insurance law in order to adapt to the changing market environment, according to a proposal released by the Legislative Affairs Office of the State Council on Wednesday.
The amendment, which is currently put to the public for consultation for one month, adds 24 new articles, removes one, and makes changes to 54 existing ones.
Under the proposal, Chinese insurers will be given more flexibility in operations. China's insurance law, first promulgated in 1995, has been updated twice in 2002 and 2009.
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