Insurance industry implements standardised terminology
Source: Asia Insurance Review | May 2019
China has implemented its first national standardised lexicon of insurance terms to promote the development of the insurance market.
Adoption of the standardised terminology took effect on 1 April.
The national insurance terminology standard incorporates 817 entries of technical and professional terms, according to a statement by the CBIRC. It covers fundamental terminology in all areas of China’s insurance sector, including products, contract management, underwriting, compensation, intermediaries, marketing, sales, reinsurance and regulatory terms.
The insurance terminology standard (Reference GB/T 36687-2018) can be found on the website of the Standardisation Administration of China (SAC). A
These news stories are taken from Asia Insurance Review’s unique eWeekly China newsletter.
eWeekly China focuses on the world’s fourth largest insurance market – in English –
providing the most up-to-date news to give readers insights and overviews of the Chinese market.