In order to fulfill the requirement of speeding up the reform and development of the insurance industry, China made relevant amendments to its Insurance Law. The guiding principle for the revision of the law is as follows:
- any provision that is inconsistent with China's WTO commitments are amended;
- provisions that practice has shown to be unfavorable to the development of the insurance industry are amended;
- provisions that can be clarified through judicial interpretation or that do not absolutely require revision are not amended for the time being.
