Insurance supervisory levy rates have been reduced in China, as
part of an ongoing strategy to lessen the tax burden on the
insurance industry.
At the start of this year, China's Insurance Regulatory
Commission published a notice announcing reductions in the
rates of insurance supervisory levies. It's part of an ongoing
strategy to relieve the Chinese insurance industry from tax
burdens, in line with the government's aim of pushing forward
the reform and development of the insurance industry, which has
been written into the Economic Agenda of the Central
Government.
This is the second cut in insurance supervisory levies in the
last five years. The first reduction for levies on premiums was
announced on 9 February 2012, with a retrospective effect from 1
Jan 2011. Rates were reduced from 0.16% to 0.13% for liability,
credit, and short-term health insurance; from 0.17% to 0.145% for
accident and property damage insurance, and from 0.08% to 0.065%
for life and
