Evolution History of the Insurance Industry in New China (1949~2007)\x0d\\x0d\ 1949: The People's Republic of China was founded and the People's Insurance Company of China was established in Beijing.

\x0d\\x0d\　1952: Foreign insurance companies completely withdrew from the Chinese insurance market.

\x0d\\x0d\　1955: The insurance broker system was completely abolished.

\x0d\\x0d\　1958: Domestic insurance business was completely suspended.

\x0d\\x0d\　1980: Property insurance business resumed, and the People's Insurance Company of China resumed operations.

\x0d\\x0d\　1982: Resume life insurance business.

\x0d\\x0d\　1984: The People's Insurance Company of China was allowed to establish an investment company and use part of its insurance reserves to invest.

\x0d\\x0d\　1986: Bank of Communications established the Insurance Business Department (the predecessor of China Pacific Insurance Company), breaking the exclusive monopoly of PICC.

\x0d\\x0d\　1988: The first joint-stock insurance company, Ping An Insurance Company, officially opened.

\x0d\\x0d\　1991: China Pacific Life Insurance Co., Ltd., its predecessor was the Insurance Business Department of Bank of Communications.

\x0d\\x0d\ 1992: The first foreign-funded life insurance company, the American AIA Shanghai Branch, was established and the life insurance agent system was introduced.

\x0d\\x0d\　1994: Ping An Insurance Company of China introduced foreign investment.

\x0d\\x0d\ 1995: The first version of the "Insurance Law of the People's Republic of China" was promulgated.

\x0d\\x0d\ 1996: Started separate operations, the business of the People's Insurance Company of China was spun off to form China Insurance Property Insurance Co., Ltd., China Insurance Life Insurance Co., Ltd., and China Reinsurance Company.

\x0d\ The first Sino-foreign joint venture life insurance company, Zhonghong Insurance, was established in Shanghai.

\x0d\\x0d\　1998: China Insurance Regulatory Commission was established.

\x0d\　 Sino-foreign joint venture life insurance companies such as Pacific Antai Life, Allianz Public, and Jinsheng Life were established.

\x0d\ The People's Bank of China issued the "Table of Disability Degrees and Insurance Benefit Ratios for Personal Insurance", which stipulates that starting from July 1, 1999, the definition of disability degree and insurance benefit ratios in all new business terms must be based on personal insurance.

The insurance disability degree and insurance benefit payment ratio table shall be implemented.

\x0d\\x0d\　1999: Insurance companies were allowed to indirectly enter the securities market through securities investment funds.

\x0d\　The first insurance broker qualification examination in mainland China.

\x0d\　China Life Insurance Company was established with the approval of the State Council (formerly the People's Insurance Company of China established in 1949 and China Life Insurance Company, which was separated in 1996).

\x0d\　 Everbright Sun Life, Prudential (Guangzhou), and other Sino-foreign joint venture life insurance companies were established.

\x0d\ Ping An Insurance launches its first investment-linked product—Century Financial Management Investment-Linked Insurance.

\x0d\\x0d\　2000: China Insurance International Holdings Co., Ltd. was listed on the Hong Kong Stock Exchange.

\x0d\　 Chinese-funded life insurance companies such as Minsheng Life, Oriental Life, Sino Life, and Hengan Life were established.

\x0d\　 Sino-foreign joint venture life insurance companies such as China Insurance Kanglian Life Insurance Company and Hengkang Tianan Life Insurance Company were established.

\x0d\　 China Pacific Insurance launches the first universal life insurance product - Taiping Shengshi Changfa Liangquan.

\x0d\\x0d\　2001: Mainland China was approved to join the WTO, and three foreign-funded companies, New York Life, American Metropolitan, and Japan Life Insurance, obtained business licenses.

\x0d\　The China Insurance Industry Association was established.

\x0d\\x0d\　2002: The China Insurance Regulatory Commission canceled the qualifications of insurance companies to invest in securities and funds, and the administrative approval items for insurance companies to use funds overseas.

\x0d\ Taikang Life launched its first "guaranteed product" - bancassurance "investment-free" investment-linked insurance.

\x0d\\x0d\　2003: The China Insurance Regulatory Commission allowed foreign-funded life insurance companies to provide health insurance, group insurance, and pension/annuity insurance businesses, and lifted the geographical restrictions on foreign-funded insurance institutions setting up branches.

\x0d\\x0d\　2004: Taiping Pension Insurance Co., Ltd., the first professional annuity insurance company, was approved for establishment.

\x0d\　Ping An Insurance is listed on the Hong Kong Stock Exchange.

\x0d\\x0d\　2005: The China Insurance Regulatory Commission and the China Securities Regulatory Commission jointly issued the "Interim Measures for the Management of Stock Investments by Insurance Institutional Investors", and insurance funds were allowed to enter the market directly.

\x0d\　The new life table was reviewed and approved by the China Insurance Regulatory Commission.

\x0d\ By the end of 2005, there were nearly 100 life insurance companies nationwide, 40 foreign-funded companies, and foreign-funded insurance institutions had set up 192 offices in China.

\x0d\ The opening of Ping An Bank in the annex marks the beginning of the financial holding group under Ping An’s name.

\x0d\\x0d\　2006: The People's Bank of China issued the "People's Bank of China Announcement (2006) No. 5", which made important adjustments to foreign exchange management policies. Insurance companies were allowed to use their own funds in RMB to purchase foreign exchange and make overseas investments.

\x0d\\x0d\　2007: The "Regulations on the Use of Disease Definitions for Critical Illness Insurance" published by the Insurance Association of China in 2007 made unified specifications for the types of diseases involved in critical illness insurance.