The state’s support measures for the insurance industry mainly include policy guidance, legal protection and some financial support.

Preferential policies for the insurance industry:

(1) Agricultural and animal husbandry insurance is tax-free. In accordance with the provisions of Article 8 of the "Interim Regulations on Business Tax", premium income from agricultural and animal husbandry insurance is exempt from business tax. Its scope refers to the business of providing insurance for animals grown and raised in planting, breeding, and animal husbandry.

(2) The premium income from refundable personal insurance business of more than one year run by insurance companies is exempt from business tax. Among them, repayable personal insurance with a term of more than one year refers to personal insurance with an insurance period of one year or more and the return of principal and interest upon maturity, including ordinary life insurance, pension annuity insurance, health insurance, etc.

The specific insurance types exempted from business tax must be implemented in accordance with the scope listed in the "Specific Insurance Types Exempted from Business Tax" issued by the Ministry of Finance and the State Administration of Taxation. ***There are 26 types of ordinary life insurance; 18 types of pension annuity insurance; and 25 types of health insurance.

In addition, the finance departments (bureaus) and taxation bureaus of provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning shall report to the Ministry of Finance and the State Administration of Taxation if insurance companies in various places offer them according to local conditions and comply with the above tax exemption regulations. After approval, business tax will be exempted.

(3) Business tax is exempted from premium income from personal investment-participating insurance business run by insurance companies. Personal investment participating insurance refers to the long-term life insurance business provided by the insurer to the policy holder with high protection against death, disability, etc. After the insurance period expires, the insurer should also provide investment income dividends to the insured.

(4) Insurance contracts for agriculture, forestry crops, and animal husbandry are temporarily exempt from stamp duty.

(5) No stamp duty is levied on life insurance contracts and health insurance contracts.

The State Council issued "Several Opinions on Accelerating the Development of the Modern Insurance Service Industry". The opinions pointed out that we should vigorously develop "agriculture, rural areas and farmers" insurance and innovate ways to support agriculture and benefit farmers; build an insurance network to protect people's livelihood and improve the multi-level social security system; promote the reform and opening up of the insurance industry and comprehensively improve the development level of the industry. ?

Extended information:

The insurance industry refers to an industry that uses funds pooled in the form of contracts to compensate the economic interests of the insured. The insurance market is a place where insurance is bought and sold, where both parties sign insurance contracts. It can be a centralized tangible market or a decentralized intangible market.

According to different insurance subjects, insurance can be divided into two categories: property insurance and personal insurance.

Insurance means that the policy holder pays insurance premiums to the insurer in accordance with the contract. The insurer shall bear the liability for compensation for property losses caused by the occurrence of possible accidents stipulated in the contract, or shall be liable for insurance premiums when the accident occurs. The insurer is responsible for paying insurance benefits when the insured dies, becomes disabled, or reaches the age and period specified in the contract.

The insurance market is a place where insurance is bought and sold, where both parties sign insurance contracts. It can be a centralized tangible market or a decentralized intangible market.

According to different insurance subjects, insurance can be divided into two categories: property insurance and personal insurance.

Property insurance refers to insurance with property and related interests as the subject of insurance, including property damage insurance, liability insurance, credit insurance, guarantee insurance, agricultural insurance, etc. It is a type of compensatory insurance with tangible or intangible property and related interests as the subject of insurance.

Personal insurance is insurance that takes a person’s lifespan and body as the insurance subject matter. When people suffer from unfortunate accidents or become incapacitated, disabled, die or retire due to illness or old age, according to the stipulations of the insurance contract, the insurer will pay insurance premiums or annuities to the insured or beneficiary to solve their problems. Financial difficulties caused by illness, disability, old age or death.

According to whether there is a direct legal relationship with the policyholder, insurance can be divided into original insurance and reinsurance. The insurance behavior that occurs between the insurer and the policyholder is called original insurance. The insurance behavior that occurs between the underwriter and the underwriter is called reinsurance.

Reference: Baidu Encyclopedia-Insurance Industry