Insurance firms on Monday launched a pilot program to reform the country's commercial car insurance, the Xinhua News Agency reported, citing information from the China Insurance Regulatory Commission, the top insurance regulator.
The pilot program, initially launched in six provinces and cities including Northeast China's Heilongjiang Province and Qingdao in East China's Shandong Province, will give insurance firms more autonomy in setting the premiums of car insurance, the report said.
Under the reform, car insurance companies are expected to roll out more types of car insurance and the premium will also better reflect potential risks.
