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China drafts first Agricultural Insurance Regulations

06-05-2012 07:32 BJT

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Monday is the deadline for gathering opinions on a draft of China’s first Agricultural Insurance Regulations. It marks a step in the direction of a much-needed legal track.

Natural disasters like droughts are the enemy of farmers. The losses caused are a heavy burden. Some land help from insurance companies, but still face problems. Insurants’ rights are not legally guaranteed. Because at present, China does not regulate Agricultural Insurance. But this is about to change.

On May 4th, a draft of China’s first Agricultural Insurance Regulations was published for opinion gathering.

The draft stipulates an important role for commercial insurance companies in operating agricultural insurances. And it outlines three requisites for a commercial insurance contract to become legally binding: listing insured articles, the insurant signing the list, and reasonably disclosing the insurance document.

Experts say this will help carve a clear parameter for insurants to claim compensation. But some do not consider commercial insurance companies proper to operate agricultural insurance.

Guo Yongli, Vice Chairman of China Green Agriculture Federation, said, "The government should provide most of the financial support to the agricultural insurance to reduce farmers’ burdens. It should be based on mutual assistance and cooperation, and be supplemented by commercial insurance."

Agricultural, financial and other related departments together will further discuss the opinions to improve the draft of China’s first Agricultural Insurance Regulations, and to better protect farmers’ rights.

 

Editor:Zheng Limin |Source: CNTV.CN

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