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China's Finance Ministry Urges Timely Disbursement of Agricultural Insurance Subsidies, Encourages Provincial-Level Settlement
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On September 11, China's Ministry of Finance released the 'Implementation Plan for Accelerating High-Quality Development of Agricultural Insurance.' The plan focuses on strengthening fiscal subsidy management for agricultural insurance. It calls for enhanced oversight of premium subsidy funds, including improved verification and cross-checking of policyholder information against agricultural production and operation data as well as historical insurance records. The goal is to increase the efficiency of fiscal fund utilization. The plan mandates timely disbursement of premium subsidy funds to insurance institutions and optimization of fund allocation methods. To streamline the process, local governments are encouraged to adopt models such as 'province-to-province' settlement, where provincial finance departments settle directly with provincial branches of insurance companies. This policy aims to improve the management and disbursement of government subsidies in the agricultural insurance sector.
Source report
On September 11, the Ministry of Finance released the Implementation Plan for Accelerating High-Quality Development of Agricultural Insurance. The plan proposes strengthening fiscal subsidy management by:
- Enhancing oversight of premium subsidy funds
- Improving verification and cross-checking of policyholder information against agricultural production and operation data, as well as historical insurance records
- Increasing the efficiency of fiscal fund utilization
It calls for timely disbursement of premium subsidy funds to insurance institutions and optimization of fund allocation methods. Localities are encouraged to adopt models such as “province-to-province” settlement between provincial finance departments and provincial branches of insurance companies.
Source
thsEastern