CIRC and PBOC Announce New Standards for Exchange of Data in the Banking and Insurance Business

On April 5th, the China Insurance Regulatory Commission (CIRC) and the People's Bank of China (PBOC) jointly issued two industrial standards, namely, the Life Insurance Data Exchange Specifications (JR/T 0031-2016) and the Business Property Insurance Data Exchange Specifications (JR/T 0037-2016).  
 

The China Financial Standardization Technical Committee (CFSTC)Insurance Subcommittee formulated these industrial standards. The goal of these new standards is to improve financial accounting and statistics work, enhance the development and implementation of cross-industry standards, and to adapt to the need for integrated development in the banking and insurance industries.