Haikou City. (Source: vcg.com)

China's Hainan Province has taken the innovative step of formalizing insurance service standards for foreign nationals living and working in the province. Issued by the Insurance Association of Hainan Province, the Hainan Province Insurance Service Standards for Foreign Nationals Residing in China are set to come into effect on October 1, marking a major step in the Hainan Free Trade Port's efforts to regulate, standardize, and internationalize foreign-related financial services.

Grounded in the realities of the Hainan FTP's development, the new standards cover key steps in the insurance service process, from purchasing and coverage to settling claims, and detail specific technical requirements for service access, payment processing, data protection, client confidentiality, and other aspects. By filling gaps in local foreign-related insurance service standards, these standards aim to boost accessibility and convenience in buying and using insurance for foreign nationals living, working, and traveling in Hainan.

To better align with internationally established rules, insurance institutions in Hainan are accelerating the rollout of tailored insurance products. For example, the Hainan branch of PICC Property and Casualty has launched comprehensive cross-border insurance products, such as travel insurance for international business travelers.

These packages cover personal safety, last-minute trip changes, personal belongings, and medical emergencies, offering peace of mind to foreign nationals coming to Hainan to work, study, do business, or settle down.