A special lecture was held on Saturday at the Great Hall of the People, in central Beijing, to help members of the Standing Committee of the National People's Congress better understand the legal system for insurance sector.

Wu Bangguo, chairman of the NPC Standing Committee and member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, presided over the lecture. Professor Wang Weiguo from the China University of Political Science and Law was the lecturer.

In the lecture, the professor talked about the basic knowledge of insurance and insurance law, the current situation in China's insurance sector, and improvement of the domestic legal system for the sector.

China's insurance industry could not meet the requirements of the domestic economic development and the international situation, according to the scholar. The country should give priority to the issue of credibility in the industry, try to keep a balance between the interests of different parties, set up a multi-level and -direction risk control system, and strengthen management of risks in the industry, Wang said.

Attending the lecture were vice chairpersons of the NPC Standing Committee Wang Zhaoguo, Lu Yongxiang, Uyunqimg, Han Qide, Hua Jianmin, Chen Zhili, Zhou Tienong, Li Jianguo, Ismail Tiliwaldi, Jiang Shusheng, Chen Changzhi, Yan Junqi, and Sang Guowei.

So far, the top legislature has held two-round of discussions on the draft amendments of the Insurance Law.

(Xinhua News Agency December 28, 2008)