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Railway Compulsory Insurance to be Abolished by 2013
Published on November 22, 2012 by Lori
The government announced to end railway passenger accident compulsory insurance regulation on first day of 2013, officially nullifying the decade-long practice since 1951.
By 1st Jan 3013, the regulation will be abolished and compulsory insurance fee will be no longer charged in all train tickets, accounting for 2% of the ticket prices.
At the same time, rule 33 of the Railway Accident Aid and Investigation Regulation will also become invalid, deleting compensation limits of RMB 150,000 ($24,000) for the casualties of passengers and RMB 2,000 for lost or damaged luggage.