In order to facilitate development of innovative and diversified insurance products and speed up the process of insurance product design and development, the FSC agreed to accept the amendments to “standards for new-type life insurance products” proposed by the Life Insurance Association of the Republic of China on October 23, 2018. The deregulatory measures regarding the scope of new-type insurance products include: (1) only the first foreign currency (including RMB-denominated) insurance product of an insurance company is considered a “new-type” (insurance product); (2) both the first preferred life insurance product and the first impaired risk life insurance product of an insurance company are not considered “new-type” products; (3) the first health insurance product of a non-life insurance company is not considered a “new-type” product; (4) the first insurance with in-kind benefits of an insurance company is not considered a “new-type” insurance product. After the amendment, the review approach of certain innovative insurance products is automatically adjusted from approval system to use-and-file system, in order to speed up the launch of innovative insurance products.