A draft revision of the Insurance Law of the People’s Republic of China was promulgated by the National People’s Congress on 29 August 2008. The original insurance law came into effect on 1 October 1995. Its first revision was in October 2002 and the last revised version was effective on 1 January 1003. The aim of the draft revision is to broaden the investment channels of insurance funds by allowing them to invest in the real estate industry as well as government bonds and financial bonds. The draft revision imposes tighter supervision of the use of insurance funds to enhance risk management and protect interest of the insureds. It also sets out detailed rules to clarify some insurance contract provisions. The consultation period will end on 10 October 2008.