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Tariff Guarantee Insurance Launched in Hunan

Updated: 2018-11-08

Changsha Customs released that the pilot work of tariff guarantee insurance was launched in Hunan Province on November 1. On the same day, BOC Insurance Co., Ltd. Hunan Branch issued a tariff guarantee insurance policy to Hunan Liannianyouyu Import & Export Co., Ltd. It is Hunan’s first tariff guarantee insurance policy. The enterprise can use this policy to handle customs clearance formalities for import goods. It marked that the pilot project for the innovation of Changsha’s customs guarantee model-tariff guarantee insurance was launched. Thousands of foreign trade enterprises in Hunan will not need to pay any cash deposits or apply for a bank guarantee. Their goods can be cleared before paying any tariff.

The so-called tariff guarantee insurance involves the process in which an enterprise applies to the Customs for going through guaranteed customs clearance formalities by presenting a tariff performance guarantee policy issued by an insurance company. Under the new guarantee mode, the enterprise is the policyholder on the tariff guarantee insurance contract, while the Customs is the insured. The insurance company assumes the insurance liability in accordance with the insurance regulations. Tariff guarantee insurance is the first insurance product in the domestic insurance industry that takes a government agency (namely, the Customs) as the insured. At present, BOC Insurance Co., Ltd. Hunan Branch has issued 14 tariff guarantee insurance policies to Hunan Liannianyouyu Import & Export Co., Ltd.

The person in charge of the Tariff Department of Changsha Customs introduced that tariff guarantee insurance is a reform and an innovation to realize the diversification of customs tax guarantee. It is also a new initiative to facilitate customs clearance; further improve customs clearance efficiency; and optimize business environment.

Translator: Kuang Zhenzhen
Chinese source: icswb.com