Editor's note: This year marks the 70th anniversary of the founding of New China.

On Nov 18, 1998, the China Insurance Regulatory Commission was founded to regulate the country's insurance market and foster the industry's stable development.

Its establishment was seen as an important step to deepen financial reforms and circumvent risks, as seen in an item from China Daily.

Last year, the China Banking Regulatory Commission, which was established in 2003, and the China Insurance Regulatory Commission were merged to more efficiently manage the two sectors.

Led by the State Council, China's Cabinet, the China Banking Regulatory Commission is designed to ensure the stable development of the two sectors, while helping to prevent risks to the overall financial system.

The insurance industry has experienced rapid expansion in recent decades, thanks to reform and opening-up policies.

In 1980, the insurance market was first reopened as part of the post-financial reforms, with insurance premiums totaling 640 million yuan ($99 million).

In 1992, the People's Bank of China granted American Insurance Group a permit to begin selling individual life and property insurance in Shanghai.

From then on, the government began to open the country's insurance market wider.

From 1992 to 2000, the government granted licenses to 16 companies-including Taiping Insurance Co and China Insurance Co.

In 2003, China Life Co joined the Hong Kong Stock Exchange and the New York Stock Exchange, raising $3.5 billion in that year's largest initial public offering.

In 2007, the life insurer returned successfully to the A-share market in Shanghai, making itself the country's only financial insurer triple-listed at home and abroad.

The fast expansion of China Life reflects the revival of the country's insurance sector. China is expected to surpass the United States to become the world's largest insurance market in the mid-2030s, according to a report from Swiss Re Institute.

The country consolidated its position as the second-largest insurance market last year, with total premiums reaching $575 billion.