Xinhua News Agency, May 1, starting from today (May 1), according to the requirements of the Bancassurance Regulatory Commission, the pilot project of liability conversion between life insurance and long-term care insurance has been officially launched. The conversion business means that according to the voluntary application of the policy-holder, the life insurance company converts the liability of death or expiration payment in the valid life insurance policy into nursing benefit liability through scientific and reasonable liability conversion method. Two liability conversion methods, policy discount method and actuarial equivalent method, are designed respectively. The Bancassurance Regulatory Commission said that the pilot conversion business between life insurance and long-term care insurance can effectively improve the supply capacity of long-term care insurance in a short period of time and alleviate the pressure on care costs for the disabled.