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About strengthening supervision to prevent risksSome opinions on promoting high-quality development of the insurance industry

Guofa [2024] No. 21

Provinces、Autonomous Region、Municipality People's Government，Ministries and commissions of the State Council、Directly affiliated organizations:

Since the 18th National Congress of the Communist Party of China，my country’s insurance industry is developing rapidly，In protecting and improving people’s livelihood、Disaster prevention and reduction、Played an important role in serving the real economy。In order to thoroughly implement the spirit of the Central Financial Work Conference，Further promote the high-quality development of the insurance industry，The following opinions are now made。

　　1. Overall requirements

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era，Comprehensive implementation of the 20th National Congress of the Communist Party of China and the Second Central Committee of the 20th Central Committee、Spirit of the Third Plenary Session of the CPC Central Committee，Completely, accurately and comprehensively implement the new development concept，Stick to the political nature of financial work、People’s nature，Strengthen supervision、Risk prevention、Promoting high-quality development as the main line，Give full play to the functions of the insurance industry as an economic shock absorber and social stabilizer，Vigorously improve insurance protection capabilities and service levels，Promote the construction of a financial power，Serving the overall situation of Chinese modernization。

Deeply grasp the main connotation of high-quality development of the insurance industry，Firmly establish the concept of service priority，Help build a solid economic safety net、Social security network and disaster prevention and control network。We must uphold the centralized and unified leadership of the Party Central Committee over financial work，Unswervingly follow the path of financial development with Chinese characteristics，Ensuring that the insurance industry always maintains the correct development direction;We must adhere to the people’s position，Firmly establish a people-centered development philosophy，Focus on main business，Protect the legitimate rights and interests of consumers，Better meet the people’s growing needs for insurance protection and wealth management;Strict supervision must be adhered to，Ensure supervision has “thorny teeth”、Edged and angular，Achieve full supervision coverage、No exception，Firmly hold on to the bottom line of preventing systemic risks;We must persist in deepening reforms，Do a good job in technology finance、Green Finance、Inclusive Finance、Pension Finance、Five big articles on digital finance，Coordinate openness and security，Improve the quality and efficiency of the insurance industry in serving the real economy。

By 2029，Initial formation and steady expansion of coverage、Increasingly comprehensive protection、Continuous service improvement、Steady and balanced asset allocation、Adequate solvency、A high-quality development framework for the insurance industry with sound and effective governance and internal control。The insurance regulatory system is more complete，Supervisory capabilities and effectiveness have been greatly improved。By 2035，Basically forming a complete market system、Various products and services、Scientific and effective supervision、A new landscape of the insurance industry with strong international competitiveness。

　　2. Strictly control insurance market access

Strictly review and approve insurance institutions。Strictly review and approve new insurance institutions in accordance with the law。Optimize the organization’s regional and hierarchical layout，Promote quantity reduction and quality improvement in a steady and orderly manner。Promote business hierarchical management。

Strictly review the qualifications of dafabet online sports betting appmanagement personnel。Director of a sound insurance institution、Supervisor、Senior management qualification review mechanism。Strengthen supervision of the performance of duties of the chairman and general manager。Establish a negative information database for key personnel’s performance of duties，Increase accountability for dereliction of duty，Prevent “moving with illness”。

Strictly review shareholder qualifications。Improving insurance company equity management rules。Strict shareholder qualifications、Penetrating review of funding sources and behavior。Illegal cross-industry operations are strictly prohibited、Leverage is too high、Enterprises with records of serious dishonesty and major violations of laws and regulations become major shareholders or actual controllers of insurance institutions。Create shareholders、actual controller "blacklist" system，Intensify efforts to remove shareholders who have committed serious violations of laws and regulations。

　　3. Strict and continuous supervision of insurance institutions

Strengthening corporate governance supervision。Promote the organic integration of party leadership and corporate governance。Improve internal control compliance and risk management system。Strictly supervise related-party transactions。Strict consolidated supervision。Improving the incentive and restraint mechanism for key personnel，Strengthen long-term assessment。

Strengthen the joint supervision of assets and liabilities。Improving the interest rate transmission and liability cost adjustment mechanism。Guide to optimize asset allocation structure，Improve cross-market and cross-cycle investment management capabilities。Supervise and rationalize the division of responsibilities between the trustor and the trustee。Strengthening supervision of the entire investment process。Use financial derivatives in compliance with laws and regulations。Prudently promote global asset allocation。

Strengthen hierarchical and classified supervision。Improving the regulatory rating system for insurance institutions，Strengthen the application of rating results。Promote hierarchical and classified management of insurance sales personnel。Strengthen supervision of product fee differences。Proper allocation of supervision resources，Implement high-risk and high-intensity supervision、Low risk and low intensity supervision。Strictly guard against regulatory arbitrage and regulatory vacuum。

Strengthen the protection of the rights and interests of insurance consumers。Deepen the construction of the credit system of the insurance industry。Strengthen product suitability supervision，Enhance the adaptability of product supply and demand。Strengthen customer information security protection。Strengthen source management，Optimize underwriting and claims services。Strengthen publicity and popularization，Promote the insurance awareness of the whole society。Guide insurance institutions to effectively maintain the credibility of the industry。

　　4. Seriously rectify insurance violations

Keep an eye on key areas and weak links。Intensify inspections，Resolutely crack down on serious disruptions to market order、Severe damage to the legitimate rights and interests of insurance consumers、Key things that cause bad social impact、Key person、Key Behaviors。Establish a recovery system for shareholders’ ill-gotten gains and a post-event recovery mechanism for risk liability in accordance with the law。To guard and steal、Collusion between inside and outside、Key personnel engaged in benefit transfer，Strictly implement the cancellation of qualifications、Salary Recourse、Industry ban and other measures;Suspected of committing a crime，Transfer to judicial organs for processing according to law。

Increase market rectification efforts。Severely crack down on illegal shareholdings by shareholders or actual controllers in accordance with the law、Non-own capital contribution、Illegal interference in company management activities、Illegal occupation of funds and other behaviors。Illegal investment in enterprises in industries unrelated to the main insurance business is strictly prohibited。Standard sales behavior，Seriously investigate and deal with misleading sales、Acquisition of fees and other behaviors。Resolutely crack down on insurance fraud crimes、Illegal agent surrender and other behaviors。

Optimizing the administrative penalty working mechanism。Refining dafabet online sports betting appthe penalty standards for various illegal acts。Strictly implement all punishments that should be punished、Both fines and confiscations and "double fines" system。Adhere to the same punishment for the same crime、Principle of commensurate fault and punishment，Improve the accuracy of punishment。Promote the standardization of punishment work。

　　5. Effectively prevent and resolve risks in the insurance industry

Establish a risk-based supervision system。Improving the insurance asset risk classification system。Strengthening countercyclical supervision。Optimize solvency and reserve regulatory policies。Develop risk treatment procedures。Improving the insurance protection fund’s risk management mechanism。Regulate insurance product design and stakeholder rights and obligations，Study and improve the risk-linked policy payment mechanism。

Continuous prevention and resolution of signs、Potential risks。Improve risk warning system，Compact early warning response responsibility。Strengthen risk monitoring and analysis，Tracking and analyzing risks in key areas。Strengthen duration and interest rate risk management。Establish a hard constraint system for early risk correction。

Promote risk management steadily。Broaden sources of risk disposal funds，Support qualified enterprises to participate in the reform and transformation of insurance institutions。Improving the market exit mechanism。High risk、Insurance institutions that do not have the ability to continue operating，Confiscate financial license，Enter bankruptcy liquidation procedure according to law。Implement local party committees and governments’ territorial responsibilities for risk management，Strengthen the regulatory responsibilities of the central financial management department，Collaboratively promote risk management。

　　6. Improve the insurance industry’s level of serving people’s livelihood

Enriching catastrophe insurance protection forms。Insist on government promotion、Principles of market operation，Exploring the establishment of a multi-channel and multi-level catastrophe insurance protection mechanism。Expand the coverage of catastrophe insurance。Expand comprehensive catastrophe insurance pilot。Develop and apply catastrophe risk model。Research and explore catastrophe bonds。Reasonable use of reinsurance to spread risks。Develop climate insurance。Improving the insurance emergency service mechanism，Improve risk reduction services，Support disaster prevention, reduction and relief。

Actively develop the third pillar pension insurance。Vigorously develop commercial insurance annuity，Meet the people’s needs for diversified pension security and inter-temporal financial planning。Encourage the development of new and exclusive products adapted to the personal pension system。Support pension insurance companies to develop commercial pension business。Promote the development of exclusive commercial pension insurance。Enrich insurance products suitable for the silver economy、Service and insurance fund support methods。Promote the coordinated development of the insurance industry and the elderly care service industry in accordance with laws and regulations。

Improving the level of health insurance service protection。Expanding health insurance coverage。Enrich commercial medical insurance product forms，Promote rapid settlement of medical expenses。New medical technology、New drugs、New device applications are included in the coverage。Develop commercial long-term care insurance。Continue to ensure critical illness insurance services。Promote the deep integration of commercial health insurance and health management。Encouragement for the elderly、Provide insurance products for chronic disease patients and other groups。Trial Regional Insurance Drug and Device Catalog。Exploring the establishment of a “blacklist” system for third-party service agencies。

Improve the inclusive insurance system。Realize the expansion and quality improvement of basic insurance services。Expand insurance service area、Fields and groups，Strive to provide broad coverage to the people、Fair and available、Reasonable premium、Guarantee effective insurance services。Better satisfy farmers、Insurance needs of urban low-income people and other groups。Optimize new business formats、Insurance protection supply for new citizens and others。Vigorously promote accident dafabet online sports betting appinsurance。Encourage the development of exclusive inclusive insurance。Improve the evaluation indicators of inclusive insurance。

　　7. Improve the quality and efficiency of the insurance industry in serving the real economy

Focus on major national strategies and key areas。Actively align with major national strategies such as high-quality joint construction of the “One Belt, One Road”、Risk protection and financing needs in key areas and weak links。Explore a package of risk management and financial service solutions，Providing smooth domestic and international dual circulation。Play the role of co-insurance body，Serving key national support areas。

Serving technological innovation and modern industrial system construction。Complete insurance products and service systems covering the entire life cycle of technology companies。Strengthening the top-level design of green insurance。Improve the development level of agricultural insurance and rural infrastructure insurance。Accelerate the development of marine insurance，Improve maritime support capabilities。Research and explore the risk dispersion mechanism of international road transportation。Expand export credit insurance coverage，Help cultivate new momentum for foreign trade。

Give full play to the long-term investment advantages of insurance funds。Cultivate true patient capital，Promote funds、Capital、Virtuous cycle of assets。Increase strategic emerging industries、Advanced Manufacturing、Investment intensity in new infrastructure and other fields，Serving the development of new quality productivity。Guiding insurance funds into technological innovation、Venture Investment、Rural Revitalization、Provide support for the development of green and low-carbon industries。

　　8. Deepening the reform and opening up of the insurance industry

Continue to improve the insurance market system。Support large insurance institutions to become better and stronger。Guide the characteristic and professional development of small and medium-sized insurance companies。Improve long-term fund management capabilities of insurance asset management companies。Promote the standardized and quality development of insurance intermediaries。Promote reinsurance companies to increase their products、Service and technological innovation。Leverage the role of insurance industry organizations and infrastructure。

Continue to deepen reforms in key areas。Improve product pricing mechanism，Strengthen the application of actuarial technology。Promote product transformation and upgrading，Support the development of floating income insurance。Focusing on new energy vehicle commercial insurance，Deepening the comprehensive reform of auto insurance。Develop multi-level agricultural insurance，Promote the expansion of agricultural insurance、Additional product、raise bid，Standardize claims settlement in a timely manner。Explore innovations in liability insurance and home contents insurance。Leverage the functions of family protection and wealth inheritance of life insurance。Accelerate the reform of marketing system。Steady development of domestic foreign currency policy business。

Continue to promote high-level opening up。Support high-quality overseas insurance institutions to establish legal entities and branches in China。Support qualified foreign institutions to invest in domestic insurance institutions。Encourage Chinese insurance institutions to steadily expand overseas business，Continuously improve business management and risk prevention capabilities。Deepen exchanges and cooperation in international insurance supervision，Actively participate in international insurance governance。

　　9. Enhance the sustainable development capabilities of the insurance industry

Improve product pricing accuracy。Strengthening basic data governance and standardization construction in the insurance industry，Improve product pricing accuracy。Explore and promote the information exchange between the medical security information platform and the commercial health insurance information platform。Develop statistical standards for commercial pension insurance。Improving the health insurance data indicator system。Prepare and improve the experience incidence table。

Improve the level of digital intelligence。Accelerate digital transformation，Increase resource investment，Improve operation and management efficiency。dafabet online betting websiteEncourage the use of artificial intelligence、Big data and other technologies，Improve marketing services、Risk management and investment management level。Strengthen network security protection and data security management，Improving emergency response and disaster preparedness levels。Maintain the rights and interests of data assets in accordance with laws and regulations。

Enhance the endogenous power of high-quality development。Actively cultivate insurance culture with Chinese characteristics，Create trustworthiness、Can be trusted、A warm and good image of the insurance industry。Establish a correct business outlook、Performance and risk outlook，Accelerate the transformation from pursuing speed and scale to focusing on value and efficiency。Strengthening the construction of professional talent team。Improve operating efficiency，Improve endogenous capital replenishment capability。Expand capital supplement channels，Improving the capital supplement regulatory system。Increase debt capital supplementary tools。

　　10. Strengthen policy coordination to promote high-quality development of the insurance industry

Improve the central and local collaborative working mechanism。Develop a list of central and local coordination matters，Clear workflow。Establish regular reporting by financial supervision departments and local financial management departments、Systems for information sharing and consultation on major matters。Continue to crack down on illegal insurance and other activities。Improve the quality and efficiency of regulatory linkage。

Strengthening macro policy coordination。Improving the catastrophic risk dispersion mechanism of agricultural insurance with financial support。Reasonable arrangements for the central government、Provincial finance for main food crops、Premium subsidies for local advantageous and characteristic agricultural products。Strengthening legal construction in the field of liability insurance。Establish a technology insurance policy system，Encourage various regions to carry out innovative exploration according to local conditions。Public institutions that meet the regulations can use fiscal funds to purchase commercial health insurance related to the establishment of supplementary medical insurance in accordance with system requirements。Support individual insurance agents to participate in social insurance in accordance with policies related to flexible employment、Apply for residence permit。

​​Deepening inter-ministerial coordination and linkage。Promote the construction of rule of law in the insurance field。Intensify joint crackdown on illegal activities。Strengthen execution connection、Connection of discipline and law。Improving the two-way reporting mechanism for clues about major violations，Intensify case transfer efforts。Removal of shareholders who violate laws and regulations、Risk management of problematic institutions, etc.，Promote judicial enforcement、Centralized jurisdiction and other functions。

To build strong political power、Excellent ability、Supervisory Iron Army with excellent style。Put political construction in a more prominent position，Promoting comprehensive and strict governance over the Party。Eradicate the soil and conditions that create corruption problems，Resolutely punish the intersection of corruption and risk、Corruption issues such as the connection between capital and power，Create a clean and upright political ecology。

State Council

September 8, 2024

Source: China Government Network