after a lapse of 10 years, the state council has once again issued a top-level design for the reform and development of the insurance industry. what are the new expressions and new signals?
2024-09-12
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after a lapse of 10 years, the top-level design of the insurance industry has been released again.
on september 11, the state council issued the "several opinions on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" (hereinafter referred to as the "several opinions"). prior to this, premier li qiang presided over an executive meeting of the state council on august 30 to study several opinions on promoting high-quality development of the insurance industry.
industry insiders told the paper that the state council had previously issued two opinions on deepening reforms in the insurance industry or promoting faster development of the insurance industry.this "several opinions" mainly focuses on the three central tasks of strengthening supervision, preventing risks and promoting high-quality development of the insurance industry, and makes a systematic plan and arrangement for the reform and development of my country's insurance industry in the next 5-10 years.
a relevant person in charge of china life insurance group said that at a time when the third plenary session of the 20th cpc central committee is accelerating the deployment of further comprehensively deepening reform, the state council has officially issued a number of opinions on promoting high-quality development of the insurance industry, which is of great significance for the insurance industry to better play the role of economic shock absorber and social stabilizer and serve china's modernization.
the opinions clearly state that by 2029, a high-quality development framework for the insurance industry will be initially formed, with steadily expanding coverage, increasingly comprehensive protection, continuous improvement of services, sound and balanced asset allocation, sufficient solvency, and sound and effective governance and internal control. the insurance regulatory system will be more sound, and regulatory capacity and effectiveness will be greatly improved. by 2035, a new pattern of the insurance industry will be basically formed, with a complete market system, rich and diverse products and services, scientific and effective supervision, and strong international competitiveness.
in general, the "several opinions" require strict control of insurance market access, strict and continuous supervision of insurance institutions, serious rectification of illegal and irregular insurance behaviors, strong, orderly and effective prevention and resolution of insurance risks, improvement of the insurance industry's service level for people's livelihood security, improvement of the quality and efficiency of the insurance industry's service to the real economy, deepening of insurance industry reform and opening up, enhancement of the insurance industry's sustainable development capabilities, and strengthening of policy coordination to promote high-quality development of the insurance industry.
industry insiders told the paper:the "several opinions" emphasized the need to give full play to the functions and roles of insurance, and for the first time gave a new expression to the functions and positioning of the insurance industry.
the opinions pointed out that the insurance industry should play its role as an economic shock absorber and social stabilizer, with strengthening supervision, preventing risks and promoting high-quality development as the main line. the insurance industry should focus on its main business, protect the legitimate rights and interests of consumers, and better meet the people's growing demand for insurance protection and wealth management; it should give full play to the family protection and wealth inheritance functions of life insurance; and it should meet the people's diversified pension protection and cross-period financial planning needs.
in terms of continuing to deepen reforms in key areas, the "several opinions" proposes to promote product transformation and upgrading, support the development of floating-yield insurance; deepen the comprehensive reform of auto insurance with a focus on commercial insurance for new energy vehicles; develop multi-level agricultural insurance, promote the expansion, increase of products, and improvement of standards of agricultural insurance, and standardize claims in a timely manner; explore innovations in liability insurance and household property insurance, etc.
industry insiders pointed out thatthe "several opinions" proposed for the first time the development of floating income insurance, and also guide the industry to transform to floating-income insurance in the future, which actually includes floating-income insurance such as dividend insurance and universal insurance. all along, the regulatory authorities have always emphasized pushing the insurance industry to return to protection and focus on the main business, and have achieved a lot of results. however, the industry has always had different understandings of what protection means. some one-sided understandings believe that dividend insurance and universal insurance have deviated from the main responsibilities and main businesses and deviated from the origin of insurance protection. in fact, these types of insurance are first of all insurance products for insurance protection, and at the same time, they are a kind of floating-income insurance products.
“the "several opinions" puts forward such a development direction based on the current development stage of the industry. it also puts forward some clear directions for the future high-quality development of the industry, especially in the context of the rapid decline in interest rates in the past two years."industry insiders said.
regarding the future use of insurance funds, the opinions also proposed that we should give full play to the long-term investment advantages of insurance funds. we should cultivate real patient capital and promote a virtuous cycle of funds, capital and assets. we should increase investment in strategic emerging industries, advanced manufacturing, new infrastructure and other fields to serve the development of new productivity. we should guide insurance funds to provide support for scientific and technological innovation, venture capital, rural revitalization and the development of green and low-carbon industries.
in addition, the "several opinions" also pointed out the direction for the future development of different types of insurance companies, including supporting large insurance institutions to become better and stronger, guiding small and medium-sized insurance companies to develop distinctive and professional operations, enhancing the long-term fund management capabilities of insurance asset management companies, promoting the standardized and high-quality development of insurance intermediary institutions, and promoting reinsurance companies to increase their efforts in product, service and technological innovation.
in terms of policy coordination, the "several opinions" requires that a sound working mechanism be established between the central government and local governments, macro-policy coordination be strengthened, inter-ministerial coordination and linkage be deepened, and an iron regulatory team with strong political integrity, strong capabilities, and strong work style be built.
for example, we must promote the rule of law in the insurance sector; increase joint crackdowns on illegal and irregular activities; strengthen the coordination between law enforcement and the criminal justice system, and between discipline and law; improve the two-way reporting mechanism for clues of major illegal and irregular activities, and increase the intensity of case transfers; and promote the role of judicial enforcement and centralized jurisdiction in the withdrawal of shareholders who violate laws and regulations and the disposal of risks of problematic institutions.
the paper reporter hu zhiting and teng han
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