continue to strengthen capital market investment and a package of new policies for the insurance industry is on the way
2024-09-30
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drawing by fan yulu
◎reporter han songhui and chang peiqi
the "several opinions of the state council on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" (new "national ten articles") were recently issued, making systematic plans and arrangements for the reform and development of my country's insurance industry in the next five to 10 years.
at the regular briefing on state council policies held by the state council information office on september 27, xiao yuanqi, deputy director of the state administration of financial supervision, wang shengbang, spokesperson and director of the regulations department of the state administration of financial supervision, luo yanjun, director of the personal insurance department of the state administration of financial supervision, yin jiangao, director of the property and casualty insurance department (reinsurance department) of the state administration of financial supervision, and others interpreted the new "ten national regulations" in detail and responded to hot topics such as insurance fund stock investment, technology insurance support policies, insurance law revisions, and improvement of the insurance regulatory framework that the market is concerned about. a reporter from shanghai securities news learned from the meeting that a package of new policies to support the high-quality development of the insurance industry is being studied and formulated.
continue to increase capital market investment
the new "national ten articles" propose to give full play to the long-term investment advantages of insurance funds.
luo yanjun said that by the end of august this year, the balance of insurance funds used was 31.8 trillion yuan, a year-on-year increase of 10.4%; the insurance industry provided financial support to the real economy through debt and equity and other methods of 28.8 trillion yuan, a year-on-year increase of 12.2%.
"the investment philosophy of the industry remains prudent and steady, focusing on long-term investment value investments." luo yanjun said that insurance funds mainly come from various reserves formed from policy liabilities. in recent years, the state administration of financial supervision has established and improved interest rate transmission and liability cost adjustment mechanisms, urged insurance companies to strengthen the linkage of assets and liabilities, and continue to improve cross-market and cross-cycle investment management capabilities.
according to her, by the end of august, insurance funds had allocated more than 21 trillion yuan in various fixed-income assets such as bonds and bank deposits; investment in equity assets such as stocks, securities, investment funds, and unlisted company equity exceeded 6 trillion yuan. the overall allocation of major asset classes is stable and balanced, and the overall risk is controllable. at present, the long-term equity investment of insurance funds is 2.8 trillion yuan, and the investment in stocks and stock funds exceeds 3.3 trillion yuan.
with the consent of the state council, the state administration of financial supervision has previously promoted insurance institutions to carry out long-term stock investment pilots through the establishment of private securities investment funds. luo yanjun said that the pilot fund is currently operating well, and the scope of the pilot will be expanded in the future to support other qualified insurance institutions to participate in the pilot and continue to increase investment in the capital market.
luo yanjun said that in the next step, the state administration of financial supervision will continue to optimize regulatory policies for the use of insurance funds, guide insurance companies to improve their internal long-cycle assessment mechanisms, and increase investment in strategic emerging industries, advanced manufacturing, new infrastructure and other fields. better serve the development of new productive forces.
improve risk-based regulatory system
the construction of insurance legal system has always attracted much attention. wang shengbang said that it is necessary to further promote the legal construction of the insurance industry.
wang shengbang said that the revision of the insurance law will be promoted. "different from other financial laws, the insurance law is a three-in-one legislative model of the insurance contract law, the insurance institutions law and the insurance supervision law." he said that according to the needs of the new situation, the state administration of financial supervision is actively cooperating with relevant departments to promote the revision of the insurance law . on the whole, we adhere to the combination of problem orientation and goal orientation. the goal orientation is to solve some shortcomings and shortcomings in the current operation of the insurance industry, insurance industry supervision, and insurance agency services, and further lay a good environment for the efficient development of the insurance industry.
strong supervision is the foundation for high-quality development. regarding how to further improve the regulatory framework of the insurance industry, wang shengbang said that a risk-based regulatory system must be improved.
he said that in the past, insurance supervision mainly emphasized behavioral supervision. behavioral supervision mainly focused on micro-behaviors such as the design of insurance products, the sales of insurance products, and the claims settlement behavior of insurance companies. the purpose was to prevent improper operations of insurance companies from infringing upon the legitimate rights and interests of insurance policy holders. rights and damages the interests of insurance consumers.
"risk-based supervision not only emphasizes micro-specific operating behaviors, but also emphasizes the soundness of insurance companies' operations." wang shengbang said that if a good insurance company operates in compliance with laws and regulations, the interests of policyholders will be well protected. .
he said that it is necessary to systematically sort out the current insurance supervision system, optimize the supervision system in insurance company governance, insurance company solvency, insurance company asset and liability management, insurance fund utilization and insurance liability reserves, etc., and build a system with clear logic, comprehensive system and a risk-based regulatory framework with clear requirements and highlighted priorities will establish clear boundaries for the prudent operations of insurance companies, thereby enhancing the profitability growth capabilities of insurance companies and enhancing the stability of the insurance industry.
a package of measures is on the way
at the briefing, the state administration of financial supervision clarified the path for high-quality development of the insurance industry in the future.
yin jiangao said that from january to august this year, technology insurance achieved a premium scale of 38.8 billion yuan, providing risk protection of more than 7 trillion yuan for scientific and technological activities such as the transformation, promotion and application of scientific and technological research and development results. the first set of batch insurance compensation mechanisms provides risk protection of nearly 1 trillion yuan for major technical equipment and key new material applications.
“the next step will be to establish a technology insurance policy system.” yin jiangao said: first, enrich products, innovate technology insurance products around the protection needs of technology companies throughout the entire cycle and technology innovation; second, improve policies and work with relevant departments to increase technology insurance policy support, and establish and improve a multi-level, wide-coverage, sub-category support policy system; the third is to promote pilot projects. in the early stage, ningbo, shanghai lingang, and wuhan east lake have a certain foundation in exploring science and technology insurance pilots based on their local regional advantages, and will continue to support them. promote pilots and expand pilots to other locations.
regarding auto insurance, which is related to the well-being of the people, yin jiangao said that the next step is to take the reform of new energy auto insurance as the starting point and continue to deepen the comprehensive reform of auto insurance; study and optimize the independent pricing coefficient of new energy auto insurance, explore combination products for household car online booking operations, and explore high compensation vehicle risk sharing mechanism; through retrospective data, work with relevant departments to promote information sharing and promote the reduction of new energy vehicle insurance operating costs.
regarding the surge in demand for health risk protection among the public, luo yanjun said that the next step is for the state administration of financial supervision to issue supporting policy documents for commercial health insurance in accordance with the deployment of the new "ten national articles". the overall consideration is to further clarify the development direction and path of commercial health insurance and expand the service groups, service areas and service methods meet the diverse health protection needs of the people.
facing the trend of population aging, luo yanjun said that in the next step, the state administration of financial supervision will promptly introduce supporting policies to scientifically define the connotation and extension of commercial annuities, and encourage insurance companies to leverage their advantages in actuarial technology, long-term product development, and long-term capital management to serve the people. we provide a wide range of pension security and inter-temporal financial planning services to the public.
(source: shanghai securities news)
