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the State Council's opinions on the reform and development of insurance industry
People's governments of all provinces, autonomous regions and municipalities directly under the Central Government, ministries and commissions and institutions directly under the State Council:
Since the reform and opening up, especially since the 16th National Congress of the Communist Party of China, China's insurance industry reform and development has made remarkable achievements. The insurance business has grown rapidly, the service field has been continuously broadened, the market system has been gradually improved, laws and regulations have been gradually improved, the level of supervision has been continuously improved, risks have been effectively prevented, and the overall strength has been significantly enhanced, which has played an important role in promoting reform, ensuring the economy, stabilizing society and benefiting the people. However, due to the late start, weak foundation, poor coverage and insufficient function of the insurance industry, it does not meet the requirements of building a well-off society in an all-round way and building a harmonious socialist society, the establishment of a sound socialist market economic system, and the new situation of economic globalization, financial integration and all-round opening up. Facing the future, the development of insurance industry stands at a new historical starting point, with great potential and space for development. In order to fully implement Scientific Outlook on Development, clarify the guiding ideology, objectives, tasks and policies and measures for the reform and development of the insurance industry in the next period, accelerate the reform and development of the insurance industry and promote the construction of a harmonious socialist society, the following opinions are put forward:
1. Fully understand the significance of accelerating the reform and development of the insurance industry
Insurance has the functions of economic compensation, financial intermediation and social management, is the basic means of risk management under the conditions of market economy, is an important part of the financial system and social security system, and is harmonious in socialism.
accelerating the reform and development of the insurance industry is conducive to coping with the risks of disasters and accidents, ensuring the safety of people's lives and property and the stable operation of the economy. People's lives and property losses caused by natural disasters and various accidents such as traffic and production are huge every year in China. Due to the constraints of institutional mechanisms and other factors, the proportion of enterprises and families participating in insurance is too low, and only a small part of the losses caused by disasters and accidents can be compensated through insurance, which is not conducive to the timely restoration of production and living order, but also increases the financial and transaction burden of the government. Accelerating the reform and development of the insurance industry and establishing a market-oriented compensation mechanism for disasters and accidents play an irreplaceable role in improving the disaster prevention and rescue system, enhancing the ability of the whole society to resist risks and promoting rapid and sound economic development.
accelerating the reform and development of the insurance industry is conducive to improving the social security system and meeting the people's multi-level security needs. China is in a critical period of perfecting the socialist market economic system, with the acceleration of population aging, the improvement of people's living standards and the increasing demand for security. Accelerating the reform and development of the insurance industry, encouraging and guiding people to participate in commercial old-age insurance and health insurance are of great practical significance for improving the social security system, raising the level of social security, expanding the consumer demand of residents, and realizing social stability and harmony.
accelerating the reform and development of the insurance industry is conducive to optimizing the allocation of financial resources and improving the socialist market economic system. The development of China's financial system is unbalanced, and the proportion of indirect financing is too high, which affects the efficiency of financial resource allocation and is not conducive to the dispersion and resolution of financial risks. The first 2 years of this century is an important period of strategic opportunities for China's accelerated development, and the core role of finance in modern economy is more prominent. Accelerating the reform and development of the insurance industry, giving full play to the important role of insurance in the allocation of financial resources, and promoting the coordinated development of money market, capital market and insurance market are of great significance to improving the financial system and the socialist market economic system.
accelerating the reform and development of the insurance industry is conducive to social management and innovation of public services, and improving the administrative efficiency of the government. With the deepening of administrative system reform, the government must integrate various social resources, make full use of market mechanisms and means, and constantly improve social management and public services. Speeding up the reform and development of the insurance industry, actively introducing insurance mechanism to participate in social management, coordinating various interest relations, effectively resolving social contradictions and disputes, and promoting the innovation of public service will play an important role in improving the socialized economic compensation mechanism, further transforming government functions and improving government administrative efficiency.
II. Guiding ideology, overall goal and main tasks of accelerating the reform and development of the insurance industry
With the improvement of China's economic and social development level and the continuous improvement of the socialist market economic system, the people's understanding of insurance has further deepened, the demand for insurance has increased day by day, the role of insurance has become more prominent, and the foundation and conditions for development have become increasingly mature. Accelerating the reform and development of the insurance industry has become an inevitable requirement for promoting the construction of a harmonious socialist society.
The guiding ideology for accelerating the reform and development of the insurance industry is: taking Deng Xiaoping Theory and Theory of Three Represents as the guidance, adhering to the people-oriented, comprehensive, coordinated and sustainable Scientific Outlook on Development, based on the overall situation of reform, development and stability, focusing on solving the contradiction between the insurance industry and economic and social development and people's living needs, deepening reform, accelerating development, making it bigger and stronger, developing the insurance industry with China characteristics, giving full play to the role of insurance as an economic booster and social stabilizer, and building a well-off society in an all-round way.
the overall goal is to build a modern insurance industry with perfect market system, extensive service fields, standardized business integrity, sufficient solvency, strong comprehensive competitiveness and unified development speed, quality and benefit. Around this goal, the main tasks are: to broaden the field of insurance services, actively develop property insurance, life insurance, reinsurance and insurance intermediary markets, and improve the insurance market system; Continue to deepen the reform of institutional mechanisms, improve the corporate governance structure, improve the quality and level of opening up, and enhance international competitiveness and sustainable development capabilities; Promote independent innovation, adjust and optimize the structure, change the growth mode, and continuously improve the service level; Strengthen the management of insurance fund utilization, improve the level of fund utilization, and provide financial support for national economic construction; Strengthen and improve supervision, prevent and resolve risks, and effectively protect the legitimate rights and interests of the insured; Improve laws and regulations, publicize and popularize insurance knowledge, speed up the establishment of insurance credit system, promote the construction of integrity, and create a good development environment.
Third, actively and steadily push forward the pilot project and develop multi-form and multi-channel agricultural insurance
Seriously sum up the pilot experience, study and formulate support policies, explore the establishment of an agricultural insurance development model suitable for China's national conditions, and bring agricultural insurance into the agricultural support and protection system as an innovation in supporting agriculture. Give full play to the enthusiasm of the central government, local governments, insurance companies, leading enterprises, farmers and other aspects, give full play to the role of the agricultural sector in promoting agricultural insurance legislation, guiding farmers to take out insurance, coordinating the relations between all parties, and promoting the development of agricultural insurance, expand the coverage of agricultural insurance, and gradually establish an agricultural insurance system with multi-form operation and multi-channel support.
define the business scope of policy-based agricultural insurance and give policy support to promote the development of agricultural insurance in China. Change the agricultural disaster relief mode of single and ex post financial subsidy, and gradually establish an agricultural risk prevention and relief mechanism combining policy agricultural insurance with financial subsidy. Explore the ways, varieties and proportions of subsidies provided by the central and local governments for farmers' insurance, appropriately subsidize the management fees for the policy agricultural insurance operated by insurance companies, and gradually establish a long-term mechanism for the development of agricultural insurance. Improve the multi-level agricultural catastrophe risk transfer and sharing mechanism, and explore the establishment of an agricultural reinsurance system supported by the central and local governments.
explore the development of mutual system, cooperative system and other forms of agricultural insurance organizations. Encourage leading enterprises to subsidize farmers to participate in agricultural insurance. Support insurance companies to develop agricultural insurance products with moderate protection, low premium and popular insurance policies, and establish service networks and sales channels suitable for agricultural insurance. Support agricultural insurance companies to start characteristic agriculture and other agriculture-related insurance businesses, and improve the service level of agricultural insurance.
Fourth, develop urban and rural commercial endowment insurance and health insurance as a whole, improve the multi-level social security system
Adapt to the new situation of improving the socialist market economic system and building a new socialist countryside, and vigorously develop personal insurance businesses such as commercial endowment insurance and health insurance to meet the insurance protection needs of urban and rural people.
actively develop insurance businesses such as individual and group pension. Encourage and support qualified enterprises to establish multi-level old-age security plans through commercial insurance to improve the level of employee security. Give full play to the professional advantages of insurance institutions in actuarial science, investment, account management and pension payment, actively participate in enterprise annuity business, and expand supplementary pension insurance services. Vigorously promote the development of health insurance and support relevant insurance institutions to invest in medical institutions. Efforts should be made to develop commercial endowment insurance, health insurance and accident insurance suitable for farmers. Establish birth control surgery insurance and rural family planning old-age insurance system. Actively explore effective ways for insurance institutions to participate in the management of the new rural cooperative medical system and promote the healthy development of the new rural cooperative medical system.
5. Vigorously develop liability insurance, improve safety production guarantee and emergency response mechanism
Give full play to the important role of insurance in preventing losses and reducing disasters and accidents, and incorporate insurance into the disaster prevention and rescue system. Continuously improve the risk management ability of insurance institutions, make use of the unified mechanism of insurance pre-prevention and post-compensation to give full play to the incentive and restraint role of insurance rate leverage, strengthen pre-risk prevention, reduce the occurrence of disasters and accidents, and promote safe production and emergency management of emergencies.
adopt market operation, policy guidance, government promotion, legislation enforcement, etc. to develop insurance businesses such as safety production liability, construction engineering liability, product liability, public liability, professional liability, director liability and environmental pollution liability. Piloting compulsory liability insurance in coal mining and other industries, and gradually promoting it in high-risk industries, public gathering places and domestic and foreign tourism after gaining experience. Improve the risk of mortgage system for safe production in high-risk industries, and explore standardized management and operation through professional insurance companies. Further improve the compulsory insurance system for motor vehicle traffic accident liability. Through the pilot, establish a unified medical liability insurance. Promote the insurance industry to participate in the "safe construction".
VI. Promote independent innovation and improve service level
Improve the insurance innovation mechanism with insurance enterprises as the main body, market demand as the guidance, and the combination of introduction and independent innovation. Develop high-tech insurance such as aerospace and biomedicine to provide risk protection for independent innovation. We will steadily develop consumer credit guarantee insurance such as housing and automobiles to promote consumption growth. Actively promote insurance business in the fields of construction engineering and project financing. Support the development of export credit insurance and promote foreign trade and investment. Strive to develop all kinds of property and life insurance products that meet the needs of people at different levels, occupations and regions, optimize product structure and broaden service areas.
use modern information technology to improve the scientific and technological content of insurance products, develop new service modes such as online insurance, and comprehensively improve the service level. Improve the actuarial level of insurance and scientifically determine the insurance premium rate. Vigorously promote the popularization of terms and standardization of services. Strengthen the education and training of insurance salesmen and improve the level of marketing services. Give play to the positive role of insurance intermediaries in underwriting claims, risk management and product development, and provide more professional and convenient insurance services. Accelerate the development of reinsurance and promote the coordinated development of reinsurance market and direct insurance market. Coordinate the regional development of the insurance industry and improve the insurance service level in minority areas and underdeveloped areas.
encourage the development of professional insurance companies such as commercial endowment insurance, health insurance and liability insurance. Support qualified insurance companies to develop into internationally competitive insurance holding (group) companies through restructuring and mergers and acquisitions. We will steadily push forward the pilot project of comprehensive operation of insurance companies, explore broader and deeper cooperation between the insurance industry and the banking and securities industries, and provide diversified and comprehensive financial and insurance services.
VII. Improve the level of insurance fund utilization and support the national economic construction
Deepen the reform of insurance fund utilization system, promote the professional, standardized and market-oriented operation of insurance funds, and improve the level of insurance fund utilization. Establish an effective risk control and early warning mechanism, implement comprehensive risk management, and ensure asset safety.
an insurance asset management company should establish a long-term investment concept, and effectively manage insurance assets according to the requirements of unity of safety, liquidity and profitability. Allow qualified insurance asset management companies to gradually expand the scope of asset management. Explore the independent custody mechanism of insurance funds.
under the premise of controllable risks, encourage insurance funds to directly or indirectly invest in the capital market, gradually increase the investment ratio, steadily expand the scale and variety of insurance funds to invest in asset securitization products, and carry out pilot projects of insurance funds to invest in real estate and venture capital enterprises. Support insurance funds to participate in commercial banks. Support overseas investment of insurance funds. According to the needs of national economic development, we will constantly broaden the channels and scope of insurance funds, give full play to the advantages of long-term and stability of insurance funds, and provide financial support for national economic construction.
VIII. Deepen the system reform, improve the level of openness and enhance the ability of sustainable development
Further improve the governance structure of insurance companies, standardize the rights and responsibilities of shareholders' meeting, board of directors, board of supervisors and managers, and form a check and balance mechanism among power institutions, decision-making institutions, supervision institutions and managers. Strengthen the construction of internal control system and risk management, strengthen the management and control responsibility of legal person institutions, and improve and implement the insurance business responsibility investigation system. Change the management mechanism, establish a scientific evaluation system, and explore standardized incentive mechanisms such as equity and options. We will implement the strategy of developing the industry with talents, deepen the reform of the talent system, optimize the talent structure, and establish a team of high-quality talents.
make overall plans for domestic development and opening up, make full use of two markets and two resources, and enhance the competitiveness and development ability of the insurance industry under the condition of full opening up. Earnestly fulfill the commitment to join the WTO, and promote the complementary advantages, win-win cooperation and common development of Chinese and foreign insurance companies. Support qualified domestic insurance companies to set up business institutions overseas to provide insurance services for the "going out" strategy. Conduct extensive international insurance exchanges and actively participate in the formulation of international insurance rules. Strengthen cooperation with overseas insurance regulatory agencies, especially neighboring countries and regions, and strengthen cross-border insurance business supervision.
IX. Strengthen and improve supervision to prevent and resolve risks
Adhere to risk prevention as the lifeline of the healthy development of the insurance industry, and constantly improve the modern insurance supervision system with solvency, corporate governance structure and market behavior supervision as the pillars. Strengthen solvency supervision, establish a dynamic solvency supervision index system, improve the actuarial system, and unify financial statistics and performance evaluation standards. With reference to international practice, study and formulate a financial accounting system that conforms to the characteristics of the insurance industry, ensure the truthfulness, timeliness and transparency of financial data, and improve the scientific and binding nature of solvency supervision. We will further promote the supervision of the governance structure of insurance companies, standardize related party transactions, strengthen information disclosure and improve transparency. Strengthen market behavior supervision, improve on-site and off-site inspections, severely investigate and deal with illegal acts in insurance business, and improve the pertinence and effectiveness of market behavior supervision.
according to the requirements of high standards and standardization, the insurance market is strictly entered and a market-oriented exit mechanism is established. Implement classified supervision to help the superior and limit the inferior. Improve the insurance capital replenishment mechanism. Improve the insurance protection fund system and gradually realize market-oriented and professional operation. Establish and improve the insurance supervision information system to improve the supervision efficiency.
standardize the forms of insurance organizations such as self-insurance by industry, mutual assistance and cooperative insurance, rectify and standardize the self-insurance behavior of industries or enterprises, and bring them into insurance supervision in a unified way. Study and gradually implement consolidated supervision of insurance holding (group) companies. Improve supervision between the insurance industry and other financial industries.