The State Administration of Financial Supervision issued the "Regulations on the Development and Management of Insurance Products of Property Insurance Companies"

China News Service, October 10. According to the WeChat public account of the State Administration of Financial Supervision, in order to further standardize the insurance product development behavior of property insurance companies, protect the legitimate rights and interests of policyholders, insureds and beneficiaries, continue to release strong regulatory signals, improve the quality and efficiency of insurance product supply, and promote the high-quality development of the property insurance industry. Recently, the State Administration of Financial Supervision revised and issued the “Regulations on the Development and Management of Insurance Products of Property Insurance Companies” (hereinafter referred to as the “Regulations”).

The "Regulations" are a systematic revision and improvement of the "Guidelines for the Development of Insurance Products of Property Insurance Companies" by the State Administration of Financial Supervision based on extensive research and solicitation of opinions. The "Regulations" have 8 chapters and 41 articles in total, including general principles, basic requirements for product development, rate requirements for main insurance clauses, rate requirements for additional insurance clauses, product development management requirements, evaluation revision and clean-up and cancellation, supervision and management, and supplementary provisions. The first is to consolidate the main responsibilities of the company, emphasizing that the company, as the main body of development, bears corresponding legal responsibility for terms and rates. The second is to revise and improve the basic specifications, clarify the basic principles, overall requirements, attribute division and insurance classification of insurance product development, and list eight types of prohibited development situations. The third is to standardize clause and rate management. For main insurance and additional insurance, requirements are put forward in terms of naming standards, clause framework and rate determination, and the focus is on supplementing detailed requirements for the development of additional insurance. The fourth is to strengthen product development management, requiring companies to establish a product development management system, establish a product management committee led by the main person in charge, and clarify the full-process management requirements from plan preparation, research and demonstration to internal review, approval and filing. The fifth is to strengthen product life cycle management, requiring evaluation of products on sale and timely revision or cancellation, and refinement of annual product reporting requirements. Sixth, we will continue to strengthen product supervision, clarify the responsibilities of product management personnel at all levels of the company, require the company to establish an internal accountability mechanism, and continue to improve product supervision and management.

As an important measure for the supervision of property and casualty insurance and the comprehensive management of non-auto insurance, the "Regulations" adhere to a problem-oriented approach and focus on issues such as non-standard product development, unclear positioning of additional insurance functions, and imperfect management processes in practice, and continue to strengthen product supervision by supplementing and refining regulatory rules.

In the next step, the State Administration of Financial Supervision will continue to strengthen product supervision of property and casualty insurance companies in accordance with the requirements of the "Regulations", effectively improve the professionalization and standardization level of insurance product development of property and casualty insurance companies, and better meet the insurance protection needs of the people and the economy and society.