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首页>新闻发布>国务院新闻办公室新闻发布会>2017年02月22日>相关报道/背景
Regulation and Development of the Insurance Industry in 2016 and Regulatory Work Plan of 2017
国务院新闻办公室网站 www.scio.gov.cn   2017-02-22   来源:China Insurance Regulatory commissio
  

In 2016, the whole industry closely united around the CPC Central Committee with Comrade Xi Jinping as the core, firmly implemented major policy decisions and arrangements of the CPC Central Committee and the State Council, and achieved a good start of the thirteenth five-year plan by focusing on priorities, serving the society, deepening reform, strengthening regulation and forestalling risks.

I.Basic Facts of the Regulation and Development of the Insurance Industry in 2016

Firstly, the insurance industry was comprehensively and strictly supervised according to laws and regulations. The China Risk Oriented Solvency System, a three-year systemic project, was successfully completed, realizing a shift of regulatory technology from size-orientation to risk-orientation, from wide coverage of major risks to full coverage of risks, from static regulation to dynamic regulation, making insurance regulation in China more systemic and scientific and enhancing the voice of Chinese insurance regulation on the international stage. CIRC continued to tighten insurance supervision in 2016. We reviewed the results of the “two strengthens, two contains” campaign, launched a “Liang Jian” movement of insurance consumer protection, and carried out a theme inspection on universal life insurance business. We organized 2800 on-site inspections altogether, issued 612 administrative penalties to insurance institutions and 820 administrative penalties to individuals. The total amount of fines on insurance institutions was 78.36 million Yuan and the total amount of fines on individuals was 17.54 million Yuan. In terms of regulatory tools, CIRC developed several information systems for administrative approval and policy registration to leverage information technology for better supervision. In the aspect of consumer protection, we continued to address the problems of misleading sales practices and bad claims settlement experiences, strengthened publicity and consumer education, and rated service quality of insurance companies for the first time.

Secondly, risks were forestalled with determination. The risks of the insurance industry as a whole were controllable. At the end of 2016, the integrated solvency ratio reached 247%, much higher than the alarm level of 100%. There were no risk events of major concern in 2016. The Insurance Security Fund accumulated 94.2 billion Yuan as of the end of 2016, further consolidating the foundation for risk prevention and control. In terms of individual entities, there were a very small number of insurance institutions that conducted risky asset management and operated aggressively in universal life insurance business, but CIRC reacted promptly, took immediate measures decisively according to laws and regulations, cracked down upon misbehaviors, fixed regulatory loopholes and restored market order.

Thirdly, we continued to deepen reforms in the insurance industry. We advanced product and service reforms. Commercial auto insurance reform was carried out nationwide, contributing to steady growth of premium, improvement of effects and increase of consumer benefits. Agricultural insurance product reform was also carried out, uplifting the protection level by 5% and increasing the compensation rate by 10%, bestowing the insured farmers a stronger sense of gain. In terms of market system reform, we gave preferential support to the establishment of insurance institutions in the Mid-West provinces and in poor areas, conducted pilot projects of mutual insurance in an orderly fashion, improved the business licensing system of professional intermediaries, established Shanghai Insurance Exchange and set up a comprehensive pilot zone of national insurance innovation in Ningbo.

Fourthly, the insurance industry has served the society and the country effectively. Insurance industry has played its key function of risk protection by providing protection amounting to 2373 trillion Yuan to the whole society and paying out 1.05 billion Yuan, thus playing a positive role in facilitating real economy growth, poverty alleviation strategy and improving people’s livelihood. As of the end of 2016, major illness insurance covered 970 million people. In 2016, agricultural insurance had 204 million participations and risk protection amounted to 2.16 trillion Yuan. Short-term export credit insurance provided insurance protection amounting to 416.7 billion Yuan to 82,200 export enterprises. Loan guarantee insurance assisted small and micro businesses to get financing totaling 87.42 billion Yuan. At the end of 2016, the total balance of insurance assets amounted to 13.4 trillion Yuan. The insurance industry served the real economy and national strategy through infrastructure investments and investment in shares of unlisted companies, real property and trusts amounting to more than 4 trillion Yuan.

Fifthly, we promoted the stable development of the insurance industry. The premium income of 2016 reached 3.1 trillion Yuan, up by 27.5% year on year, rendering China to be likely to overtake Japan to become the second largest insurance market in the world. The insurance total asset reached 15.1 trillion Yuan, increasing by 22% since the beginning of the year. Net asset registered 1.72 trillion Yuan. Products related to national economy and people’s livelihood such as major illness insurance, agricultural insurance and liability insurance as well as products closely related to real economy such as insurance for the first set of major technological equipment, export credit insurance and micro-loan guarantee insurance grew fast. Liability insurance yielded premium income of 36.24 billion Yuan, up by 20% year on year. Health insurance yielded premium income of 404.25 billion Yuan, realizing a substantial increase of 67.7% year on year. China’s insurance industry is booming.

Sixthly, we strengthened and improved the leading role of the Communist Party in the work of the insurance field. We fulfilled the requirement of comprehensively enforcing strict Party discipline, carried out studies on the theoretical and practical issues of party building, enhanced awareness of the significance to maintain political integrity, serve the overall interests, uphold the leadership core, and keep in alignment. We consolidated and improved the leadership of the Communist Party and consciously maintained a high degree of consistency with the CPC Central Committee in thoughts, politics and actions. We implemented the major decisions, policies and arrangements of the Party Central Committee to make sure that the insurance industry advances in the correct direction.

II. Opportunities and Challenges Facing Insurance Industry and Insurance Regulation

We believe that China’s insurance industry still enjoys favorable strategic opportunities, while also facing risks and challenges. Opportunities and challenges actually coexist in the industry.

In terms of favorable conditions, one is that the industry has laid a solid foundation for further development. The total size of China’s insurance industry has been among the highest across the world. Meanwhile, a relatively complete system of insurance products was formed, and a modern insurance regulatory framework which suits domestic insurance market and aligns with international regulation was also successfully formulated. Secondly, benefits of policy reform will be further unleashed. A series of supportive national policies and CIRC’s market reform initiatives will provide continuous momentum for the vigorous development of the industry this year. Thirdly, demands for insurance in China will expand. With the advance of major national strategies, economic and social transformation as well as changes in people's life style, insurance will be applied more widely and deeply.

There are challenges as well. Firstly, the external environment is still complicated. In general, the international and domestic macro economy and financial markets are facing a lot of uncertainties, which inevitably affects the insurance industry. Secondly, risk control work is under heavy pressure. The conflicts and problems of the industry itself, together with the external environment, lead to a more complex risk profile and subtler risk contagion, rendering the risk control work more difficult. Thirdly, the insurance industry is still growing in an extensive way. Particularly for those insurance institutions which adopted aggressive business and investment models in the past years, they may experience pains when transforming themselves under the new regulation. Fourthly, there is still room to strengthen insurance regulation. We should make more efforts in improving our regulatory system based on China’s unique market conditions.

III.Regulation Plan and Key Tasks for the Next Step

We will unite closely around the CPC Central Committee with comrade Xi Jinping as core, fully implement the spirit of 18th National Congress of the CPC and the 3rd, 4th, 5th and 6th Plenums of the 18th Central Committee of the CPC as well as the Central Economy Working Conference, reinforce the Party leadership over insurance, adhere to the general principle of comprehensively strengthening Party discipline and seeking progress while working to keep performance stable, always insist that “the surname of insurance is insuring, and the surname of CIRC is regulating”, enhance strict and solid insurance regulation, constantly promote supply-side structural reform, stay true to the mission all the time, keep the right direction, and make sound progress in the three major strategies, i.e. controlling risks, serving the overall interests, and reform and development. Specifically, we will focus on the following work in 2017:

1. Attaching higher importance to risk control. CIRC will maintain strict regulation, strengthen our supervision in every aspect to prevent risks, crack down upon violations, seriously implement accountability, establish a strong risk prevention and control system, and make sure to nip the risks in the bud through regulation. The main tasks include: further improving insurance company corporate governance regulation, enhancing regulation on connected transactions and ownership, strengthening shareholder penetration regulation, and capital authenticity regulation; further standardizing insurance product development, focusing on addressing problems arising from individual companies that improperly sell high proportion of mid-term and short-term products and universal products, and preventing aggressive pricing and irrationally high settlement interests; further enhancing insurance asset investment regulation, strengthening equity and stock investment regulation, raising the capability threshold for overseas investment, and severely fighting against short-term speculation and malicious investment in listed companies.

2. Further improving regulation capacity. On the one hand, we will solidly enhance capacity building, further improve the awareness of all CIRC staff, especially those at management and leadership level, of the need to maintain political integrity, serve the overall interests, uphold the leadership core, and keep in alignment with the CPC Central Committee, and build up a diligent, result-oriented, clean and upright supervisory team with firm beliefs and mindsets to fully fulfill responsibilities and candidly serve the people. On the other hand, we will solidly enhance regulatory system construction, advance the legislation process of Regulations on Earthquake Catastrophe Insurance, improve insurance consumer protection mechanism, reinforce service standardization and credit system construction, and promote regulatory information system construction.

3. Encouraging insurance industry to better serve social and economic development. CIRC will focus on services in the following three aspects. Firstly, we will serve the poverty alleviation strategy and make new progress through major illness insurance, agriculture insurance and industrial development in poor areas. Secondly, we will serve real economy growth, assist in “cutting overcapacity, de-stocking, deleveraging, reducing corporate costs, and shoring up weak spots”, speed up the establishment of innovation pilots of “science and technology + insurance”, expand the scale of short-term export credit insurance, guide more insurance assets to invest in major national strategic programs such as “the belt and road” initiative. Thirdly, we will serve the construction of social governance system. In this year, we are committed to comprehensively implementing earthquake catastrophe insurance project, boosting the development of liability insurance in areas of environment pollution reduction, production safety, medical safety and campus safety. We will also promote commercial insurance to participate in the multi-level old-age pension and medical protection system.

IV. Continuously deepening reform in key areas. CIRC will allow market to further play its decisive role in resource allocation and to increase the endogenous growth momentum of insurance industry. Firstly, we will proactively deepen market system reform, and constantly perfect the insurance market structure and regional distribution. Secondly, we will orderly promote clause and pricing reform, continue to improve the pricing mechanism of commercial auto insurance, and steadily push forward the pricing mechanism reform of accident insurance. Thirdly, we will steadily carry out insurance investment reform, and guide insurance assets to stick to the principle of value investment, long-term investment and robust investment, acting as friendly investors, and complementing real industries to achieve win-win results. Fourthly, CIRC will accelerate the opening up of the insurance market, support qualified insurance institutions to set up operational units and representative offices overseas and actively while prudently encouraging insurance institutions to “go global”.

[责任编辑:鲁芳]
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