非车险业务“报行合一”新规落地 财产保险行业“反内卷”再强化

Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to strengthen the regulation of non-auto insurance business, promoting rational competition and enhancing the quality and efficiency of the property insurance industry [1][2]. Group 1: Regulatory Measures - The notification outlines measures to optimize assessment mechanisms, strengthen rate management, and enforce strict usage of terms and rates for non-auto insurance [1][2]. - Property insurance companies are required to set reasonable additional rates and fee levels, ensuring that fees align with the services provided [2][3]. - Companies must establish a mechanism for periodic review and dynamic adjustment of rates, with necessary product suspensions if discrepancies between actuarial assumptions and actual operations are significant [2][3]. Group 2: Addressing Industry Issues - The notification addresses irrational competition in the non-auto insurance market, which has led to high costs and ongoing underwriting losses, negatively impacting cash flow and financial stability [2][3]. - It emphasizes that companies and intermediaries must not alter approved insurance terms through informal agreements or other means, ensuring compliance with established fee limits [3][4]. - The industry is expected to see a reduction in costs and an improvement in operational quality and efficiency as a result of these measures [3][4]. Group 3: Product and Market Adjustments - The notification mandates a phased cleanup of existing products and encourages the standardization of non-auto insurance products [4][5]. - Companies are advised to lower the emphasis on premium scale and growth rates, shifting focus towards compliance, quality, and consumer protection [4][5]. - Regulatory bodies will implement mechanisms for monitoring and reporting, as well as intelligent checks on reported products to ensure adherence to the new regulations [4][5].