非车险“报行合一”将落地：备案即执行，杜绝“阴阳费率”

Core Viewpoint - The implementation of the "reporting and execution consistency" (报行合一) policy for non-auto insurance is set to enhance regulatory oversight and improve the quality of the insurance industry, transitioning from a focus on scale to quality [1][6][10]. Group 1: Regulatory Changes - The Financial Regulatory Bureau has issued a notification that mandates strict adherence to reported fee rates and prohibits the submission of false reports or documents, effective from November 1, 2025 [1][4]. - The notification includes 12 key requirements aimed at optimizing assessment mechanisms, strengthening fee rate management, and regulating intermediary management [4][5]. Group 2: Industry Impact - The non-auto insurance sector has seen a significant increase in premium income, reaching 777 billion yuan in 2024, with a compound annual growth rate exceeding 10% over the past five years [3]. - The shift to "reporting and execution consistency" is expected to create short-term challenges for companies reliant on scale-driven growth, but will ultimately lead to improved industry quality and profitability [8][10]. Group 3: Long-term Benefits - The notification is anticipated to foster innovation in products and services, shifting competition from price and channels to product design, risk management, and customer experience [10][12]. - Insurance intermediaries are expected to transition from a "sales-oriented" model to a "service-oriented" approach, enhancing compliance and professional capabilities [10].