“见费出单”，非车险“报行合一”落地

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to extend the "reporting and execution" regulatory system from the auto insurance sector to the non-auto insurance market, effective November 1, 2025, while abolishing the old regulations from 2007 [2][3]. Industry Background - Non-auto insurance business has seen rapid growth, with its premium share increasing from 37.1% in 2019 to 47.4% in 2024, according to Guosen Securities [2][3]. - The industry faces challenges such as underwriting losses in key products like liability and corporate property insurance, prompting the need for regulatory changes to curb irrational competition and refocus on product innovation and service enhancement [2][3]. Regulatory Changes - The notice defines non-auto insurance as all property insurance excluding motor vehicle insurance, with specific provisions for agricultural and export credit insurance [3]. - The "reporting and execution" requirement mandates that property insurance companies strengthen premium rate management and adhere to approved product rates, addressing long-standing issues of price distortion due to aggressive competition [3][4]. Implementation of "See Fee Issue Policy" - The notice mandates that insurance companies issue policies only after collecting premiums, addressing the issue of unregulated premium receivables that have led to financial burdens and disputes [5]. - This policy aims to reduce financial risks and bad debt pressures for property insurance companies, promoting a shift from aggressive competition to a focus on service and quality [5]. Collaborative Efforts - The notice emphasizes the need for regulatory bodies to monitor operational indicators of property insurance companies and conduct timely regulatory interviews and inspections for those exceeding approved fee levels [6]. - Industry organizations are tasked with developing industry standard clauses and self-regulatory guidelines to support the implementation of the new regulatory framework [6]. Definition of "Reporting and Execution" - "Reporting and execution" requires insurance companies to align their actual operational behaviors with the core elements declared during product registration, aiming to enhance transparency and curb malicious competition in the industry [7].