非车险业务“阴阳费率”将被严查

Core Viewpoint - The implementation of the "reporting and execution" (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][4][6]. Regulatory Changes - The Financial Regulatory Authority 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][2]. - The notification includes 12 key points aimed at optimizing assessment mechanisms, strengthening rate management, and regulating intermediary management [2][3]. 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 [2]. - The shift to "reporting and execution" is expected to create short-term challenges for companies reliant on scale-driven growth, but will ultimately lead to improved industry quality and profitability [4][6]. Market Dynamics - The notification aims to curb irrational competition and ensure that insurance companies align their reported and actual expense rates, thereby preventing discrepancies [1][2]. - Companies will need to adapt to a new competitive landscape that emphasizes product design, risk management, and customer experience rather than just pricing and sales volume [6][7]. Long-term Benefits - The regulatory changes are anticipated to foster innovation in products and services, as companies will be encouraged to focus on sustainable growth and risk management [6][7]. - Intermediary institutions are expected to transition from a sales-oriented approach to a service-oriented model, enhancing compliance and professional capabilities [6].