Xin Lang Cai Jing·2025-10-13 10:13Core Viewpoint - The recent notification from the National Financial Regulatory Administration emphasizes the implementation of a "reporting and execution consistency" system in the non-auto insurance sector, aiming to enhance rate management and ensure transparency in premium income management, effective from November 1, 2025 [1][2]. Summary by Sections Regulatory Changes - The notification introduces a comprehensive "reporting and execution consistency" system for non-auto insurance, which mandates that all actual terms and rates must align with those submitted to regulators [2]. - The notification consists of 12 key points, including optimizing assessment mechanisms, strengthening rate management, and regulating operational expenses [2]. Industry Response - Major insurance companies, including China Insurance and Ping An Property & Casualty, have established dedicated teams to ensure compliance with the new regulations and are actively preparing for the implementation [4][5]. - The industry views the notification as a crucial step towards transitioning from a "scale-oriented" to a "quality-oriented" business model, promoting rational competition and sustainable development [3]. Market Dynamics - The non-auto insurance market has been experiencing rapid growth, nearing half of the total property insurance premiums, but has also faced issues such as excessive competition and high commission fees [1][2]. - The notification aims to address these challenges by enforcing stricter controls on fees and ensuring that insurance companies adhere to transparent practices, thereby protecting consumer rights [3][5].