加强费率管理 规范经营管理费用 非车险业务实施“报行合一”制度

Core Viewpoint - The issuance of the "Notice on Strengthening the Supervision of Non-Motor Insurance Business" by the Financial Regulatory Bureau marks the full launch of the "reporting and execution consistency" for non-motor insurance, requiring insurance companies to align actual insurance terms and premium rates with the submitted filing materials [1][2]. Summary by Relevant Sections Regulatory Requirements - The "Notice" standardizes the development and use of related products, strengthens premium rate management, and mandates strict adherence to filed insurance products, thereby clarifying the "reporting and execution consistency" requirement for non-motor insurance [2][3]. Industry Trends - The share of non-motor insurance in total property insurance premiums has increased from 37.1% in 2019 to 47.4% in 2024, indicating significant growth in this sector [2]. - However, this rapid expansion has led to intensified competition, with some institutions resorting to practices like splitting coverage amounts or altering the nature of insured items to reduce premiums, which distorts cost structures and pressures underwriting profits [2][3]. Quality and Compliance Focus - The "Notice" emphasizes that property insurance companies should lower the assessment requirements for premium scale, business growth, and market share while increasing the weight of compliance, quality efficiency, and consumer rights protection [2][3]. - It also calls for a shift from pursuing scale and speed to focusing on quality and efficiency in non-motor insurance business development [1][2]. Fee Management and Operational Standards - Specific measures include enhancing premium income management, requiring companies to issue policies and invoices only after collecting premiums, and ensuring accurate collection of customer information [4]. - The "Notice" aims to curb issues related to accounts receivable in non-motor insurance, mandating a "fee upon issuance" policy to mitigate bad debt risks [3][4]. Consumer Protection and Market Stability - The regulatory bodies are tasked with improving underwriting and claims services in non-motor insurance, promoting a market that is adequately protected, reasonably priced, and well-regulated, thereby enhancing consumer satisfaction [5]. - The "Notice" is framed within the context of "risk prevention, transformation promotion, and quality enhancement," aiming to rebuild a rational competitive order in the non-motor insurance market [5]. Long-term Profitability and Challenges - In the first eight months of this year, total premium income for property insurance companies reached 1.22 trillion yuan, with non-motor insurance contributing 619.5 billion yuan, accounting for 50.8% of the total [6]. - Despite this, non-motor insurance profitability lags behind motor insurance, with challenges including insufficient pricing and actuarial capabilities, resistance from intermediary channels, and potential profitability pressures due to dual constraints on rates and fees [6][7]. Future Outlook - The "reporting and execution consistency" is expected to have short-term impacts but will benefit the industry in the long run by promoting companies with strong actuarial capabilities and risk management [7]. - The regulatory changes will encourage intermediaries to shift from a sales-oriented approach to a service-oriented model, enhancing compliance and professional capabilities [7].