“报行合一”遏制保险非理性竞争

Core Viewpoint - The recent notification from the National Financial Supervision Administration marks the official implementation of the "reporting and execution in unison" reform in the non-auto insurance sector, effective from November 1, 2025, which is a significant upgrade following the comprehensive reform of auto insurance, aimed at promoting high-quality development in property insurance, maintaining market order, and protecting consumer rights [1][2]. Summary by Relevant Sections Non-Auto Insurance Business - Non-auto insurance, which refers to all property insurance excluding vehicle insurance, has seen rapid growth, accounting for over 53% of total property insurance premiums by mid-2025. This growth has led to a transformation in the industry, becoming a "second curve" for property insurance companies [1]. Regulatory Changes - The reform signals a shift away from the "scale-first" approach, with regulators emphasizing the need for insurance companies to reduce the weight of premium scale and market share in assessments, focusing instead on compliance, quality, efficiency, and consumer protection [1][2]. Fee and Rate Management - The core of the "reporting and execution in unison" principle is to ensure that the actual terms and rates executed by insurance companies align with the filed content. The notification addresses issues such as high fees and cost control, aiming to restore pricing order and curb irrational competition [2]. Industry Impact - While short-term challenges are expected, particularly for smaller insurers reliant on high fees for expansion, the long-term goal is to establish a fair competitive ecosystem and reshape the industry towards effective risk management and social security [3]. Governance and Execution - The reform emphasizes the importance of execution, with a mechanism established for enforcement and accountability among regulatory bodies and industry associations, promoting a governance structure that combines regulation and self-discipline [2][3]. Long-term Vision - The ultimate aim of the reform is to redirect resources towards risk identification, prevention, and reduction, allowing the insurance industry to serve as a stabilizer for the real economy and a buffer for social security [3].