东海证券：非车险高质量发展稳步推进 建议把握稀缺行业龙头配置机会

Core Viewpoint - The implementation of the non-auto insurance "reporting and operation in unison" policy marks a transition from policy promotion to full-scale implementation, aiming to enhance compliance and quality-driven development in the non-auto insurance sector [1] Group 1: Regulatory Framework - The introduction of a systematic regulatory framework aims to avoid "involution" competition in the non-auto insurance market, which has been characterized by irrational competition and high costs [1] - The new regulations allow insurance companies to reasonably reduce premium scales and business growth rates, guiding them to focus more on quality and profitability [1] Group 2: Phased Implementation - The new regulations require the full implementation of non-auto insurance "reporting and operation in unison" starting November 1, with a clear timeline for the re-filing of different products [2] - The staggered re-filing deadlines provide insurance companies with ample preparation time, ensuring a smooth rollout of the policy [2] Group 3: Rate Cap Differentiation - The new regulations set differentiated upper limits for premium rates, with larger companies facing stricter constraints compared to smaller ones [3] - Specific caps are established for predetermined additional rates and average handling fees, with larger companies having a 30% cap and smaller companies a 35% cap for additional rates [3] Group 4: Premium Income Management - The new regulations stipulate that insurance companies must issue policies and invoices after collecting premiums, with specific guidelines for premium payment terms [4] - The guidelines also impose restrictions on the number of payment installments based on the insurance duration, ensuring orderly business operations and protecting both parties' rights [4] Group 5: Market Behavior Supervision - The new regulations emphasize the need for enhanced market behavior supervision, adopting similar inspection mechanisms as those used in auto insurance [5] - Industry organizations are tasked with developing standard clauses and supporting the high-quality development of non-auto insurance [5]