Core Viewpoint - The insurance industry is entering an era of "big data" regulation, with the Financial Regulatory Bureau emphasizing standardized data reporting to enhance oversight and improve data quality and governance within insurance companies [1][3]. Group 1: Regulatory Changes - The Financial Regulatory Bureau issued a notification to life insurance companies regarding the 2024 version of standardized regulatory data reporting, aiming to unify data formats for better monitoring [3][6]. - Companies began reporting standardized regulatory data in April 2023, but issues with data completeness and reporting have been identified [3][4]. Group 2: Data Reporting Issues - Several companies reported errors in data files, including discrepancies between report content and data package content, leading to failures in data submission [2][4]. - Historical data reporting has been problematic, with some companies failing to backtrack data from January 1, 2023, resulting in underreporting of premiums and claims [2][4]. Group 3: Data Quality and Governance - Companies have faced challenges with data quality, including improper data processing and inaccuracies in employee and financial information [4][6]. - The notification mandates that each data table has designated responsible departments and individuals to ensure data integrity and governance [6]. Group 4: Compliance Requirements - Companies are required to enhance data governance, ensuring accurate and complete historical data reporting by August 20, 2025, for those with reporting issues [6][7]. - The notification emphasizes the need for timely and accurate monthly data submissions, with strict guidelines on data revision processes [6][7]. Group 5: Industry Challenges - The industry faces challenges in data security and privacy protection while improving regulatory efficiency through big data [7]. - Ensuring the authenticity, completeness, and consistency of collected data remains a significant concern for both regulators and insurance companies [7].

Core Points - The National Data Bureau successfully held the 8th Digital China Construction Summit focusing on data infrastructure and standardization [1] - Liu Liehong emphasized the public nature of national data infrastructure construction, highlighting its role in benefiting the public and the need for broad societal participation and standards support [1] - The National Data Bureau plans to advance pilot projects, integrate technical routes like data spaces, and accelerate the construction of data infrastructure and relevant standards [1] - Jiang Erxiong stated that Fujian Province prioritizes digital construction as a foundational and leading project for high-quality development, aiming to enhance data infrastructure and standardization [1] Summary by Categories National Data Bureau Initiatives - The National Data Bureau will focus on pilot projects and the integration of technical routes, including trustworthy data spaces [1] - There will be an emphasis on the construction of the main structure of data infrastructure and research on major issues [1] - The Bureau aims to accelerate the development of relevant standards, focusing on planning, project guidance, institutional support, and standard direction [1] Fujian Province's Digital Development - Fujian Province is committed to integrating data infrastructure and standardization as part of its high-quality development strategy [1] - Future efforts will include establishing regional data hubs, tackling core technologies, and strengthening security measures [1]