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Since the reform and opening up, especially the 16th Party Congress, remarkable achievements have been made in the reform and development of the insurance industry in China. The insurance business has grown rapidly, the service area has been continuously broadened, the market system has been increasingly improved, the laws and regulations have been gradually improved, the supervisory capabilities have been continuously enhanced, the risks have been effectively prevented, and the overall strength has been obviously reinforced. It has played an important role in promoting the reform, guaranteeing the economy, stabilizing the society, and benefiting the people. However, since the insurance industry has a late start, weak base and narrow coverage, and its functions are not fully exerted, it is unable to adapt to the requirements for building a well-off society in an all-round way and building a harmonious socialist society, to adapt to building sound socialist market economy, and to adapt to the new situation of economic globalization, financial integration and opening up to the outside world in all-round way. Facing the future, the development of insurance industry stands on a new historical starting point with huge development potentiality and space. In order to fully implement the scientific development view, clarify the guiding ideology, objectives, tasks, policies and measures of the reform and development of the insurance industry for a period in future, accelerate the reform and development of the insurance industry, and promote the construction of a harmonious socialist society, we hereby give our following opinions: I. FULLY RECOGNIZING THE IMPORTANT SIGNIFICANCE OF ACCELERATING THE REFORM AND DEVELOPMENT OF THE INSURANCE INDUSTRY Insurance plays the functions of economic compensation, financing and social management. It is a basic means of risk management under market economy conditions, and an important part of the financial system and the social security system, and plays an important role in building a harmonious socialist society. Accelerating the reform and development of the insurance industry can help respond to the risks of disasters and accidents, and guarantee the safety of the people's lives and properties as well as the stable operation of the economy. Every year, the people in China suffer from huge life and property losses due to natural disasters and various traffic or work accidents. Due to restrictions in respect of system, mechanism, etc., only a low proportion of enterprises and families buy insurances, and only a small part of losses from disasters and accidents can be remedied through insurance. Such a situation is not beneficial to timely resuming the work and living order, and meanwhile increases fiscal burdens and matters of the government. Accelerate the reform and development of the insurance industry will play an irreplaceable important role in building a market-based mechanism for remedying losses from disasters and accidents, improving the disaster prevention and relief system, enhancing the capabilities of the whole society to prevent risks, and promoting the rapid and healthy development of the economy. To accelerate the reform and development of the insurance industry helps improve the social security system and satisfy the masses' multi-level demands for social security. China is presently within a key period for improving socialist market economy, when the ageing progress of the population speeds up, the people's living standards are improved, and the demand for social security becomes increasingly urgent. To accelerate the reform and development of the insurance industry, and to encourage and induce the masses to buy insurances of commercial endowment or health, will be of important practical significance to improving the social security system, raising the level of social security of the whole society, enlarging consumer demand, and realizing social stability and harmony. To accelerate the reform and development of the insurance industry can help optimize the allocation of financial resources and improve socialist market economy. The financial system of China develops unevenly, with excessive indirect financing, which has affected the efficiency of allocating financial resources, and obstructed the diffusion and elimination of financial risks. The beginning 20 years of the present century are an important strategic opportunity period for China to speed up its development, so the core function of finance in modern economy is even more prominent. To accelerate the reform and development of the insurance industry, to exert the important functions of insurance in allocating financial resources, and to promote the coordinative development of currency market, capital market and insurance market will be of important significance to improve the financial system and the socialist market economy. To accelerate the reform and development of the insurance industry is beneficial to social management and public service innovations, and can help improve the efficiency of government administration, as well. With the deepening of the reform of administration system, the governments must integrate various social resources, make full use of the various market mechanisms and means, and continuously improve social management and public services. To accelerate the reform and development of the insurance industry, to actively adopt the insurance mechanism in social management, to coordinate various interest relations, to effectively eliminate social contradictions and disputes, and to propel public service innovations will be an important promotion to improving the socialized economic compensation mechanism, further transforming government functions, and improving the efficiency of government administration. II. GUIDING IDEOLOGY, OVERALL OBJECTIVE AND MAJOR TASKS FOR ACCELERATING THE REFORM AND DEVELOPMENT OF THE INSURANCE INDUSTRY With the uplift of the economic and social development level of China and the continuous improvement of its socialist market economy, the masses' recognition of insurance has been further deepened, their demand for insurance has become increasingly stronger, thus insurance has come to play an ever more prominent role, and the base and conditions for its development has become increasingly mature. To accelerate the reform and development of the insurance industry has become a necessary requirement for promoting the construction of a harmonious socialist society. The guiding ideology to accelerate the reform and development of the insurance industry shall be: by upholding Deng Xiaoping Theory and the important thoughts of "Three Represents" as guide, adhere to the human-oriented and all-roundly coordinated sustainable scientific development view, and being based on the overall situation of reform, development and stability, focus on resolving the contradictions between the insurance industry and the economic and social development or the living demand of the people, deepening the reform, speeding up the development, trying to be stronger, developing a Chinese-characteristic insurance industry, giving full play to the functions of insurance as an economic "roll booster" and social "stabilizer", so as to serve the construction of a well-off society in an all-round way and a harmonious socialist society. The overall objective shall be: to build up a modern insurance industry with a sound market system, wide service areas, credible and regulated operation, sufficient repayment capacity and strong comprehensive competitive strength, which unifies the development speed, quality and effects. Surrounding this objective, the major tasks shall be: to broaden insurance service areas, to actively develop the property insurance, life insurance, reinsurance and insurance intermediary market, and to improve the insurance market system; to continue deepening the reform of the system and mechanisms, improve the corporate governance structure, uplift the quality and level of opening to the outside world, and to enhance the international competitive strength and the capacity of maintaining sustainable development; to propel independent innovations, adjust and optimize the structure, to transform the way of growth, and to continuously uplift the service level; to strengthen the management of use of insurance funds, uplift the level of using funds, and to provide fund supports for national economic construction; to strengthen and improve supervision, prevent and eliminate risks, and to earnestly protect the lawful rights and interests of the insured; to improve regulations and policies, propagandize and disseminate insurance knowledge, speed up the building of an insurance credit system, propel the honesty and credibility construction, and to create a good development environment. III. PROPELLING EXPERIMENTS ACTIVELY AND STEADILY, AND DEVELOPING MULTI-FORM AND MULTI-AVENUE AGRICULTURAL INSURANCE We shall carefully sum up the experiences in experiments, research and make supporting policies, quest for and build up an agricultural insurance development mode suitable for the situation of China, regard agricultural insurance as an innovation to support agriculture, and include it into the agricultural support and protection system. We shall give play to the enthusiasm of the Central Government, local governments, insurance companies, leading enterprises, farmer households and other sectors, give play to the functions of the agricultural sector in propelling agricultural insurance legislation, inducing farmers to buy insurances, in coordinating the relations of all parties involved, and in promoting the agricultural insurance development, enlarge the coverage of agricultural insurance, and build up a agricultural insurance system of multi-form operation and with multi-avenue supports step by step. We shall clarify the business scope of policy-based agricultural insurance, provide policy support, and promote the development of agricultural insurance in China. We shall change the mode of singular agricultural disaster relief with post-disaster fiscal subsidies, and gradually build up an agricultural risk prevention and relief mechanism combining policy-based agricultural insurance with fiscal subsidies. We shall explore the methods, varieties and proportions of subsidies provided by the central and local treasuries to farmers who have bought insurances, provide proper management subsidies to the policy-based agricultural insurance run by insurance companies, and gradually build up a long-term mechanism for the development of agricultural insurance. We shall improve the multi-level mechanism for transferring and sharing the risks of huge agricultural disasters, and explore an agricultural reinsurance system supported by both central and local treasuries. We shall explore and develop various forms of agricultural insurance organizations of mutual and cooperative mechanism, and encourage leading enterprises to provide fund support to farmer households who buy agricultural insurance. Insurance companies shall be supported to develop agricultural insurance products with moderate security, low premiums and exoteric policies, and build up service networks and sales avenues suitable for agricultural insurance. We shall support agricultural insurance companies to open characteristic agricultural and other agriculture-involved insurance business and to uplift their agricultural insurance service level. IV. MAKING AN OVERALL PLANNING ON DEVELOPING URBAN AND RURAL COMMERCIAL ENDOWMENT INSURANCE AND HEALTH INSURANCE, AS WELL AS IMPROVING THE MULTI-LEVEL SOCIAL SECURITY SYSTEM We shall adapt ourselves to the new situation of improving the socialist market economy and building a new socialist countryside, make great efforts to develop life insurance business in respect of commercial endowment insurance and health insurance, and satisfy the demand of urban and rural masses for insurance. We shall actively develop insurance business of endowment for individuals and entities. Qualified enterprises shall be encouraged and supported to build up multi-level pension plans through commercial insurance and to improve their security for employees. We shall give full play to the professional advantages of insurance institutions in respect of actuarial analysis, investment, account management and payment of pension, encourage them to actively participate in enterprise annuity business as well as to broaden and supplement endowment insurance service areas. We shall make great efforts to propel the development of health insurance, and support relevant insurance institutions to invest in medical institutions. We shall endeavor to develop commercial endowment insurance, health insurance and accident injury insurance suitable for farmers. We shall establish the system on contraceptive operation insurance and rural family planning and family endowment insurance. We shall actively quest for the effective methods for insurance institutions to take part in new rural cooperative medical care management, and propel the healthy development of new rural cooperative medical care. V. MAKING GREAT EFFORTS TO DEVELOP LIABILITY INSURANCE, AND IMPROVING WORK SAFETY GUARANTEEING AND EMERGENCY RESPONDING MECHANISM We shall give full play to the important functions of insurance in preventing and reducing losses from disasters and in dealing with disasters and accidents, and include insurance into the disaster and accident prevention and relief system. We shall continuously enhance the risk management capacities of insurance institutions, make use of the mechanism of unifying pre-insurance prevention and after-the-event compensation, give full play to the incentive functions of the insurance premium leverage, intensify before-the-event risk prevention, reduce disasters and accidents, and promote the management of work safety and emergency response. We shall adopt the methods such as market-oriented operations, policy-based guidance, government propelling, and legislative compulsion, to develop the insurance business in respect of work safety liability, construction engineering liability, product liability, public liability, practicing liability, board director's liability, environment pollution liability, etc. In the coal mining industry and other similar industries, we shall practice experiments on compulsory liability insurance, and shall, after having accumulated enough experiences, gradually spread compulsory liability insurance to the highly dangerous industries, public gathering places, domestic and abroad travel services. We shall improve the risk deposit system for work safety in highly dangerous industries, and explore the regularized ways of management and operation through professional insurance companies. We shall further improve the compulsory liability insurance system for traffic accidents of motor vehicles. We shall establish uniform medical treatment liability insurance after experiments, and propel the insurance industry to participate in "safe construction". VI. PROPELLING INDEPENDENT INNOVATIONS AND UPLIFTING THE SERVICE LEVEL We shall improve the insurance innovation mechanism with insurance enterprises as the subjects and market demands as the guidance, which combines imports and independent innovations. We shall develop the insurance business for hi-tech industries such as aviation, spaceflight, bio-medicine, etc., and provide risk guaranty for independent innovations. We shall steadily develop consumption credit guaranty insurance for houses and automobiles, and promote consumption growth. We shall actively propel insurance business in the areas of construction projects, project financing, etc., support and develop export credit insurance, so as to promote foreign trade and investment. We shall endeavor to develop various property and life insurance products that meet the demands of the people of different classes, different occupations and in different areas, optimize product structure, and broaden the service areas. We shall make use of modern information technology to increase the technological content of insurance products, develop new service methods such as online insurance, etc., and uplift the service level in an all-round way. The insurance actuarial capacities shall be enhanced, and insurance premiums shall be determined rationally. We shall make great efforts to make insurance clauses exoteric and insurance service standardized. We shall strengthen education and trainings for insurance sales staff, and uplift the sales service level. The insurance industry shall give play to the positive functions of insurance intermediary institutions in respect of insurance underwriting, claim handling, risk management and product development, and provide more professional and convenient insurance services. The insurance industry shall speed up in developing the reinsurance business, and promote the coordinative development of reinsurance market and direct insurance market. We shall make an overall planning on regional development of the insurance industry, and uplift the insurance service level in minority ethnic group areas and under-developed areas. The development of professional insurance companies in the areas of commercial endowment insurance, health insurance and liability insurance, shall be encouraged. Qualified insurance companies shall be supported to, by way of restructuring, merger, or acquisition, develop themselves into insurance share-controlling (group) companies with international competitive strength. We shall steadily propel the experiments of insurance companies' comprehensive operations, explore wider and deeper cooperation between the insurance industry and the banking or securities sector, so that the insurance industry may provide multiple and comprehensive financial and insurance services. VII. UPLIFTING THE LEVEL OF USING INSURANCE FUNDS, AND SUPPORTING THE CONSTRUCTION OF NATIONAL ECONOMY We shall deepen the reform of the insurance fund utilization system, propel professional, regularized and market-based operation of insurance funds, and uplift the level of using insurance funds. We shall establish an effective risk control and pre-warning mechanism, apply all-round risk management, and guarantee the safety of assets. Insurance asset management companies shall have the consciousness of long-term investment, and follow the requirement of unifying safety, liquidity and profitability to earnestly manage insurance assets. Qualified insurance asset management companies shall be allowed to gradually enlarge the scope of asset management. They shall explore a mechanism for independent trusteeship of insurance funds. On the premise that the risks are controllable, insurance funds shall be encouraged to be directly or indirectly invested into capital market, the investment proportion may be increased gradually, the scale and varieties of asset-backed securities invested with insurance funds may be enlarged steadily, and experiments may be made on investing insurance funds to real property and venture capital enterprises. Insurance funds shall be supported to be converted into the shares of commercial banks, and be contributed as overseas investments. As required by the demand for developing national economy, the insurance industry shall continuously broaden the avenues and scope of using insurance funds, and give full play to the advantages of long term and stability of insurance funds, so as to provide fund supports to national economy construction. VIII. DEEPENING THE SYSTEM REFORM, UPLIFTING THE LEVEL OF OPENING UP, AND ENHANCING THE CAPACITY OF SUSTAINABLE DEVELOPMENT We shall further improve the governance structure of insurance companies, regulate the powers and duties of shareholders' meeting, board of directors, board of supervisors and managers, and form a balanced mechanism between the authority, the decision-making institution, the supervisory institution and managers. We shall strengthen the construction of internal control system and the risk management, intensify the management and control responsibilities of legal entities, improve and fulfill the system of investigating insurance management liability. We shall transform the operational mechanisms, establish a rational assessment system, and explore regularized stock right-based and option-based incentive mechanisms. We shall implement the strategy of revitalizing the industry by depending on talents, deepen the reform of the system on talents, optimize the structure of talents, and build up a high-quality group of talents. We shall make an overall planning on domestic development and opening up, make full use of two markets and two resources, and enhance the insurance industry's competitive strength and development capacity under the conditions of opening to the outside world in an all-round way. We shall carefully implement China's commitments for accession to the WTO, promote Chinese-capital and foreign-capital insurance companies to exploit their respective advantages for mutual benefits, to cooperate with each other for a win-win situation, and to develop together. We shall support qualified domestic insurance companies to establish business offices outside the territory of China, and to provide insurance services for the strategy of "Going Out". We shall extensively carry out international insurance exchanges, and actively participate in making international insurance rules. We shall intensify the cooperation with overseas institutions particularly the insurance regulatory authorities of surrounding countries and regions, and strengthen trans-territorial insurance business supervision. IX. STRENGTHENING AND IMPROVING THE REGULATORY MEASURES, AS WELL AS PREVENTING AND ELIMINATING RISKS We shall adhere to regarding the prevention of risks as the lifeline for the healthy development of the insurance industry, and continuously improve the modern insurance regulatory system supported with repayment capacity, corporate governance structure and supervision over market-based acts. We shall strengthen the supervision of repayment capacity, establish a dynamic repayment capacity supervision index system, improve the actuarial rules, and unify financial statistical indicators and performance evaluation standards. With reference to international practices, we shall research and make accounting rules conforming to the features of the insurance industry, guarantee the accounting data to be true, timely and transparent, and improve the scientificity and binding force of the supervision of repayment capacity. We shall deeply propel the supervision of governance structure of insurance companies, regulate connected transactions, strengthen disclosure of information, and improve transparency. We shall intensify the supervision of market-based acts, enhance on-site and off-site inspections, severely investigate and punish the illegal and rule-breaking acts in insurance business, and improve the pertinency and validity of the supervision over market-based acts. We shall, in light of the requirements of being highly standard and being regularized, reinforce insurance market accession, and establish a market-based withdrawal mechanism. We shall implement classified supervision, support the superior and restrict the inferior. We shall improve the capital supplement mechanism in the insurance industry. We shall improve the insurance guaranty fund system, and gradually realize the market-oriented and professional operation. We shall establish and improve the information system for insurance supervision, and improve the supervision efficiency. We shall regulate the insurance organizational forms of self-managed industrial insurance, mutual cooperation insurance, etc., rectify and regulate the establishment of insurance companies by certain industries or enterprises themselves, and subject them to uniform insurance supervision. We shall research and gradually implement the consolidated supervision over the insurance share-controlling (group) companies. We shall improve the supervision coordination mechanism between the insurance industry and other financial industries, prevent financial risks from being shifted to other industries, and maintain the state's economic and financial safety. We shall speed up the construction of the insurance credit system, and cultivate the insurance honesty and credibility culture. We shall strengthen the honesty and credibility education of practitioners, intensify the mechanism on penalizing those who are dishonest, and earnestly resolve the problems of misleading acts and difficulties in obtain compensations. We shall strengthen the construction of self-disciplinary organizations in the insurance industry, establish a mechanism for rapid settlement of insurance disputes, and earnestly protect the lawful rights and interests of the insured. X. FURTHER IMPROVING REGULATIONS AND POLICIES, AND CREATING A GOOD DEVELOPMENT ENVIRONMENT To accelerate the reform and development of the insurance industry, we shall adhere to the principle of giving play to the basic functions of the market in the allocation of resources on one hand, and strengthening government's macro-control and policy guidance on the other, and shall also make greater efforts in policy supports. We shall, on the basis of the nature of different kinds of risks, and according to the principle of discriminated treatment, explore proper tax preferences for policy-based insurance business involving national interest and people's livelihood, and encourage the masses and enterprises to buy insurances actively. We shall, being based on the situation of China and in combination with the taxation reform, improve and promote the taxation policies for development of the insurance industry. We shall continue to improve the policies and measures on insurance sales staff's practice and on guaranty of their interests. We shall establish an insurance system for the risks of huge disasters, which is supported with the state's fiscal funds. The insurance law shall be amended and improved, the construction of agricultural insurance laws and regulations shall be accelerated. We shall research on propelling the legislation in respect of commercial endowment, health insurance, liability insurance and insurance asset management, and improve insurance regulations and rules. We shall include insurance education into high school and primary school courses, give play to the obverse propagandizing and guiding functions of the news media, disseminate insurance knowledge, and improve the consciousness of the people on risks and insurance. All regions and all departments shall fully recognize the important significance to accelerate the reform and development of the insurance industry, strengthen communication, coordination and cooperation, to endeavor to learn insurance, understand insurance and use insurance, and to enhance their capacities of utilizing the insurance mechanism to promote the construction of a harmonious socialist society. They shall include the insurance industry into the local or industrial development planning for overall consideration, carefully fulfill all regulations and policies, and create a good environment for the reform and development of the insurance industry. The administrative sector shall adhere to exercising administrative powers according to law, and earnestly maintain the management autonomy as well as other lawful rights and interests of insurance enterprises. CIRC shall continue enhancing its capacities in leading the development of the insurance industry and the prevention of risks, carefully perform its duties, strengthen classified guidance, and propel fulfillment of policies. We shall, upon strength of common efforts of the whole society, realize rapid and healthy development of the insurance industry, so as to promote the construction of a harmonious socialist society. |
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