China Banking and Insurance Regulatory Commission issued a document to raise the operating standard of agricultural insurance business and a smooth exit mechanism
China News Agency, Beijing, June 12 (Reporter Wang Enbo) In response to the industry's relatively concentrated access to the agricultural insurance market, the China Banking and Insurance Regulatory Commission announced on the 12th "Notice on Further Clarifying the Operating Conditions of the Agricultural Insurance Business", saying that it will improve related business Operating standards, establish and improve the exit mechanism.
According to the person in charge of the relevant department of the China Banking and Insurance Regulatory Commission, the "Notice" clarifies the operating conditions of the agricultural insurance business, strengthens dynamic supervision, establishes an agricultural insurance operation evaluation mechanism, and unblocks the exit mechanism in accordance with the principles of legal compliance, improved standards, combined decentralization, and dynamic supervision. , Establish and improve the entire process of agricultural insurance business operating conditions management system, deepen the structural reform of the agricultural insurance supply side, and promote the stable and healthy development of the agricultural insurance market.
Specifically, the "Notice" has further improved the operating standards of agricultural insurance business in terms of legal compliance, risk management and control capabilities, agricultural insurance service capabilities, and informatization level.
Regarding the withdrawal mechanism, on the one hand, if an insurance institution voluntarily withdraws for its own reasons, it should report to the banking insurance supervision and management department. On the other hand, the "Notice" stipulates that for insurance institutions that do not meet the requirements to operate agricultural insurance business, the bank insurance supervision and management agency shall order corrections within a time limit and stop accepting new business. If the corrections are not made within the time limit or cause serious consequences, 100,000 yuan will be imposed ( Renminbi, the same below) and a fine of more than 500,000 yuan can be ordered to suspend business for rectification or to revoke the insurance business license.
In addition, in the early stage of the development of China's agricultural insurance, the decentralized mechanism of agricultural insurance was not perfect. In order to make up for the capital strength of a single company and the lack of experience in agricultural insurance management, some regions formed agricultural insurance co-insurances and responded to catastrophic risks by "group heating". From an overall perspective, the agricultural insurance co-insurance model has played an active role in improving operational stability and preventing catastrophic risks; but there are also companies that hinder competition, inhibit innovation, and do not have the conditions to operate agricultural insurance businesses. problem.
In response to the above situation, the government has also made targeted regulations. For example, in light of the fact that the current supply of agricultural insurance business entities in various regions is relatively sufficient, the "Notice" clearly requires that provincial branches that do not have the conditions for agricultural insurance business shall not participate in the local agricultural insurance business in the form of co-insurance; for co-insurance is not conducive to competition and For the drawbacks of innovative services, the "Notice" proposes that CPS should strengthen its own management, clarify the rights and obligations of all parties, strengthen risk management and control, encourage moderate competition and innovation, and improve service capabilities and levels. (Finish)