Xinhua News Agency, Beijing, September 11 (Reporter Tan Moxiao) The reporter learned from the China Banking and Insurance Regulatory Commission that in order to improve the auto insurance actuarial system, prevent irrational competition, and promote the high-quality development of auto insurance, the China Banking and Insurance Regulatory Commission recently issued the "Exemplary Actuarial Regulations for Commercial Auto Insurance" .
The comprehensive reform of auto insurance will be formally implemented on September 19.
With the liberalization of front-end prices, the comprehensive reform of auto insurance requires a relatively strict actuarial system as a guarantee.
Actuarial regulations require that insurance companies should establish rate backtracking and product correction mechanisms, dynamically monitor and analyze the deviation of rate actuarial assumptions from the company's actual operating conditions, and adjust the commercial auto insurance rates in a timely manner.
The chief actuary of an insurance company shall periodically evaluate the reasonableness of the pricing assumptions. If there is a major deviation between the pricing assumptions and the actual operating results or the insurance company has major risks such as insufficient pricing, it shall promptly report to the supervisory authority.
Actuarial regulations are clear that if an insurance company has a commercial auto insurance product filed with a regulatory agency, if there are circumstances such as inaccurate rates, the regulatory agency can take regulatory measures such as ordering the insurance company to stop using the product.