China-Singapore Jingwei Client, September 28th (Wei Wei) The Internet Insurance Business Supervision Measures once again announced the draft for soliciting comments.
On September 28, the China Banking and Insurance Regulatory Commission issued the "Measures for the Supervision of Internet Insurance Business (Draft for Solicitation of Comments)" (hereinafter referred to as the new version of the Opinion Draft), 9 months have passed since the last public comment.
The Sino-Singapore Jingwei client found that the new version of the draft has a total of 5 chapters and 83 articles, which is somewhat simplified compared with the old version of 7 chapters and 106 articles.
One of the highlights of the new regulations is the subdivision of the types of licensed entities, especially the increase of relevant requirements for the insurance agency business of Internet companies.
Second time for comments
The "Interim Measures for the Supervision of Internet Insurance Business" were implemented in October 2015, but it has expired in October 2018, and the new regulatory measures have always attracted the attention of the industry.
"In recent years, the rapid development of Internet insurance business has made up for the shortcomings of the traditional insurance business model, and has had a profound impact on the insurance industry. Especially since the outbreak of this year, Internet insurance has become more widely used and has a higher market share. It also exposed Some new problems and hidden risks have brought challenges to the industry and supervision." said the relevant person in charge of the Intermediary Department of the China Banking and Insurance Regulatory Commission.
In December 2019, the China Banking and Insurance Regulatory Commission issued the Internet Insurance Business Supervision Measures (Draft for Comment) for the first time to solicit opinions from the industry.
After a lapse of 9 months, the new version of the opinion draft once again solicited public opinions.
The new version of the opinion draft consists of 5 chapters and 83 articles, including general rules, basic business rules, special business rules, supervision and management and supplementary rules.
Compared with the first public comment draft, what changes have been made in the new version of the comment draft?
The above-mentioned person in charge introduced that on the basis of fully absorbing opinions from all walks of life, the new version of the opinion draft has been further adjusted and improved.
The first is to strengthen the licensed operation principles of licensed institutions, emphasizing "institutions and personnel holding certificates", and clearly restricts and prohibits cooperative institutions; second, the types of licensed entities are subdivided, especially the increase The relevant requirements of the insurance agency business of Internet companies. With the rapid development of Internet companies, their platform advantages have gradually manifested and become a distinctive feature of the industry. Therefore, the new version of the opinion draft puts forward specific requirements for the insurance agency business of Internet companies; third, insurance products Regarding sales areas and sales types, the new version of the opinion draft focuses on stipulating principles and directions. In the next step, the China Banking and Insurance Regulatory Commission will issue relevant normative documents on specific products and regional policies.
Internet company insurance agency business must be licensed
Which institutions can carry out Internet insurance business?
The new version of the draft opinion stipulates that Internet insurance business should be carried out by insurance institutions established according to law, and other institutions and individuals are not allowed to carry out Internet insurance business.
Among them, insurance institutions include insurance companies (including mutual insurance organizations and Internet insurance companies) and insurance intermediaries.
Insurance intermediary agencies include insurance agents (excluding personal agents), insurance brokers, and insurance adjusters.
Insurance agents (not including personal agents) include professional insurance agencies, bank-type insurance agencies, and Internet companies that have obtained insurance agency business licenses in accordance with the law.
"The new version of the opinion draft subdivides the types of licensed entities, especially increases the relevant requirements for Internet companies' agency insurance business", the relevant person in charge of the Intermediary Department of the China Banking and Insurance Regulatory Commission introduced that with the rapid development of Internet companies, its platform advantages are gradually reflected , Has become a distinctive feature of the industry, so Internet companies have also put forward special requirements for their insurance agents.
In addition to meeting the general requirements for insurance institutions, the new version of the draft opinion also strengthens the following requirements for Internet enterprise insurance agency business: First, it requires a licensed operation, and Internet enterprise insurance agency business should obtain a license to operate insurance agency business; second, it should be strong Compliance management capabilities, scenarios and traffic advantages, information technology strength, etc.; third is to achieve independent business operation, and to achieve business and risk isolation from the main business; fourth, not to delegate Internet insurance business to other institutions or individuals; The fifth is to strengthen the protection of consumer rights and establish a quick response mechanism for after-sales service.
In recent years, Internet companies have actively deployed the insurance industry. Internet giants such as Ant Group, Tencent, and Didi all hold insurance agency licenses.
Professor Hao Yansu of the School of Insurance of the Central University of Finance and Economics pointed out to the Sino-Singapore Jingwei Client that not all Internet companies can obtain licenses, and certain thresholds are required, which means that some companies will be excluded through technological leverage.
The above-mentioned person in charge also emphasized that the new version of the draft opinions clearly stipulates that Internet insurance business can only be sold through the self-operated online platform of a licensed insurance institution.
Only the online platform established by the head office of an insurance institution is a self-operated online platform. The online platforms established by branches of insurance institutions and non-insurance institutions that have equity, personnel and other related relationships with insurance institutions are not self-operated online platforms and cannot operate the Internet. Insurance business.
In addition, the new version of the opinion draft clearly stipulates the behavior boundaries of non-insurance institutions and delineates a red line: one is not to provide consulting services for insurance products; second, not to compare insurance products, premium trial calculations, and quotation comparisons; third, not to insure People design insurance plans; fourth, they are not allowed to handle insurance procedures; fifth, they are not allowed to collect insurance premiums.
Moments and live broadcast insurance must be licensed
Another focus of widespread attention in the draft is the emerging form of insurance marketing.
For example, some employees of traditional insurance institutions conduct Internet insurance marketing through WeChat Moments, Official Accounts, Weibo, short videos, and live broadcasts.
The new version of the draft opinion stipulates that employees of insurance institutions can carry out Internet insurance marketing and promotion after being authorized by their affiliated institutions.
"These live streaming platforms are called short video platforms. They do not need to be licensed, but the institutions and individuals that publish insurance marketing and promotional content on them need to be licensed. Only insurance institutions and employees of insurance institutions can publish content. There must be a unified production by an insurance agency.” The person in charge pointed out.
Regarding the management responsibilities of licensed institutions, the new version of the opinion draft mentions: First, insurance institutions should establish a series of management systems for Internet insurance marketing and publicity; second, insurance institutions should conduct marketing and publicity information review, monitoring, and inspection, and bear the responsibility of the main body of compliance ; Third, insurance institutions should register and manage practitioners in accordance with relevant regulatory regulations, and identify their qualifications to engage in Internet insurance business; fourth, insurance institutions and their practitioners should cautiously send Internet insurance product information to consumers.
In addition, the "Measures" require Internet insurance marketing and publicity activities to comply with relevant regulations such as financial marketing and publicity.
Regarding the marketing and promotion of practitioners, the new version of the opinion draft clarifies specific requirements: first, practitioners should carry out Internet insurance marketing and promotion within the scope of authorization of insurance institutions; second, marketing promotion content issued by practitioners should be uniformly produced by their insurance institutions; third, Practitioners should indicate the full name of the insurance institution and personal name, ID photo, practice license number and other information in a prominent position on the marketing promotion page.
Regarding the content of marketing and publicity, the new version of the draft opinions also made targeted provisions: first, the marketing and publicity activities should follow the principles of clear and accurate, easy-to-understand, and conform to public order and good customs; second, the content of marketing and publicity should be consistent with the terms of the insurance contract; It is that marketing pages should accurately describe the main functions and features of insurance products.
It is understood that the new version of the draft opinion also arranges a transition period, requiring insurance institutions to complete system construction, marketing, sales management, information disclosure and other issues within 3 months from the implementation of the regulatory measures, and complete business and operation within 6 months Other issues will be rectified, and the self-operated network platform network security level protection certification will be completed within 12 months.
(Zhongxin Jingwei APP)
All rights reserved by Sino-Singapore Jingwei. Without written authorization, no unit or individual may reprint, extract and use in other ways.