Internet insurance business welcomes new regulatory regulations-
Sales organizations need to be licensed, practitioners need to be certified
Our reporter Yu Yong and Li Chenyang
The new regulations on Internet insurance business regulation have clarified the prohibited behaviors of non-licensed institutions in the form of a negative list, delineated the industry red line, and promoted the orderly development of Internet insurance business under a regulated framework.
At the same time, the key behaviors of licensees and licensees have also been clearly regulated, which will help further protect the legitimate rights and interests of consumers.
The introduction of the new regulations is a milestone for the industry and will play a huge role in promoting the digital upgrade of the insurance industry.
With the in-depth application of Internet and other technologies in the insurance industry, Internet insurance business, as a new form of insurance sales and services, has profoundly affected insurance formats and insurance supervision.
While developing rapidly, the Internet insurance business also exposed some problems and hidden risks, which brought challenges to the industry and supervision.
Recently, the China Banking and Insurance Regulatory Commission issued the "Measures for the Supervision of Internet Insurance Business" (hereinafter referred to as the "Measures"), which clarified the definition of Internet insurance business, as well as the fact that non-insurance institutions are "scratching the edge" and suspected of illegally operating Internet insurance business. The regulations are aimed at protecting the legitimate rights and interests of consumers and improving the level of insurance services for the real economy and the livelihood of society.
Clarify the definition of Internet insurance business
The "Measures" clarified the definition of Internet insurance business, that is, insurance business activities in which insurance institutions rely on the Internet to conclude insurance contracts and provide insurance services.
The “Measures” stipulate that insurance businesses that meet the following three conditions are Internet insurance businesses: one is that insurance institutions sell insurance products or provide insurance brokerage services through the Internet and self-service terminals; the other is that consumers can self-operate through insurance institutions The sales page of the online platform independently understands product information; third, consumers can independently complete insurance purchases.
Zhu Feng, an expert on strategic planning of ZhongAn Insurance, said that the "Measures" grasped the key link of "insurance" and clearly put forward three conditions to delineate the boundaries of Internet insurance business.
At the same time, it stipulates the application method of policy convergence for the integration of online and offline channels.
Propose applicable standards for different situations, which are highly operable and can effectively reduce regulatory arbitrage.
The platform cannot tying insurance at will
The "Measures" also strengthened the following requirements for the insurance agency business of Internet companies: First, it requires a license to operate, and Internet companies should obtain a license to operate insurance agency business; second, they should have strong compliance management capabilities, scenarios and traffic Advantages, information technology strength, etc.; third is to achieve independent business operation, and to achieve business isolation and risk isolation from the main business; fourth is not to delegate Internet insurance business to other institutions or individuals; fifth is to strengthen the protection of consumer rights and establish Quick response mechanism for after-sales service.
This means that in the future, Internet platforms cannot tying insurance at will, and a license to operate insurance agency business is required.
Ma Xiao, the chief researcher of Huize Insurance Brokers Singularity Research Institute, said in an interview with a reporter from Economic Daily that the "Measures" clarified the prohibited behaviors of non-licensed institutions through a negative list, delineated the industry red line, and promoted the development of Internet insurance business. Orderly development under a regulated framework.
In addition, the key behaviors of licensees and licensees are clearly regulated, including information disclosure, marketing and publicity management, transactions must be completed on the proprietary platform, the transaction process can be traced back, no default check is allowed, and no automatic deduction is restricted. Fees, etc., help further protect the legitimate rights and interests of consumers.
In view of the fact that non-insurance institutions are "scratching the ball" and are suspected of illegally operating Internet insurance business in practice, the "Measures" stipulates that non-insurance institutions shall not conduct Internet insurance business, including but not limited to the following commercial activities: First, provide insurance product consulting services; The second is to compare insurance products, trial calculations of premiums, and price comparisons; the third is to design insurance plans for policyholders; the fourth is to handle insurance procedures; the fifth is to collect premiums.
According to the "Measures", in addition to satisfying the general requirements of the "Measures" for insurance institutions in operating Internet insurance business, bank insurance agencies with part-time businesses must also meet specific requirements for banks: one is to sell through electronic banking business platforms; It should comply with the regulatory requirements of the China Banking and Insurance Regulatory Commission on the business area of electronic banking; third, it is not allowed to delegate Internet insurance business to other institutions or individuals.
It is worth noting that, in order to effectively implement the principle of licensed operation, the "Measures" has made a strict and clear definition of self-operated online platforms: self-operated online platforms refer to insurance institutions that are legally established to operate independently and enjoy A network platform with complete data rights.
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.
Regarding the current insurance agency employees generally participating in Internet insurance marketing and promotion through WeChat Moments, Official Accounts, WeChat groups, Weibo, short videos, live broadcasts, etc., the Measures strengthened the management responsibilities of licensed institutions and put forward relevant requirements: The first is that insurance institutions should establish a series of management systems for Internet insurance marketing and promotion; the second is that insurance institutions should conduct marketing and publicity information review, monitoring, and inspection, and bear the responsibilities of compliance entities; third, insurance institutions should treat practitioners in accordance with relevant regulatory regulations Carry out practice registration and management to identify their qualifications to engage in Internet insurance business; fourth, insurance institutions and their practitioners should carefully send Internet insurance product information to consumers.
In addition, the "Measures" require that Internet insurance marketing and publicity activities should comply with the Advertising Law, financial marketing and publicity, and relevant regulations of the China Banking and Insurance Regulatory Commission.
Promote the digital transformation of the insurance industry
Yang Fan, chairman of Xinmei Life Mutual Insurance Co., Ltd., said that the promulgation of the "Measures" has milestone significance for the industry and will greatly promote the digital upgrade of the insurance industry.
On the basis of standardizing operations, preventing risks, and drawing red lines, the "Measures" encourage the integration of insurance with new technologies such as the Internet, big data, and blockchain, and support Internet insurance to serve the real economy and society at a higher level.
In particular, encourage the development of insurance products that meet the economic characteristics of the Internet and serve the needs of diversified protection, so that insurance is reasonably integrated with scenarios and technologies; encourage the expansion of data information sources, and use data mining, machine learning and other technologies to improve the accuracy of insurance business risk identification and disposal Sex.
Zhu Feng believes that Internet insurance is not only a sales channel, but also a mode of operation and service form.
The “Measures” strengthened the responsibility of the main body of Internet insurance business operations, determined the norms and standards for Internet insurance business, and clarified business boundaries and regulatory red lines.
The promulgation of the "Measures" has laid a solid foundation for the healthy development of my country's Internet insurance business.
In addition, in accordance with the arrangements and deployment of the China Banking and Insurance Regulatory Commission, the "Measures" will come into effect on February 1, 2021.
According to regulatory requirements, insurance institutions should complete the rectification of system construction, marketing, sales management, information disclosure and other issues within 3 months from the implementation of the "Measures", and complete the rectification of other issues such as business and operation within 6 months. Complete the network security level protection certification of the self-operated network platform within the month.