Chinanews.com, December 25. According to the website of the China Banking and Insurance Regulatory Commission, the China Banking Regulatory Commission recently issued the "Measures for the Supervision of Liability Insurance Business" (hereinafter referred to as the "Measures"), clarifying that insurance companies should follow the principles of reasonableness and necessity in providing insurance services. With the main purpose of reducing the risk of compensation, the scope and content of services shall not be expanded at will.
The "Measures" has five chapters and thirty-five articles, and the main content has four major aspects, as follows:
One is to standardize the boundaries of liability insurance.
In response to the continuous expansion of liability insurance boundaries, on the one hand, the scope of liability insurance is strictly enforced. It is clear that liability insurance should cover the insured’s legal liability for damages caused to third parties, and shall not cover intentional acts, fines, performance credit risks, and determination of losses , Speculative risks and other risks or losses. On the other hand, insurance companies are required to clarify the relationship between liability insurance and property loss insurance, guarantee insurance, accidental injury insurance and other insurance types, and reasonably determine the insurance types.
The second is to regulate market operations.
Regarding the current irregular competition, it is clear that there should be no failure to use approved or filed terms and rates, misleading sales, unfair competition, and violation of promises in accordance with regulations, and no substantial underwriting of financing credit risks in the form of underwriting guarantee agency liability, etc., The main or supplementary insurance of liability insurance other than motor vehicle insurance shall not be used to cover the liability of third parties of motor vehicles.
The third is to standardize insurance services.
Clarify that insurance companies providing insurance services should follow the principles of rationality and necessity, with the main purpose of reducing the risk of compensation, and not arbitrarily expanding the scope and content of services.
Insurance companies are required to formulate insurance service-related systems and strictly follow accounting standards for accounting processing to ensure that the data is true and accurate.
The fourth is to strengthen internal control management.
Further strengthen the requirements of insurance companies for business management, authorization system, team building, business accounting, information system, data statistics, risk control and other aspects of liability insurance business.
The China Banking Regulatory Commission pointed out that the issuance of the "Measures" is an important measure taken by the China Banking Regulatory Commission to further regulate liability insurance operations and promote the sustainable and healthy development of liability insurance business.
In the next step, the China Banking and Insurance Regulatory Commission will do a good job in the implementation of the "Measures", pay close attention to the effects of implementation, increase supervision and guide the insurance industry to better serve the overall economic and social development.