Notice of the General Office of the China Insurance Regulatory Commission, the Beijing Municipal Bureau of Financial Work and the People's Government of Shijingshan District of Beijing Municipality on Issuing the Implementation Measures for Accelerating the Promotion of the Innovative Development of Beijing Insurance Industry Park
(No. 83 [2015], the General Office of the China Insurance Regulatory Commission)
All relevant departments of the China Insurance Regulatory Commission (“CIRC”); Beijing Bureau of the CIRC; Insurance Association of China, Insurance Society of China, China Association of Actuaries, and Insurance Asset Management Association of China; China Insurance Security Fund Co., Ltd. and China Insurance Information Technology Management Co., Ltd.; all insurance companies; and all relevant entities of Beijing Municipality:
In order to implement the Opinions of the China Insurance Regulatory Commission and the People's Government of Beijing Municipality on Accelerating the Promotion of the Innovative Development of Beijing Insurance Industry Park (Order No. 20 [2014], CIRC), improve the policy system for promoting the development of Beijing Insurance Industry Park, and further promote the innovative development of Beijing Insurance Industry Park, we formulated the Implementation Measures for Accelerating the Promotion of the Innovative Development of Beijing Insurance Industry Park, which are hereby issued to you for your compliance and implementation.
General Office of the China Insurance Regulatory Commission
Beijing Municipal Bureau of Financial Work
People's Government of Shijingshan District of Beijing Municipality
December 30, 2015
Implementation Measures for Accelerating the Promotion of the Innovative Development of Beijing Insurance Industry Park
Chapter I General Provisions
Article 1 In order to seize the historic opportunity of the collaborative development of Beijing, Tianjin and Hebei, assist the capital of China in constructing a sophisticated economic structure, improve the core function of the capital of China, thoroughly implement the Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry(No. 29 [2014], State Council) and the Opinions of the China Insurance Regulatory Commission and the People's Government of Beijing Municipality on Accelerating the Promotion of the Innovative Development of Beijing Insurance Industry Park (No. 20 [2014], CIRC) and the Implementation Opinions of the People' Government of Beijing Municipality on Accelerating the Development of the Modern Insurance Service industry (No. 44 [2015], People' Government of Beijing Municipality), implement the supporting polices for the development of the capital financial industry and the relevant policies for Zhongguancun Science Park and Shijingshan National Service Industry Comprehensive Reform Pilot Area, optimize the development environment, and accelerate the promotion of the innovative development of Beijing Insurance Industry Park, these Measures are formulated in accordance with the relevant laws and regulations of the state and Beijing Municipality.
Article 2 “Beijing Insurance Industry Park” (hereinafter referred to as “Insurance Industry Park”) as mentioned in these Measures is located in Shijingshan National Service Industry Comprehensive Reform Pilot Area. These Measures shall apply to the insurance agencies that undergo the industrial and commercial registration and tax registration formalities in Insurance Industry Park. Insurance associations and other relevant institutions may implement, mutatis mutandis, these Measures.
Article 3 The overall development objectives of Beijing Insurance Industry Park is to promote the development and construction of Insurance Industry Park from a high starting point and at high standards and levels, strengthen the guidance of innovations, and create the national-level financial innovation demonstration areas with the insurance industry as the subject by being based on the urban strategic positioning of the capital of China and under the principles of “government promotion and market operation.”
Chapter II Strengthening Organization and Innovation and Improving the Insurance Market System
Article 4 The high-end insurance industry in line with the capital function positioning shall be actively developed. The modern insurance market system shall be further improved, and the various types of capital that meet the access conditions shall be supported in forming insurance agencies in Insurance Industry Park.
Article 5 The level of opening-up of the insurance industry shall be improved. The implementation plan for the comprehensive pilot program of the expanded opening-up of the service industry of Beijing Municipality as approved by the State Council in an official reply shall be implemented, and support shall be given to the development of overseas insurance agencies in Insurance Industry Park; the formation of foreign-funded healthcare insurance agencies shall be supported; and insurance agencies shall be supported in serving the“the Belt and Road” strategy of the state, expanding the export of insurance services, and providing risk guarantee for domestic and overseas enterprises.
Article 6 The infrastructure construction of the insurance industry shall be promoted. The construction of the asset custody centers, insurance asset trading platforms, and reinsurance exchanges, among others, of the whole industry in Insurance Industry Park shall be supported. China Insurance Information Technology Management Co., Ltd. shall be supported in playing the exemplary and leading roles to develop data collection and analysis, research and development application, fund payment and settlement and other financial insurance business, so as to provide support for improving the risk guarantee level of the insurance industry and promote the industry transformation and upgrading.
Article 7 The development of the innovative insurance forms shall be encouraged. The formation of specialized insurance companies, mutual insurance organizations and captive insurance companies, credit insurance companies, Internet insurance companies and other insurance agencies in Insurance Industry Park shall be supported.
Article 8 The professional development of insurance intermediary institutions shall be encouraged, and the formation of insurance intermediary institutions in Insurance Industry Park shall be encouraged.
Article 9 The development of the service companies in the insurance industry shall be encouraged. The formation of risk evaluation, loss adjustment, actuarial studies, consultation service and other professional service institutions shall be supported; so as to perfect the insurance industry chain, and improve the industry service level shall be improved.
Article 10 The pilot construction of insurance exchanges shall be steadily promoted. Ways shall be explored to conduct the policy discount transactions, and active research shall be conducted to establish the property insurance, personal insurance, insurance derivative and other intra-market centralized trading places.
Article 11 The establishment of Catastrophe Risk Securitization Exchange in Insurance Industry Park shall be explored. Catastrophe bonds and catastrophe futures and other financial instruments shall be developed on a trial basis, to attract social capital to participated in catastrophe risk management and improve catastrophe risk dispersion mechanism.
Chapter III Carrying out product innovation and promoting economic and social development
Article 12 The innovation of delivery of public services by utilizing insurance mechanism shall be explored. Insurance risk management function as well as the advantages of network and professional skills shall be brought into full play. Relevant insurance products shall be developed. Operating cost of public services shall be reduced through marketization mechanism to improve social management efficiency.
Article 13 Insurance agencies shall be encouraged to develop and innovate various kinds of commercial pension insurance and health insurance products with social security function. Support shall be provided in terms of individual income tax, insurance company income tax, business tax and deduction of product decampment cost, etc. in accordance with relevant national policies.
Article 14 Liability insurances closely related to public interest, including food security, ecological environment management and work safety, shall be developed vigorously, to innovate social governance method and improve urban governance level.
Article 15 Strategies shall be driven by service innovation. The development and innovation of scientific and technological insurance shall be enhanced. The establishment of national innovation center for science and technology shall be supported and mass entrepreneurship and innovation shall be promoted. Insurance agencies shall be encouraged to actively carry out insurance business for entertainment, events and competitions and exhibitions, to promote the integrated development of insurance and culture industry.
Article 16 The cooperation between insurance industry and medical care, social security and education and other industries shall be promoted. The establishment of docking service platform for insurance agencies and medical institutions shall be supported, to develop a multifunctional, all-around and high-efficiency win-win cooperation mechanism and promote the interactive development of insurance industry and relevant industries.
Article 17 Regional innovation pilots of insurance products shall be explored. On the premise of controllable risks, experiences in rate autonomization and other aspects shall be explored.
Chapter IV Accelerating service innovation and Improving Social Security Level
Article 18 Insurance agencies shall be supported to participate in the integration of pension and health service industry chains. Qualified insurance agencies shall be supported to invest in pension and health service industry. Insurance agencies shall be encouraged to innovate pension insurance service, to provide personalized and differentiate pension security for different groups. Insurance agencies shall be supported to provide disease prevention, health maintenance and chronic disease management and other health management services in combination with commercial health insurance products, to improve the quality of life service industry.
Article 19 Insurance agencies shall be encouraged to explore the establishment of comprehensive community insurance service centers, integrating medical care, health consultation, wealth management and the consultation, marketing and service of life and property insurance products, to realize comprehensive management of risks.
Article 20 Insurance agencies shall be encouraged to utilize network, cloud computing, big data and mobile internet and other technologies to promote the innovation of the marketing channel and service mode of insurance industry.
Article 21 Insurance agencies shall be supported to carry out business cooperation with commercial bank, security company, micro-loan company, financing guarantee company, commercial factoring company and Internet enterprises and other various kinds of organizations, and its integrated development in service field shall be encouraged.
Article 22 Cooperation of insurance industries in Beijing, Tianjin and Hebei shall be promoted. Collaborative development of Beijing, Tianjin and Hebei shall be implemented. Insurance agencies shall be encouraged to develop the insurance products and services suitable for the characteristics of collaborative development of Beijing, Tianjin and Hebei to optimize service process and normalize service standards, and provide professional and convenient insurance services to insurance consumers.
Chapter V Exploring capital utilization innovation and supporting economic transformation and upgrading
Article 23 Insurance agencies shall be supported to participate in the collaborative development of Beijing, Tianjin and Hebei and the construction of infrastructure and other major projects in the Capital City in the form of creditor investment plan, equity investment plan and mezzanine fund, etc. Overall arrangements shall be made to project planning, withdrawal mechanism and credit enhancement measures, to support insurance capital utilization and the collaborative development of Beijing, Tianjin and Hebei.
Article 24 Insurance agencies shall be encouraged to provide financial support to scientific and technological enterprises, SMEs and strategic emerging industries by the means of investing in enterprise equity, creditor's rights, funds and asset-backed plan, etc.
Article 25 Investment of insurance agencies shall be explored and asset securitization products shall be launched to actively cultivate alternative investment market and support overseas investment of insurance agencies.
Article 26, Qualified insurance asset management agencies shall be encouraged to explore the mode of cooperation with Beijing social security fund and medical benefits fund, to improve the level of marketable operation of funds.
Article 27 Insurance agencies shall be encouraged to establish professional insurance asset management agencies, including real estate, infrastructure, pension and health, etc. Insurance asset management agencies shall be supported to establish mezzanine funds, buyout funds and real estate funds and other privately-offered funds. Insurance agencies shall be encouraged to carry out the establishment of fund management company pilot.
Chapter VI Promoting regulatory innovation and Preventing and mitigating risks
Article 28 Negative list management shall be carried out and regulatory system and approach of insurance shall be innovated. The establishment of branches under the provincial level and archive-filing management of qualification of senior executives of insurance companies shall be carried out in on a trial basis.
Article 29 Approved by regulators, for new corporate institutions conforming to the development orientation of Insurance Industry Park and with great innovation demonstration significance, examination and approval process may be optimized appropriately.
Article 30 Construction of modernization of regulatory system and regulatory capacity shall be promoted. Regulatory cooperation of Beijing, Tianjin and Hebei shall be enhanced. A robust risk monitoring and early warning mechanism shall be established. Risk emergency plan shall be improved. Risk disposition process shall be optimized to improve risk disposition capability.
Chapter VII Cultivating insurance culture and Leading industry development
Article 31 The core value concept of insurance industry of “be trustworthy, undertaking the risks, service first and compliance with regulations” shall be actively executed. An industry-wide system of self-regulation rules shall be established to improve the development level of Insurance Industry Park.
Article 32 The high-level propaganda front shall be built to promote insurance culture and present the image of insurance. Insurance culture infrastructure, including insurance research institution, insurance museum, data library and archives, shall be constructed.
Article 33 The development of insurance education and training industry shall be promoted. Relying on the advantage of abundant intellectual resources in Beijing, training on professional and technical talents in risk management, actuarial science, finance, underwriting and claims assessment and asset management shall be further enhanced, to provide talents to support industry development.
Chapter VIII Increasing service assurance and optimizing development environment
Article 34 Support to insurance agencies shall be enhanced. Support shall be provided to the newly-established or newly-settled insurance agencies with the qualification of an independent legal person in accordance with the policies on promoting the development of financial industry of Beijing Municipality.
Article 35 The support to the office land and buildings of insurance agencies shall be enhanced.
(I) on the premise that capital strategic positioning, urban planning and land utilization are met, classification security will be implemented to land of Insurance Industry Park. Where relevant conditions are met after examination, with the approval of Municipal Government, the construction project invested and owned and used by insurance agencies will be executed in accordance with existing policies on promoting financial development.
(II) Where insurance agencies lease office buildings for engaging in insurance business, support will be provided in accordance with the policies on promoting the development of financial industry of Beijing Municipality.
Article 36 Services for insurance talents shall be enhanced.
(I) Incentives for high-end talents shall be enhanced. Incentives shall be provided by local institution to high-end talents in insurance agencies meeting relevant conditions according to his/her contribution.
(II) The level of services for high-end talents shall be improved. Services in terms of talent introduction, housing security, medical care and health, education and training and children education, etc. shall be enhanced.
(III) Insurance agencies may deposit housing provident fund for employees as per the proportion of not more than 12% of total wages of employees. Housing provident fund of employees will not be restricted by the upper limit of monthly deposit amount.
(IV) The implementation of individual tax-deferred commercial pension insurance pilot in Insurance Industry Park shall be promoted.
Article 37 Planning and construction service assurance shall be enhanced.
(I) Working mechanism shall be improved. The joint conference system for the construction of Insurance Industry Park participated by Development and Reform Department of China Insurance Regulatory Commission, relevant department of Beijing Municipality and People's Government of Shijingshan District shall be established for overall coordination and resolution of the major issues during construction and development.
(II) Major projects and key engineering in the Park shall be included in the green channel of Beijing Municipality, to improve the efficiency of service assurance.
(III) Agent service system of settlement of insurance agencies shall be established. Whole-process agent service shall be carried out in terms of industrial and commercial registration and execution of taxation, etc.
Chapter IX Supplementary provisions
Article 38 The Measures shall be interpreted, executed and amended by the issuing unit.
Article 39 The Measures will be executed from the date of issuance.
Source: Website of China Insurance Regulatory Commission