Strengthening the Insurance Industry's Serving the Construction of China (Tianjin) Pilot Free Trade Zone
· Document Number：No. 65  of the China Insurance Regulatory Commission
· Area of Law： Insurance
· Level of Authority： Local Regulatory Documents
· Date issued：07-10-2015
· Effective Date：07-10-2015
· Status： Effective
· Issuing Authority： People's Government of Tianjin Municipality
Opinions of the China Insurance Regulatory Commission and the Tianjin Municipal People's Government on Strengthening the Insurance Industry's Serving the Construction of China (Tianjin) Pilot Free Trade Zone, the Coordinated Development of Beijing-Tianjin-Hebei, and Other Significant National Strategies
(No. 65  of the China Insurance Regulatory Commission)
All insurance companies and insurance asset management companies; the Insurance Association of China and the Insurance Institute of China; the Tianjin Bureau of the China Insurance Regulatory Commission (“CIRC”); and the governments of all districts and counties, offices and bureaus, and relevant entities of Tianjin:
To thoroughly implement the 18th National Congress of the Communist Party of China and the spirit of the Third and Fourth Plenary Sessions of the 18th CPC Central Committee, actively adapt to the new normal of economic development, fully implement the major decisions and deployment of the CPC Central Committee and the State Council, and major national strategies, insist on the leadership of reform and driving by innovation, and promote the development of the insurance industry in Tianjin in an accelerated manner, the following opinions are hereby offered.
I. General Requirements
A safe and stable, faithful, standardized, and internationally competitive modern insurance service system, with strong service capability, innovation capacity, and regional radiating capacity, providing full guarantee, having perfect functions, and adapting to the development needs of the economic society, shall be established without any efforts spared, by fully implementing the spirit of the Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry (No. 29 , State Council); by centering on the construction of China (Tianjin) Pilot Free Trade Zone (“TJFTZ”), the coordinated development of Beijing-Tianjin-Hebei, “One Belt and One Road,” the construction of independent innovation demonstration zones, the development and opening of Binhai New Area, and other national strategies, and by fully maximizing the role of insurance as social stabilizer and economic propeller; through improving the modern financial service system and promoting quality and efficiency enhancement in economic transition, and through innovating on the social governance pattern and promoting and improving the livelihood of the people.
II. Innovating on the Insurance System and Mechanism and Serving the Construction of a World-class Free Trade Zone
By relying the regional characteristics and advantages of Tianjin seaport and airport, shipping insurance business and pattern shall be innovated on, to serve the construction of the Core Area of the Tianjin North International Shipping Center. Domestic and foreign shipping insurance companies, insurance brokers, and other professional service institutions shall be encouraged to be settled in TJFTZ and the establishment of the institute of marine insurance shall be accelerated. By relying on the advantages of the aviation industrial base, aircraft insurance, and aviation transport insurance, among others, shall be vigorously carried out. In combination with the characteristics of TJFTZ, logistics insurance, parallel imported car insurance, cross-border e-commerce insurance, marine engineering insurance, and other business shall be actively developed. Support shall be granted to the development of financial leasing insurance; leasing enterprises and insurance institutions shall be directed to strengthen cooperation; and sources of financing channels shall be expanded through multiple channels. The construction of the insurance market shall be further strengthened and various insurance companies shall be supported in establishing professional insurance institutions in TJFTZ. Explorations shall be made to conduct RMB cross-border reinsurance business, foster and develop the reinsurance market, and establish a regional reinsurance center. Insurance institutions shall be supported in implementing the pilot projects of overseas investment.
III. Deepening the Reform of Insurance Capital and Business, and Promoting the Coordinated Development of Beijing-Tianjin-Hebei
A platform issuing the insurance capital projects in need shall be established. Insurance institutions shall be encouraged to invest in transportation, subway, and other major projects by equity, funds, creditor's rights, and other forms. The integrated transport network for Beijing-Tianjin-Hebei interconnection and interworking shall be established in an accelerated manner. Insurance institutions shall be supported in participating in the construction of Tianjin'S underground pipe network, garbage disposal, urban distribution, and other infrastructure by a variety of ways, and improving the city's comprehensive carrying capacity. By centering on driving by innovation, insurance institutions shall be supported in implementing pilot projects of patent enforcement insurance, patent infringement liability insurance, and patent pledge loan insurance. Innovation on insurance products, marketing, services, and trading ways adapting to the development of Internet finance shall be encouraged. New industry types of Internet insurance and new trading platforms shall be fostered. The reform of commercial motor vehicle insurance shall be conducted and the scientific level of the determination of insurance premium rates for commercial motor vehicle insurance shall be enhanced. The road traffic accident damages mediation mechanism shall be improved; the development of public security insurance and comprehensive insurance of community shall be encouraged; and the urban governance level shall be enhanced. “Green insurance” shall be developed; the environmental pollution damage compensation mechanism shall be improved; and services shall be provided to Beijing-Tianjin-Hebei ecological civilization construction. The safety production liability insurance system shall be vigorously promoted; and mines, metal smelters, building constructers, dangerous goods manufactures, and other production and operation entities shall be encouraged to purchase safety production liability insurance. The advantages of policies and talents shall be maximized; insurance head offices, as well as training institutions, backup forces, and other specialized institutions shall be attracted to be settled; and non-capital core functions shall be undertaken. Research shall be conducted for the pilot project of trans-regional operation. Optimization and allocation of the market factors in Beijing, Tianjin, and Hebei shall be promoted. The establishment of a catastrophe insurance system with financial support as guarantee, commercial insurance as the platform, and multi-level risk sharing as the mechanism shall be promoted; catastrophe index insurance shall be actively developed; and the catastrophe bond issuance mode shall be researched and promoted. The new normal of modern agricultural development shall be actively adapted; the new insurance mode and new mechanism of “agriculture, rural areas, and farmers” shall be actively explored; mutual-coordinating insurance shall be provided; and small-amount rural life insurance, rural microfinance insurance, farm housing insurance, agricultural machinery insurance, seed industry insurance, and other beneficial insurance business shall be vigorously developed.
IV. Intensifying Support for “Going out” and Escorting the Strategy of “One Belt and One Road”
Efforts shall be made to maximize the role of export credit insurance in promoting the steady growth, as well as transformation and upgrading of foreign trade. The traditional advantages of Tianjin in foreign trade shall be consolidated. Fostering of new advantages in competition shall be accelerated. Short-term export credit insurance functions shall be extended; support for independent brands, independent intellectual property right, and strategic emerging industries shall be intensified; and the level of economic and trade cooperation with countries along “One Belt and One Road” shall be enhanced. The coverage of medium- and long-term export credit insurance shall be expanded; and the competitiveness of transport, electricity, telecommunications, building, and other key sectors of foreign project contracting shall be improved. Overseas investment insurance shall be developed in an accelerated manner, to provide comprehensive insurance services to enterprises in Tianjin in overseas investment, export of products and technology, and undertaking of the construction of major projects of “One Belt and One Road.” The export risk monitoring and control system shall be established and improved, to provide a full range of risk consulting, credit investigation, collection of commercial debts, and other services to export enterprises.
V. Enriching Insurance Products and Services, and Promoting the Construction of National Demonstration Zones for Independent Innovation
Support for scientific and technological insurance shall be intensified, to vigorously develop exclusive insurance products in technology transfer, independent research and development, patented technology, intellectual property right, and other fields. The insurance risk compensation mechanism for the first set of home-made equipment shall be popularized, to promote enterprise innovation and the industrialization of scientific and technological achievements. A local innovative financing exchange platform supported by insurance capital shall be established, to support insurance institutions in investing in special bonds of micro and small enterprises, venture capital fund, and other relevant financial products. Insurance institutions shall be encouraged to actively participate in the “Internet +” action plan, support the establishment of Internet insurance service agents, and promote the combination between mobile Internet, cloud computing, big data, and the Internet of Things, among others, with the modern insurance service industry. The measures for guarantee of insurance risk subsidy capital with small and micro business loans shall be improved and a cooperative mechanism under which the government, banks, and insurance companies jointly assume risks shall be deepened, to jointly ease the financing difficulties of micro and small enterprises. Support shall be granted to the establishment of science and technology, pension, health, reinsurance, and other specialized insurance companies in Tianjin, as well as insurance industrial parks of the demonstration zones for independent innovation.
VI. Building the Insurance Network to Guarantee the People's Livelihood and Participating in the Comprehensive Supplementary Reform in the Binhai New Area
The pilot project of individual income tax policies on commercial health insurance shall be actively promoted and the multi-level medical security system shall be improved. The development of long-term care insurance, sickness insurance, disability income damage insurance, and other products shall be supported. Commercial health insurance organically connecting basic medical insurance shall be developed and cooperation between all kinds of medical institutions and commercial insurance institutions shall be encouraged. Insurance institutions shall be supported establishing medical institutions and participating in restructuring of public hospitals in Binhai New Area by equity investment, strategic cooperation, and other ways. Support shall be granted to include Tianjin into the scope of the pilot project on personal tax-deferred commercial pension insurance. The development of individual pension insurance by personal savings, comprehensive liability insurance of the elderly care institutions, enterprise annuity, and other business shall be promoted. Insurance institutions shall be supported in establishing commercial pension heath security plans for qualified enterprises. The single child family security plan shall be researched and explored. Qualified insurance institutions shall be supported in investing in elderly care facilities and elderly care communities in Tianjin, to promote integrated development between the insurance service industry and the elderly care service industry.
VII. Improving Support Policy and Optimizing the Development Environment of the Insurance Industry
Simplification of administrative procedures and decentralization of powers, integration of decentralization with administration, and transformation of government functions shall be promoted. Relevant departments of the government shall be encouraged to purchase insurance services through a variety of ways, to reduce operating costs of public services. The guiding role of the government shall be maximized. The policies and measures on the reform and innovation of the modern insurance service industry in Tianjin shall be further improved and supported, through promotion of legislation, policies support, fiscal subsidies, and other ways. Explorations shall be made to establish an information exchange and sharing mechanism between the insurance industry and social insurance, health care, traffic management, and other departments. The credit files of insurance institutions and practitioners, and the credit information database shall be established and improved. The building of a local credit information sharing platform and a uniform credit investigation platform of the financial industry shall be actively attended. Insurance supervision and judicial cooperation shall be strengthened; the building of a mechanism for linking insurance dispute litigation with mediation shall be promoted; and illegal criminal activities in the insurance field shall be cracked down on, to protect the interests of insurance consumers. The resource endowment advantages of colleges and universities shall be maximized, to strengthen training on financial, actuarial, shipping, underwriting, claims assessment, and other professional talents, and to enhance the quality and level of practitioners. Insurance consumer education shall be strengthened; risk awareness of the whole society shall be enhanced; and a mature and rational insurance market shall be fostered.
VIII. Strengthening Organization and Implementation
All parties concerned shall fully understand the significance of participation in and services of insurance, comprehensively consider the development of the modern insurance service industry in the overall layout for the implementation of major national strategies, strengthen organization and implementation, strengthen communication and coordination, form resultant force in work, strengthen insurance supervision, as well as prevent and eliminate risks. All relevant departments shall, according to the requirements of these Opinions and assignment of responsibilities, formulate supporting measures without any efforts spared, to ensure that all policies are implemented effectively.
Tianjin Municipal People's Government
China Insurance Regulatory Commission
July 10, 2015