The National Financial Regulatory Administration (NFRA) has released the Measures for Anti-Insurance Fraud (Draft for Comment) (the "Draft"), which is currently open for public feedback until May 11, 2024.
The Draft encompasses the following key points: (1) establishing clear objectives for anti-fraud work, which include establishing a comprehensive system that involves efforts in four aspects, ensuring the effectiveness of the anti-fraud mechanism, effectively curbing fraudulent activities, significantly enhancing the industry's ability to prevent and resolve fraud risks, and boosting consumers' anti-fraud awareness; (2) defining regulatory responsibilities for anti-fraud efforts, with provisions for the NFRA and its local offices to regularly inspect and evaluate the integrity and effectiveness of insurance institutions' anti-fraud risk management systems and to provide guidance to relevant industry organizations on anti-fraud work; (3) specifying the anti-fraud responsibilities and tasks of insurance institutions, including regulations on organizational structures, internal controls, and proposing special requirements for managing fraud risks in policy-oriented insurance policies; (4) defining the division of responsibilities among relevant industry organizations for anti-fraud efforts, specifying the basic process of using big data for anti-fraud measures and the responsibilities of each participating entity; and (5) clearly outlining the requirements for external collaboration in anti-fraud efforts.