Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry
Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry
Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry
Guo Fa [2014] No. 29
August 10, 2014
The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, and all the ministries and commissions, and all directly-subordinate agencies, of the State Council,
Insurance is an important industry in the modern economy and a basic method of risk management. It is the important mark for social civilization, economic development and social governance. Since the adoption of the policy of reform and opening up,
I. General requirements
1. Guiding ideology. Efforts shall be made to follow the guidance of Deng Xiaoping Theory, the important thought of Three Represents and the Scientific Outlook on Development; serve the modernization of China's governance system and governance capacity; take into overall consideration including the development of the modern insurance service industry in the overall layout of economic and social work; take meeting the ever-growing diversified insurance service demands of the society as the starting point; follow the direction of improving the insurance economic compensation mechanism, intensifying the core function of risk management and improving the efficiency in the allocation of insurance capitals; conduct reform and innovation, expansion of opening up, market improvement, environment optimization and policy improvement; and develop the modern insurance service industry that is competitive, creative and full of vigor, making the modern insurance service industry become the backbone of the improvement on the finance system, a powerful force for improving the people's wellbeing, an effective mechanism for innovating social management, an efficient drive for raising the quality and returns of economic development and promoting industrial upgrading and an important opportunity to transform government functions.
2. Basic principles. First, to adhere to market orientation and policy guidance. As to the insurance business under commercial operation, a market environment in which enterprises compete on fair terms is to be created to ensure that the market plays the decisive role in allocating resources; as to the insurance business that is for public benefit and is of vital importance to economic development and people's well-being, a low-cost policy environment is to be created and necessary support is to be provided; as to the insurance business that plays the active role in raising the quality and returns of service economic development and in promoting industrial upgrading but is of weak foundation at present, the leading role of the government is to be played better. Second, to adhere to reform and innovation, and expansion of opening up. Efforts shall be made to comprehensively deepen reform of the insurance institutions and mechanisms, enhance domestic openness and openness to the outside world, introduce advanced operation and management concepts and technology, and unleash and fire the sustained development and creativity of the industry; and to enhance the innovation capabilities of insurance products, services, management and technology, and promote the diversified competition and personalized service of market participants. Third, to adhere to improvement on risk supervision and prevention. Efforts shall be made to improve legal institutions on insurance, accelerate the modernization of insurance supervision, maintain the legitimate rights and interests of insurance consumers, and standardize the market order; and to properly handle the relation between development and risk prevention, and resolutely guard against systemic and regional financial risks.
3. Development objectives. By 2020, the modern insurance service industry that is of comprehensive security, perfect function, safety and soundness, integrity and standardization, has strong service capability, creativity and international competitiveness, and adapts to the need of China's economic and social development is to be established basically to try to help China change from a big insurance country to a strong one. Insurance becomes a basic means of risk management and wealth management for a government, enterprise or resident, an important channel to improve security level and quality, and an effective instrument of improving public service and strengthening social management by the government. Insurance penetration (premium income gross / domestic product) will reach 5%, and insurance density (premium income / total population) be CNY3,500 per person. The roles of insurance as social "stabilizer" and economic "booster" are to be effectively played.
II. Building a network to ensure the people's wellbeing, and improving a multi-level social security system
4.
......