Following the establishment of the top-level design of the "five major articles" in finance at the Central Financial Work Conference at the end of last year, the phased tasks and objectives and how to do practical and detailed work for institutions have become the focus. On May 9, the State Administration of Financial Supervision issued a guiding opinion, which became a "guide" for specific implementation.
The Guiding Opinions on the Banking and Insurance Industries (hereinafter referred to as the "Guiding Opinions") issued by the State Administration of Financial Supervision consist of five major aspects and 20 articles. In the first part of the "main objectives", it is clear that in the next five years, the banking and insurance industry should basically form a multi-level, wide-coverage, diversified and sustainable "five major articles" service system; The basic principles include "encouraging measures according to local conditions, taking the lead in experimentation, and giving play to the demonstration effect".
In the second, third and fourth parts of the most substantive content, the "Guiding Opinions" put forward requirements from the perspective of optimizing the financial products and services of the "five major articles", giving full play to the functional advantages of banking and insurance institutions, and improving the organization and management system of banking and insurance institutions, and specifically put forward requirements such as "establishing and improving a scientific and reasonable performance appraisal system, appropriately increasing the proportion of related businesses in internal performance appraisal", "developing science and technology insurance according to local conditions", "establishing green finance first and then breaking down", and "improving inclusive insurance claims services".
Industry insiders said that the "Guiding Opinions" focused on the "five major articles" for comprehensive deployment, put forward specific requirements and policy measures, and helped to play a multi-party joint force. Financial institutions should accelerate transformation and innovation, explore and improve the franchise organizational structure, special risk control system, professional product system, and special assessment mechanism, guide more financial resources to flow to key areas and weak links, and continue to make efforts in the relevant fields of the "five major articles" in combination with their own actual conditions.
Technology insurance is adapted to local conditions
Science and technology finance is placed at the top of the "five major articles" of finance, and the "Guiding Opinions" put forward requirements such as "further enhancement", "significant improvement" and "continuous optimization" for the development goals of science and technology finance in the next five years. It is necessary to further strengthen the financial services for the whole life cycle of science and technology enterprises, significantly improve the level of capital and insurance protection for R&D activities and the transfer and transformation of scientific and technological achievements, continue to optimize the risk sharing mechanism of science and technology finance, and strive to form a virtuous circle of "science and technology-industry-finance".
Scientific and technological innovation is a long-term and systematic project, and the medium and long-term characteristics of insurance funds are more compatible with its long-term periodicity, and insurance has a risk-sharing function, which can provide credit enhancement and risk protection for high-risk technology-based enterprises. This will become a major focus area for the insurance industry in the future.
At present, China's science and technology insurance has continued to grow, but there are still some shortcomings, including the difficulty of risk control and pricing of science and technology insurance, resulting in the lack of initiative of insurance companies to develop innovative technology insurance products; For example, various localities have successively introduced tax incentives and financial subsidy policies for science and technology insurance, but such policies only act on the product demand side of science and technology enterprises, and lack support for insurance companies on the product supply side.
In terms of optimizing financial products and services, the "Guiding Opinions" put forward that science and technology finance should face difficulties and focus on key points. Encourage qualified regions and banking and insurance institutions to combine the development laws and characteristics of science and technology enterprises to take the lead in research, research and development of exclusive financial products, and provide full life cycle financial services for science and technology enterprises. Optimize the operation mechanism of the first (set) of major technical equipment, the first batch of applications of key new materials, and the first version of software. In terms of giving full play to the functional advantages of insurance institutions, the "Guiding Opinions" also mentioned that it is necessary to develop science and technology insurance according to local conditions, and realize the insurance coverage of scientific and technological research and development, achievement transformation and application promotion.
Digital finance and technology finance are closely linked, and the current digital financial infrastructure needs to be strengthened, and the problem of data not being effectively connected also affects the writing of "big articles" such as green finance and inclusive finance. The goals and requirements of the Guiding Opinions for the next five years for digital finance include: the digital transformation of the banking and insurance industry has achieved remarkable results, the digital operation and management system has been basically completed, the digital services have been widely popularized, and the digital regulatory framework and process have been basically completed. At the same time, the "Guiding Opinions" also mentions that it is necessary to strengthen risk management such as data security, network security, and technology outsourcing, prevent risks caused by the application of new technologies, and improve operational resilience. For the future innovation and development of the insurance industry, this is both a key point and a difficult point.
Expansion of green insurance coverage
The market is no stranger to green finance. In recent years, supporting policies such as green finance guidelines for the banking and insurance industry and systems for green insurance business have been released one after another, guiding financial institutions to accelerate the transformation of "green" into gold. Among them, the insurance industry has made concerted efforts in terms of products, services, investment and operation: the rapid growth of new energy vehicle insurance, the emergence of innovative products such as ancient tree insurance and carbon sequestration insurance, and the increasing scale of green investment, many insurance companies are vying to build and improve ESG (environmental, social and governance) management frameworks, and the concept of green development is deeply rooted in the whole process of operation.
The Guiding Opinions put forward in the green finance development goals that the coverage of green insurance should be further expanded, and the ESG performance of banking and insurance institutions should continue to improve. In terms of optimizing financial products and services, it is proposed that green finance should take advantage of the momentum, establish first and then break down, and promote the comprehensive green transformation of economic and social development. Guide banking and insurance institutions to actively support energy conservation, pollution reduction, carbon reduction, greening and disaster prevention in key industries and fields, and promote the construction of a clean and low-carbon energy system and the promotion and application of green technologies. Enrich green financial products and services, explore green insurance rate adjustment mechanisms, and promote the development of green insurance business in areas such as environmental protection, climate change, green industries and technologies.
In recent years, there has been a small wave of "deviation" in green and low-carbon development in some regions, and then the central government and relevant ministries and commissions have spoken out to correct the deviation. In the process of rapid development, problems such as inconsistent green finance standards and information asymmetry have also been exposed, and the green and low-carbon industry, as a representative of emerging industries, has undergone structural changes in its risk protection characteristics and protection needs, and the technical threshold in some fields is also high.
In this regard, industry insiders suggest unifying green finance standards, improving the sustainable information disclosure mechanism, and enriching green financial products and market systems. The "Guiding Opinions" further clarified that the "five major articles" will be done in regulatory support, including strengthening regulatory guidance, promoting the improvement of the external environment, strictly preventing illegal financial activities, and encouraging the exchange and mutual learning of good experience.
Inclusive insurance should focus on pain points and difficulties
Since the Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) in 2013 officially proposed the concept of "developing inclusive finance", inclusive finance has made great progress. The Central Financial Work Conference stressed that the establishment of an inclusive insurance system is an important part of the insurance industry's function as an economic "shock absorber" and a social "stabilizer".
According to the data, from 2017 to 2022, the insurance industry provided insurance protection for the real economy increased from 4,154 trillion yuan to 13,679 trillion yuan, an increase of 229%; In 2022, the insurance industry provided risk protection for 8.926 million small and micro enterprises, more than 680 million exclusive risk protection for new citizens, and more than 6,500 life insurance products for the elderly over 60 years old. In addition, inclusive health insurance, represented by the phenomenal product Huimin Insurance, is also a major starting point, and is playing an increasingly important role in the multi-level medical security system in the mainland.
However, there are also constraints in the development of inclusive insurance, such as the lack of data and the lack of clarity in some rules, resulting in the ambiguity and homogeneity of many products. The "Guiding Opinions" put forward that it is necessary to focus on the pain points and difficulties to strengthen inclusive financial services. Enrich the supply of inclusive insurance products, improve insurance and claims services, and provide comprehensive insurance protection for key areas of inclusive finance. It is understood that at present, many places across the country have focused on the "medical + insurance + Internet" scenario, and through the system docking with social security, medical institutions and third-party data companies, the claim procedures have been simplified, and one-stop settlement has been realized in some areas.
The "Guiding Opinions" also mentioned that banking and insurance institutions should treat enterprises of all types of ownership fairly and continue to increase financial support for private, small and micro enterprises and individual industrial and commercial households. In this regard, insurance institutions have also made many explorations, such as developing products to provide risk protection for common risks faced by small and micro enterprises in retail, catering, commerce and other industries, such as property, employer liability, and business interruption.
Similar to science and technology insurance, the "Guiding Opinions" also mentions the need to "develop insurance for local advantageous and characteristic agricultural products according to local conditions". Some local media articles in large agricultural cities have pointed out that the characteristic agricultural industry has the compound characteristics of many varieties, large inputs, high returns, and high risks. In view of this, the local insurance industry has actively promoted the innovation of agricultural insurance products, carried out advantageous and characteristic agricultural product insurance such as apple planting insurance, walnut planting insurance, and pear planting insurance, improved the coverage of characteristic agricultural insurance, and promoted the high-quality development of agricultural insurance with technology empowerment.
The pension service of insurance needs to be promoted from pilot to promotion
With the intensification of aging, pension and health have become hot words in recent years. The "Guiding Opinions" put forward that it is necessary to focus on the actual needs to accelerate the development of pension finance. develop the third pillar of pension insurance, and support the development of insurance and other products with pension attributes; Enrich the supply of tax-advantaged health insurance products, so that relevant policies can benefit more people; Explore commercial health insurance products that include long-term care services and health management services; Continue to promote the pilot business of life insurance and long-term care insurance liability conversion; On the basis of effective risk isolation, support insurance institutions to participate in the construction of the pension service system in an appropriate manner, and explore the effective connection of long-term care, risk protection, institutional pension, community pension and other services.
Judging from the insurance products and services related to pension finance listed in the "Guiding Opinions", they have been implemented in the market, but they have not formed a large-scale development, and the internal and external factors involved are more complex. However, this is still a key area for doing a good job in the "five major articles" in the next five years.
In fact, at the "ministerial channel" of the two sessions of the National People's Congress this year, Li Yunze, director of the State Administration of Financial Regulation, said that the State Administration of Financial Supervision will make up for the shortcomings of the third pillar as soon as possible, further enrich the supply of pension financial products, and accelerate the development of long-term care insurance and other health insurance products.
Among them, a background in which long-term care insurance urgently needs to explore and develop is that the number of disabled and dementia people in mainland China has reached 45 million in 2021, and many families are confined to the dilemma of "one person is disabled, the whole family is out of balance", and long-term care insurance can help solve this problem. The relevant system has been piloted since 2016, and currently 49 regions across the country are within the scope of the pilot, which is also known as the "sixth insurance" of social security. On May 6, the National Medical Security Administration issued the "Measures for the Management of Designated Appraisal Institutions for Long-term Care Insurance Disability Level Assessment Institutions (Trial)", further clarifying the specific requirements for the designated management of assessment institutions and promoting the standardization and unification of the designated management of assessment institutions.
Industry insiders suggest that while accelerating the legislative work of long-term care insurance, a unified and standardized financing mechanism should be established to set aside sufficient sources of financing for long-term care insurance by optimizing the use of medical insurance personal account funds, overall management and intensive use of various national funds related to the elderly. In addition, it is recommended to strengthen the construction of long-term care insurance in rural areas, where the problem of aging is relatively more serious, as well as strengthen the construction of the pension service industry and the construction of the team of long-term care service practitioners.
Summary
The development of new quality productive forces is inseparable from the full support of the "five major articles" of finance. The implementation of the "five major articles" not only needs to improve the incentive and restraint mechanism, but also needs to adhere to the bottom line of risk.
In the process of promotion, insurance institutions should not only "control risks" and "sustainable development", but also avoid rushing to the top and over-granting credit.
The "Guiding Opinions" make it clear that "pseudo-innovation" and "indiscriminate innovation" for the purpose of regulatory arbitrage are prevented. Accurately determine the target and scope of support, and strictly prevent defrauding and arbitraging funds from financial institutions in the name of "five major articles".
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