China Banking and Insurance Regulatory Commission issued the Measures for the Supervision of Accident Insurance Business.

　　Cctv newsAccording to the website of China Banking and Insurance Regulatory Commission, China Banking and Insurance Regulatory Commission recently issued the Measures for the Supervision of Accident Insurance Business. The Measures focus on the outstanding problems such as low payout ratio, abnormally high commission and irregular sales behavior, dig deep into the root causes, conduct targeted governance from the system, and comprehensively standardize the development of accident insurance business, covering product actuarial, terms and rates, sales management and information disclosure.

　　The main contents are as follows:

　　The first is to improve the formation mechanism of rate marketization. Establish a retrospective and rate adjustment mechanism for accident insurance products, link product rates with payout ratio and other indicators, and gradually eliminate products with low payout ratio and obviously unreasonable pricing.

　　The second is to strengthen information disclosure. In accordance with the principles of individual insurance first, group insurance first, pilot first and comprehensive, we will disclose accident insurance business data, cooperative institutions, payout ratio and typical cases step by step, and gradually expand the scope of insurance coverage.

　　The third is to guide and reduce the level of commission fees for accident insurance. All insurance companies are required to report the upper limit of commission rate, and guide insurance companies to pay commission fees reasonably to better benefit consumers.

　　The fourth is to make a negative list of sales behaviors. Based on the irregular problems in the accident insurance market, nine types of prohibited behaviors are listed, including bundling and compulsory tying.

　　The Measures will help to further improve the market-oriented formation mechanism of accident insurance rates, standardize the accident insurance market order and promote the long-term healthy development of the accident insurance market. In the next step, China Banking and Insurance Regulatory Commission will do a good job in the implementation of the Measures, simultaneously promote the standardization of accident insurance and establish an anti-insurance fraud mechanism, deepen the reform of accident insurance and better protect consumers’ rights and interests.