China Banking and Insurance Regulatory Commission Xiao Yuanqi: Internet mutual assistance must be licensed to carry out insurance business

On April 16, the China Banking and Insurance Regulatory Commission held a press conference on industry development in the first quarter. When talking about the shut-down tide of network mutual assistance, Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, said that it is necessary to see the positive effects of network mutual assistance and its potential risks. "Network mutual assistance needs to be standardized. Charity belongs to charity. If you engage in the financial and insurance industries under the banner of mutual assistance, you will deviate from the nature of mutual assistance and need to be corrected. All financial activities must be licensed for driving." (Source: China Banking Regulatory Commission)

New Accident Insurance Regulations Soliciting Opinions: Compensation Rates Below 30% for Two Consecutive Years, Suspension of Sales

On April 13, the China Banking and Insurance Regulatory Commission issued the "Measures for the Supervision of Accidental Injury Insurance Business (Draft for Comment)" to various insurance companies. Based on the summary of various previous institutional documents related to accident insurance, the This chaos is regulated. The pricing of short-term accident insurance products below 50% should be adjusted in time; products with premium income exceeding 2 million yuan and loss ratios below 30% for two consecutive years should be discontinued. (Source: China Banking Regulatory Commission)

China Banking Regulatory Commission Li Youxiang: Comprehensive reform of auto insurance benefits consumers over 100 billion yuan

On April 16, Li Youxiang, director of the Property and Casualty Insurance Department of the China Banking and Insurance Regulatory Commission, stated that as of the end of March, the auto insurance market accounted for 47.73%, a year-on-year decrease of 6.12 percentage points. The average car premium dropped by 689 yuan, a drop of 20%. According to statistics, national auto insurance consumers Accumulatively, insurance premiums have been reduced by over 104.7 billion yuan. (Source: China Banking Regulatory Commission)