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Pilots of insurance companies across Beijing-Tianjin-Hebei business record management

April 15, 2019 06:32
Author: Huang Lei

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Since 2017InsuranceSince the company's cross-Beijing-Tianjin-Hebei regional operation record management pilot measures (hereinafter referred to as the “Pilot Measures”), the pilot projects for cross-regional operation record management of insurance companies in Beijing, Tianjin and Hebei have been promoted in an orderly manner, and the Beijing-Tianjin-Hebei insurance industry has developed synergistically. Positive results have been achieved.

Shanghai Securities News learned from relevant channels yesterday that in order to further promote the deep integration of the Beijing-Tianjin-Hebei insurance market and serve the coordinated development strategy of Beijing-Tianjin-Hebei, the regulatory authorities decided to extend the validity period of the insurance company's cross-Beijing-Tianjin-Hebei regional operation record management pilot. The validity of the Pilot Measures is extended from two years to February 1, 2021.

According to the requirements, the Banking Supervision Bureau of the pilot area will steadily promote various pilot projects in accordance with the requirements of the “Pilot Measures”, strengthen the supervision of the regional insurance market, and effectively maintain the risk bottom line.

The cross-Beijing-Tianjin-Hebei regional business entity refers to the business department or provincial branch of the insurance company's head office in Beijing-Tianjin-Hebei. Cross-regional management refers to the act of carrying out insurance business after the above-mentioned entities have been filed in the Beijing-Tianjin-Hebei region outside their domicile. In the Beijing-Tianjin-Hebei province (city), insurance companies with provincial branches have been established, and cross-regional operations are not allowed. In the Beijing-Tianjin-Hebei province (city), two provincial-level branches of insurance companies have been established, and the insurance company has designated a provincial-level branch to carry out cross-regional operations.

During the pilot period, insurance companies that have not established branches in Beijing, Tianjin, and Hebei are encouraged to adapt to the coordinated development requirements of Beijing-Tianjin-Hebei, and priority is given to setting up branches in Hebei Province to ease the pressure on institutions in Beijing. Premium income from insurance companies operating across regions is included in the location of the business.

The insurance company head office that proposes cross-regional operation filing shall meet the following conditions: it is in line with its own development plan; the risk comprehensive rating (category supervision) category for the two consecutive quarters prior to the previous year and the application for submission is not lower than Class B; The solvency for two consecutive quarters before submitting the application meets the regulatory requirements; the internal control is sound, the cross-regional business practice meets the regulatory requirements; there is no record of major administrative penalties by the financial regulatory authorities in the last two years; there is no insurance company or its senior management due to work The act is suspected of a major crime, and is being investigated by a financial regulatory agency or the judicial authorities.

The business department of a insurance company head office or a provincial branch that carries out cross-regional operations shall meet the following conditions: one year after the opening of the business; a special department has been set up or designated to manage cross-regional operations; in the last two years, there have been no major administrative penalties imposed by financial regulatory agencies. Record; there is no situation in which senior management personnel are suspected of major crimes due to work behavior, and are being investigated by financial regulatory agencies or judicial organs.

Since the pilot in 2017, insurance institutions have benefited from this. At the beginning of this year, AIA Beijing Branch was approved by the Tianjin Banking Regulatory Commission and the Hebei Supervision Bureau, and began to set up a marketing service department in Tianjin and Shijiazhuang, Hebei Province. The approval of AIA China this time is based on the current regulatory policies and pilot arrangements for promoting the coordinated development of the Beijing-Tianjin-Hebei insurance industry.

In addition, since 2017, the former Tianjin Insurance Regulatory Bureau has allowed a number of property insurance companies and life insurance companies in Tianjin to open. At the time, the approval of the opening of the provincial branch of the insurance company was approved by the Banking Regulatory Commission, not the local regulatory bureau. According to industry analysts, this may be related to allowing insurance companies to cross the Beijing-Tianjin-Hebei regional operation record management pilot.

(Article source: Shanghai Securities News)

                (Editor: DF380)

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