In order to implement the Guiding Opinions on Accelerating the High Quality Development of Agricultural Insurance (hereinafter referred to as the Guiding Opinions), further standardize the management of agricultural insurance underwriting and claims settlement, and strengthen the supervision of agricultural insurance, the China Banking and Insurance Regulatory Commission recently issued the Administrative Measures for Agricultural Insurance Underwriting and Claims Settlement (hereinafter referred to as the Measures).

The Measures is divided into seven chapters, including 58 general provisions, underwriting management, claims management, co management, internal control management, supervision management and supplementary provisions. The Measures have the following characteristics: First, it is more focused on "serving agriculture, rural areas and farmers". For example, the statement that "agricultural production rules should be respected" should be added, the time limit for loss assessment should be further shortened, and the requirements for image inspection should be detailed to effectively protect the rights and interests of insured farmers. Second, new forest insurance was added as the adjustment object. The Interim Measures for the Administration of Insurance Underwriting and Claims of Agricultural Insurance stipulates that the forest insurance business shall be separately stipulated, and the Measures also uniformly include forest insurance into the scope of adjustment. Third, strengthen or refine relevant regulations. For example, further clarify the content and requirements of insurance information, specify the inspection content of the subject matter to be insured according to different types of insurance, unify the time limit for loss determination, and clearly prohibit the arbitrage of premium subsidies. Fourth, highlight insurance technology and other relevant content. In combination with the latest development trend of agricultural insurance in recent years, online, technology enabling, information security and other relevant provisions are added.

The issuance of the Measures is an important measure for the CBRC to implement the spirit of the Guiding Opinions, as well as an important policy measure to implement the Agricultural Insurance Regulations and strengthen the supervision of agricultural insurance. The Measures fully absorbed the achievements of agricultural insurance reform and development and regulatory practice in recent years, and will provide a strong institutional guarantee for China's agricultural insurance supervision in the future. In the next step, the CBRC will do a good job in implementing the Measures, guide the insurance industry association to introduce management norms for underwriting and claims settlement by insurance category, further improve the agricultural insurance system, and promote agricultural insurance to better serve the "three rural" undertakings in China.

Annex (In Chinese) ↓

http://www.cbirc.gov.cn/cn/view/pages/govermentDetail.html?docId=1039780&itemId=861&generaltype=1