, the CIRC announced the Interim Measures for the Administration of Internet Insurance Business in September 2015 to regulate the Internet insurance market and escort
its healthy and sustainable development. As the first categorized regulatory rule to hit the ground after the central bank and ten other ministries issued the Guiding Opinions on Promoting the Healthy Development of Internet Finance
, the Interim Measures, in accordance with the basic principles of encouraging innovation, moderate supervision, risk prevention and protection of the rights and interests of consumers
, make clear specifications on the Internet's operating rules, information disclosure, customer service, information security and so on;
Meanwhile, it has liberalized regional restrictions on the operation of some types of insurance and encouraged insurance institutions to innovate their service models.
With mutual insurance, as one of the two major forms of international insurance organizations, entering a new stage of exploration in China, the CIRC announced the Trial Measures for Supervision of Mutual Insurance Organizations in February last year, making it clear that it will promote the development of three types of mutual insurance organizations, and facilitate the standardized and healthy development of
mutual insurance organizations. In response to the latest development trend of information technology, the CIRC also issued the Circular on Issues Related to Strengthening the Governance Mechanism of Insurance Companies during the Preparation Period in July last year, encouraging insurance companies to use big data, cloud computing and other interconnected
network technologies to innovate insurance products, revamp their business models, optimize their business processes, and integrate into and serve the Internet-based economy
development more effectively. p>development.
In August 2015, the CIRC issued the Interim Measures for the Administration of Individual Tax-Preferential Health Insurance Business, and in December, three ministries and commissions, including the Ministry of Finance
Ministry of Finance, State Administration of Taxation, and the China Insurance Regulatory Commission (CIRC), jointly issued the Notice on the Implementation of the Pilot Individual Income Tax Policy for Commercial Health Insurance
, followed by the CIRC's publication of the Preferential Health Insurance Product Guidance Framework and Notice on Model Clauses
, in order to promote commercial health insurance to maintain rapid growth and meet the growing health protection needs of the people
.
The regulator also guided the insurance industry to implement the State Council's Opinions on Comprehensively Implementing Major Disease Insurance for Urban and Rural Residents. As of
the third quarter of 2015,*** there were 17 insurance companies carrying out major disease insurance in 28 provinces (districts and municipalities) across the country, covering 800 million urban and rural residents, or nearly 80 percent of the number of people who should be covered, and a cumulative total of more than 500 million people nationwide directly benefited from major disease insurance. More than 5 million people have directly benefited from the major disease insurance, and the actual reimbursement level of medical
treatment costs for patients with major diseases in various places has generally increased by 10 to 15 percentage points, with the highest compensation amounting to more than 800,000 yuan nationwide.