May 31, 2010
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Some Opinions of the State Council on the Reform and Development of the Insurance Industry [Effective]
国务院关于保险业改革发展的若干意见 [现行有效]
Some Opinions of the State Council on the Reform and Development of the Insurance Industry
(No. 23 [2006])
The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, all ministries, commissions and directly subordinate institutions of the State Council:
Since the reform and opening up, especially the 16th Party Congress, remarkable achievements have been made in the reform and development of the insurance industry in China. The insurance business has grown rapidly, the service area has been continuously broadened, the market system has been increasingly improved, the laws and regulations have been gradually improved, the supervisory capabilities have been continuously enhanced, the risks have been effectively prevented, and the overall strength has been obviously reinforced. It has played an important role in promoting the reform, guaranteeing the economy, stabilizing the society, and benefiting the people, etc. However, since the insurance industry has a late start, weak base and narrow coverage, and its functions are not fully exerted, it is unable to adapt to the requirements for building a well-off society in an all-round way and building a harmonious socialist society, to adapt to building sound socialist market economy, and to adapt to the new situation of economic globalization, financial integration and opening up to the outside world in all-round way. Facing the future, the development of insurance industry stands on a new historical starting point with huge development potentiality and space. In order to fully implement the scientific development view, clarify the guiding ideology, objectives, tasks, policies and measures of the reform and development of the insurance industry for a period in future, accelerate the reform and development of the insurance industry, and promote the construction of a harmonious socialist society, we hereby give our following opinions:


I. Fully recognizing the important significance of accelerating the reform and development of the insurance industry.
Insurance plays the functions of economic compensation, financing and social management. It is a basic means of risk management under market economy conditions, and an important part of the financial system and the social security system, and plays an important role in building a harmonious socialist society.
Accelerating the reform and development of the insurance industry can help respond to the risks of disasters and accidents, and guarantee the safety of the people's lives and properties as well as the stable operation of the economy. Every year, the people in China suffer from huge life and property losses due to natural disasters and various traffic or work accidents. Due to restrictions in respect of system, mechanism, etc., only a low proportion of enterprises and families buy insurances, and only a small part of losses from disasters and accidents can be remedied through insurance. Such a situation is not beneficial to timely resuming the work and living order, and meanwhile increases fiscal burdens and matters of the government. Accelerate the reform and development of the insurance industry will play an irreplaceable important role in building a market-based mechanism for remedying losses from disasters and accidents, improving the disaster prevention and relief system, enhancing the capabilities of the whole society to prevent risks, and promoting the rapid and healthy development of the economy.
To accelerate the reform and development of the insurance industry helps improve the social security system and satisfy the masses' multi-level demands for social security. China is presently within a key period for improving socialist market economy, when the ageing progress of the population speeds up, the people's living standards are improved, and the demand for social security becomes increasingly urgent. To accelerate the reform and development of the insurance industry, and to encourage and induce the masses to buy insurances of commercial endowment or health, etc. will be of important practical significance to improving the social security system, raising the level of social security of the whole society, enlarging consumer demand, and realizing social stability and harmony.
To accelerate the reform and development of the insurance industry can help optimize the allocation of financial resources and improve socialist market economy. The financial system of China develops unevenly, with excessive indirect financing, which has affected the efficiency of allocating financial resources, and obstructed the diffusion and elimination of financial risks. The beginning 20 years of the present century are an important strategic opportunity period for China to speed up its development, so the core function of finance in modern economy is even more prominent. To accelerate the reform and development of the insurance industry, to exert the important functions of insurance in allocating financial resources, and to promote the coordinative development of currency market, capital market and insurance market will be of important significance to improve the financial system and the socialist market economy.
To accelerate the reform and development of the insurance industry is beneficial to social management and public service innovations, and can help improve the efficiency of government administration, as well. With the deepening of the reform of administration system, the governments must integrate various social resources, make full use of the various market mechanisms and means, and continuously improve social management and public services. To accelerate the reform and development of the insurance industry, to actively adopt the insurance mechanism in social management, to coordinate various interest relations, to effectively eliminate social contradictions and disputes, and to propel public service innovations will be an important promotion to improving the socialized economic compensation mechanism, further transforming government functions, and improving the efficiency of government administration.
II. Guiding ideology, overall objective and major tasks for accelerating the reform and development of the insurance industry
With the uplift of the economic and social development level of China and the continuous improvement of its socialist market economy, the masses' recognition of insurance has been further deepened, their demand for insurance has become increasingly stronger, thus insurance has come to play an ever more prominent role, and the base and conditions for its development has become increasingly mature. To accelerate the reform and development of the insurance industry has become a necessary requirement for promoting the construction of a harmonious socialist society.
The guiding ideology to accelerate the reform and development of the insurance industry shall be: by upholding Deng Xiaoping Theory and the important thoughts of “Three Represents” as out guide, adhere to the human-oriented and all-roundly coordinated sustainable scientific development view, and being based on the overall situation of reform, development and stability, focus on resolving the contradictions between the insurance industry and the economic and social development or the living demand of the people, deepening the reform, speeding up the development, trying to be stronger, developing a Chinese-characteristic insurance industry, giving full play to the functions of insurance as an economic “roll booster” and social “stabilizer”, so as to serve the construction of a well-off society in an all-round way and a harmonious socialist society.
The overall objective shall be: to build up a modern insurance industry with a sound market system, wide service areas, credible and regulated operation, sufficient repayment capacity and strong comprehensive competitive strength, which unifies the development speed, quality and effects. Surrounding this objective, the major tasks shall be: to broaden insurance service areas, to actively develop the property insurance, life insurance, reinsurance and insurance intermediary market, and to improve the insurance market system; to continue deepening the reform of the system and mechanisms, improve the corporate governance structure, uplift the quality and level of opening to the outside world, and to enhance the international competitive strength and the capacity of maintaining sustainable development; to propel independent innovations, adjust and optimize the structure, to transform the way of growth, and to continuously uplift the service level; to strengthen the management of use of insurance funds, uplift the level of using funds, and to provide fund supports for national economic construction; to strengthen and improve supervision, prevent and eliminate risks, and to earnestly protect the lawful rights and interests of the insured; to improve regulations and policies, propagandize and disseminate insurance knowledge, speed up the building of an insurance credit system, propel the honesty and credibility construction, and to create a good development environment.
III. Propelling experiments actively and steadily, and developing multi-form and multi-avenue agricultural insurance.

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