National Financial Regulatory Administration Releases New Property Insurance Product Development Rules

According to a report from the National Financial Regulatory Administration, new regulations for property insurance product development were officially released. The policy mandates that insurance companies must prioritize the core purpose of insurance, ensure personal policy terms are clear and understandable, and protect the legal rights of all insured parties. The regulations establish that insurance products must adhere to principles of loss compensation and honesty. Companies are prohibited from creating products that lack uncertainty or serve as malicious marketing tools. Furthermore, any clauses that reduce insurer liability must be highlighted clearly to ensure consumers are fully informed of their rights. The previous guidelines, implemented in two thousand seventeen, were updated to address issues such as the high proportion of supplementary insurance products lacking detailed rules. By renaming and revising these standards, the financial regulator aims to normalize product development behaviors and send a strong signal regarding the importance of industry oversight. The new framework consists of eight chapters and forty-one articles that emphasize the legal responsibility of insurance companies for their terms and rates. It mandates the establishment of product management committees led by senior officials and requires companies to conduct ongoing evaluations of all products currently available on the market.