The China Banking and Insurance Regulatory Commission issued the "Statistical System of Insurance Company County-level Institutions."

According to the news from the China Banking and Insurance Regulatory Commission on September 6, the regulatory authority recently issued the "Statistical System for Insurance Companies' County-level Institutions" (referred to as the "Statistical System" below). The Statistical System standardizes the regulatory statistical requirements for insurance companies' county-level institutions, specifying the scope of statistics, statistical methods, and reporting requirements. In terms of scope and methods, it mainly includes the original insurance premium income, claims expenditure, maturity benefits, surrender amounts, insurance amounts, number of policies issued, number of policyholders, establishment situation of various levels of branch offices, and employees of insurance companies segmented by insurance type and distribution channels. The Statistical System requires insurance companies to attach great importance to the data reporting work of their county-level institutions, establish a sound mechanism for data reporting and verification, ensure the authenticity, accuracy, timeliness, and completeness of data reporting, and submit the monthly report by the 10th of each month for the previous month. The next step, the regulatory authority will solidly promote the implementation of the Statistical System, guide insurance companies to timely and accurately report relevant data, strengthen the monitoring and analysis of risks in insurance companies' county-level institutions, continuously enhance the regulatory capabilities of the financial regulatory branches, and carry out county-level insurance supervision work effectively.The classification standards of life insurance, annuity insurance, health insurance, accident insurance, etc. are determined according to the "Regulations on Insurance Terms and Premium Rate Management of Life Insurance Companies" revised in 2015 (issued by the China Insurance Regulatory Commission in 2011, revised according to the China Insurance Regulatory Commission in 2015).(11) When property insurance companies report the original insurance premium income and claims expenses for new energy vehicles under the compulsory insurance, if the company does not currently have financial data, they can report operational data. (12) In the "County Offices Statistical Form of Property Insurance Companies," the "total" item for original insurance premium income and claims expenses should be equal to the sum of data from 14 business lines such as motor vehicle insurance and corporate property insurance. In the "County Offices Statistical Form of Life Insurance Companies," the "total" item for original insurance premium income should be equal to the sum of data from various types of insurance, sales channels, payment methods, or design types. (13) For matters not specifically addressed in this system, refer to existing insurance statistical systems, and in principle, align with the relevant data criteria of the insurance statistical information system. This article is compiled from the China Banking and Insurance Regulatory Commission, GMTEight Editor: Chen Wenfang.