In order to further regulate the insurance product development practices of property insurance companies, protect the legitimate rights and interests of policyholders, insured persons and beneficiaries, continue to release strong regulatory signals, improve the supply quality and efficiency of insurance products, and promote the high-quality development of the property insurance industry, the General Administration of Financial Supervision recently revised and issued the “Regulations on the Administration of Insurance Product Development by Property Insurance Companies”. The “Regulations” are a systematic revision and improvement of the “Guidelines for the Development of Insurance Products for Property Insurance Companies” by the General Administration of Financial Supervision on the basis of extensive research and consultation. The “Regulations” consist of 8 chapters and 41 articles, including general provisions, basic requirements for product development, rate requirements for main insurance clauses, rate requirements for additional insurance clauses, product development management requirements, evaluation, revision, clean-up and cancellation, supervision and administration, and supplementary provisions.

In order to further regulate the insurance product development practices of property insurance companies, protect the legitimate rights and interests of policyholders, insured persons and beneficiaries, continue to release strong regulatory signals, improve the supply quality and efficiency of insurance products, and promote the high-quality development of the property insurance industry, the General Administration of Financial Supervision recently revised and issued the “Regulations on the Administration of Insurance Product Development by Property Insurance Companies”. The “Regulations” are a systematic revision and improvement of the “Guidelines for the Development of Insurance Products for Property Insurance Companies” by the General Administration of Financial Supervision on the basis of extensive research and consultation. The “Regulations” consist of 8 chapters and 41 articles, including general provisions, basic requirements for product development, rate requirements for main insurance clauses, rate requirements for additional insurance clauses, product development management requirements, evaluation, revision, clean-up and cancellation, supervision and administration, and supplementary provisions.