China Insurance Regulatory Commission issued a proposed standard credit insurance business: non-supply financing for the four types of credit insurance business

CIRC make up the regulatory and institutional shortcomings of thinking, we are continuing to fall。After repeatedly being mentioned risk OCI sector, this innovative credit guarantee insurance business is about to be taken into strictly regulate the。  May 16, China Securities Network exclusively learned that China Insurance Regulatory Commission on the basis of previous research on the carpet Mopai, the introduction of this programmatic document specifically for insurance – the "credit guarantee insurance business supervision Interim Measures" (hereinafter referred to as the "Rules") It is currently in full swing within the industry for comments。  China Securities Network reporter got this exclusive draft。Compared to January last year, in December last year, were released in April this year, "China Insurance Regulatory Commission on Strengthening Internet platform guarantee insurance business management notice", "China Insurance Regulatory Commission on Further Strengthening the Internet platform to ensure notify the insurance business management (draft)", "to carry out financing credit guarantee insurance business investigation notice", the "approach" of the scope of regulation has been further extension to the entire credit guarantee insurance business, not just the internet platform, financing and other related credit guarantee insurance business。  Threshold qualifications: Integrated solvency adequacy ratio of not less than 150% according to the draft, the so-called credit guarantee insurance (hereinafter referred to as "ECIC"), refers to the credit risk as the object of insurance, divided into credit insurance (export credit insurance except) and guarantee insurance。Credit insurance policyholders, the insured per capita for the right person; guarantee insurance policy holders is the guarantee, the insured person human rights。  According to the draft, issued a document to regulate the credit insurance business, aims to strengthen the supervision and management of business credit insurance, credit insurance business behavior norms, cross guard against financial risks, protect the legitimate rights and interests of the insured。  According to the draft regulations, the insurance company credit insurance business, should adhere to disperse a small, robust prudential principles, we should be careful to carry out the insured natural person net loan platform for credit insurance business; the insurance company to carry out insurance business letter should comply with regulatory solvency requirements, fully consider solvency regulation system of capital constraints on credit insurance business, to ensure that the overall size of the company's capital strength to match the credit insurance business; the same time, insurance companies should carefully assess risks accurately measure net loss rate risk, a reasonable estimate profit margins, base rates the fix should match the liability underwriting risks。  It is worth noting that not all of the property insurance companies can operate business credit insurance, even if qualified property insurance, business insurance business also has a corresponding letter of credit demand。  The first is the solvency provisions。Draft regulations, insurance companies credit insurance business in the previous quarter core solvency adequacy ratio should not be less than 75%, and the overall solvency adequacy ratio of not less than 150%。After the solvency of insurance companies is lower than the above requirements, should be suspended to carry out new credit insurance business, and can meet the requirements of solvency, credit insurance business to carry out recovery。  Followed by underwriting capacity requirements。Draft regulations, the insurance companies underwriting the credit insurance business liability balances, shall not exceed 10 times the end of the previous quarter's net assets。Single obligor's liability underwriting performance balance, shall not exceed 5% of the net assets at the end of the previous quarter, and not more than 500 million yuan。For a single performance obligation liability balances and related party insured, shall not exceed 8% of the net assets of the end of the previous quarter, and not more than 1 billion yuan。More than the balance of responsibility required by section, should be handled reinsurance; not for the reinsurance, not covered。  Set ban: credit insurance business shall not provide financing for the four categories of conduct for business, the draft also explicitly set a number of prohibitions。For example, insurance companies may not be required to provide credit insurance business into the following four categories of financing behavior。First class asset securitization business behavior or implement the transfer of claims to package assets, asset securitization, trust assets, and other forms of fund shares; Second, corporate bonds as well as non-state-owned business enterprise bonds; Third, a packaging underwriting financial bad debt losses agencies; Fourth, other acts prohibited underwriting CIRC。  On the prohibition of conduct that requires insurance companies to carry out credit insurance business, may not have these behaviors: insurance policyholders illegal, to avoid regulation and other acts; underwriting losses will not actually incurred or loss determined; underwriting the financing behavior of the parent company or subsidiaries ; in the form of split policy period or the amount of insurance, underwriting and financing under the same financing terms or loan contract amount does not match the credit insurance business; policy by special agreement in the form of substantial changes in the approval or filing of credit insurance products。Including but not limited to the substantive content of the object underwriting, insurance liability, exclusions, insurance rates, payment mode, compensation processing; disguised form of liability insurance in order to provide credit risk protection for the financing behavior; other acts prohibited by CIRC。  In the process of rapid development in recent years, credit insurance business, the net loan platform for credit insurance business is particularly fierce。Net loan credit insurance business platform, refer to the insurance company and the information network lending agencies, credit insurance business as both lenders and borrowers on the net loan platform provides。Late last year an event of default occurs, the risk of exposing the platform is the net loan credit insurance business, further reflects the property insurance company short board on the net loan platform credit insurance business risk prevention and control。  In this regard, net loan platform for credit insurance business, the draft regulations, the insurance company net loan platform to carry out credit insurance business, in addition to prohibited acts shall be subject to the above, and shall not have these behaviors: the existence of illegal acts or are rectification the net loan platform to carry out credit insurance business; conduct credit insurance business and fails to meet the insurance-related provisions of net loan platform; underwriting same natural person, limit legal person or unincorporated organizations with more than one borrower and the main limit of net loan platform specified in the relevant sectors; CIRC ban other acts。  At the same time, also requires insurance companies to carry out net loan platform for credit insurance business, deal with cooperation of net loan platform to develop strict qualification entry requirements; agreement the insurance company and the net loan platform signed, it should be clear obligations of both parties right; insurance companies carry net loan platform credit insurance business, shall be in accordance with the relevant provisions of the internet insurance business, good information disclosure and services; at the same time, insurance companies should be required to cooperate net loan platform released by the insurance company unified production and licensing of insurance products important information and avoid net loan platform false, misleading propaganda。  Strengthen internal control: ECIC should set up a special department or management team with the rapid development of credit insurance business in recent years, but also exposed the insurance company is not sound internal control, risk control measures in place, inadequate contingency plans and other issues, the insurance industry gathering a large number of financial risks。To this end, the draft of a clear specification from strengthening internal management。  In the system construction, insurance companies should establish a business system in line with prudent business principles, including business assessment reviewing system, decision-making procedures, after the recovery and disposal system and risk early warning mechanism and emergency response mechanisms, business system should be run through credit insurance business of the whole process and various operational aspects, to ensure that relevant decisions or operations are traces to be investigated。  In terms of organizational architecture, the insurance company to carry out insurance business letter, the letter should set up a special security department or management team, before the implementation, in the background isolated risk management principles。Insurance company head office centralized management of the credit insurance business, branch offices should be set up before the full-time staff in charge of security risk control, security in the review, after security management, and collection, claims, recovery and other post-overdue。  In terms of team building, insurance company or corporation shall be equipped with a hire background knowledge economy, finance, legal, financial, and statistical analysis or professional credit guarantee has experience in insurance, financing guarantees, bank credit, and continue to strengthen professional training and personnel training, improve the ability to identify risk。  In addition, the draft also requires the insurance company shall be in accordance with the financial regulations, accounting standards and other requirements, independent accounting, a separate statistics, category management, accurate records, a true reflection of operating expenses credit insurance business, operating costs and operating results; the insurance companies to offer credit insurance business should be distributed according to the specific type of business risk profile, reasonable extract the relevant liability reserves, unexpired liability and credit insurance business, the implementation of risk classification management, accurate measurement of the risk of liability is not due。  In auditing credit, insurance companies rely on third parties to gradually establish a risk control mechanism mainly based transition to internal audit, risk control mechanism, supplemented by a third-party risk review mechanism。Insurance company to closely track the performance of obligations to the business, assets performance for the authenticity of the obligor, the authenticity of the transaction, repayment ability and willingness to repay conduct due diligence to prevent false fraud。  At the same time, insurance companies should establish business credit insurance risk warning mechanism, and for the main types of risk, early warning indicators and set parameters, to achieve early warning, early disposal; insurance companies should establish business credit insurance risk of sudden emergency response plan, a clear disposition department its duties, the measures and procedures, resolve risks。  The risk of regulatory authorities repeatedly referred to the risk of credit insurance business, according to China Securities Network reporter, in fact, the China Insurance Regulatory Commission prior to the drafting of the "measures", the CIRC relevant person in charge had repeatedly refer to the letter of the insurance business。  April 11, China Insurance Regulatory Commission Vice Chairman Chen Wenhui in the supervision of training of the top insurance solvency said that the current credit risk highlights。Among them, risk Certain financial payment platform hidden, conducted through credit insurance business to insurance, such as "Qiao Xing debt event", the lessons worth serious reflection。  Then, on April 23, the CIRC issued the "Notice on Further Strengthening the insurance risk prevention and control work," mentioned the need to strictly control credit insurance business risk, the insurance company to carry out the investigation of the transmissive credit guarantee insurance, can not focus on underwriting directly penetrate the underlying risks of financial products, various types of transfer of usufruct or pledge debt for cash, credit insurance business net loan financing platform and other acts, fully ascertain the risk of the real, a reasonable estimate of risk exposure。To improve the ECIC internal control management system, so that a sound system, operating standards, effective compliance。To adhere to the principle of small decentralized management, resolutely close down the complex underlying assets, the risk of uncontrollable, excessive exposure to the credit insurance business, and make the existence of business risk monitoring and work to resolve。(Original title: China Insurance Regulatory Commission issued a document intended to make up for shortcomings regulatory norms credit insurance business) (Editor: DF328)