The rules contain 41 articles across eight chapters, covering product development, insurance terms and rates, product management, lifecycle assessment, and regulatory supervision.
Property insurance companies are responsible for product development and the legal compliance of policy terms and premium rates, with eight categories of prohibited product development specified.
The rules strengthen requirements for product naming, policy structures, and rate-setting, particularly for supplementary insurance products.
Companies must establish product development management systems and product management committees led by principal responsible persons, covering planning, research, internal reviews, and regulatory approvals or filings.
Companies must assess products currently on sale, promptly revise or withdraw products where necessary, and comply with enhanced annual product reporting requirements.
The rules clarify the responsibilities of product management personnel at all levels and require companies to establish internal accountability mechanisms.
The revised framework addresses deficiencies in product development, supplementary insurance design, and management processes as part of broader property insurance regulatory reforms.
