Beijing Business Today (Reporter Li Xiumei): On 9 29, the National Financial Regulatory Administration and the Ministry of Commerce jointly issued the "Notice on Strengthening Synergy between Commerce and Insurance and Doing a Good Job in Domestic Trade Insurance" (hereinafter referred to as the "Notice").
The notice outlines measures to address information asymmetry in the domestic trade insurance market, mitigating adverse selection and moral hazard. It calls for relevant departments to strengthen the collection and sharing of commercial credit information, enabling orderly access to enterprise-related public credit data for insurers under compliant, secure, and controllable conditions. Insurers are encouraged to integrate multi-dimensional data—including corporate creditworthiness, legal disputes, and industry operations—of trading partners, leveraging big data models to precisely assess enterprises' repayment capacity and willingness to fulfill obligations.
The Notice requires insurance companies to strengthen risk prevention and control, and improve underwriting and claims handling procedures for domestic trade insurance. They must establish reasonable eligibility criteria for coverage, conduct strict credit assessments of the insured and their trading partners in accordance with the law, and only provide coverage when the underlying trade is genuine and sufficient credit information is available. Additionally, they must assume responsibility for risk management in domestic trade insurance operations, enhance monitoring, early warning, and prevention capabilities in key areas, and strictly prevent fraudulent activities such as using fake trade transactions to file false claims.
