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Circular on Promoting Steady Development of the Insurance Service of Credit for Automobile

Source: Source: China Insurance Regulatory Commission Author£ºadmin Hits£º9294 Time£º2009/7/30 11:04:35
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Circular on Promoting Steady Development of the Insurance Service of Credit for Automobile

CIRC (2009) No. 69

All property insurance companies and Insurance Association of China:

Acting in the spirit of the Adjustments of Automotive Industry Structure and the Suggestions on Current Finance Promoting Economic Development issued by the State Council, and in order to promote China automobile industry’s continuous, healthy and steady development, Ministry of Commerce, our commission and other related ministries jointly issue Suggestion on Motor Vehicle Consumption, and make the steady development of insurance service of credit for automobiles as an important measure to promote domestic motor vehicle consumption. The notice of the request is as follows

(I) Companies should attach great importance to the significance of developing the insurance service of credit for automobiles. All property insurance companies should seriously study the document on the promotion of motor vehicle consumption issued by the State Council, and attach great importance to the insurance service of credit for automobile. All companies should have an overall view of serving the   economic and social development with insurance services under the guidelines of keeping increasing, expanding domestic demand, and adjusting the structure, play an important role in consuming and credit of motor vehicles and promote the domestic automobile consumption.

(II) All companies should carry out the insurance service of credit for automobiles actively and steadily under the premise of risk control. Insurance companies should step up the property market survey and research efforts, and do in-depth analysis of market demand and its risk characteristics. At the same time, they should be good at learning some lessons from the past, and under the premise of risk control, actively expand the business channel, explore with car manufacturers, banks and other parties to the new model of cooperation, develop new products meeting market demand, and promote the insurance service of credit for automobiles actively and steadily.

(III) Companies should strive to control risk and ensure steady and healthy development of loan and insurance of motor vehicles. All property insurance companies strengthen the management of the insurance service of credit and process for automobiles, improve the quality of employees, establish sound risk management system, improve the level of control, and make sure that there will be a steady and healthy development of loan and insurance of motor vehicles.

(IV) China Insurance Association should strengthen communication with related industries. China Insurance Association should use its own advantages and strengthen cooperation with automobile manufacturers, marketing and credit institutions and other related industries to find the demand of  relevant parties on the insurance service of credit for automobile, do research about the trend of consuming and credit of foreign automobile industries, collect information and actively provide support and guidance to the member companies on the development of the insurance service of credit for automobile.

China Insurance Regulatory Commission

May 27, 2009