The Ministry of Science and Technology, the China Banking and Insurance Regulatory Commission, and other four departments jointly issued the "Several Opinions on Accelerating the High-Quality Development of Technology Insurance to Strongly Support High-Level Scientific and Technological Self-Reliance and Self-Strengthening"

On March 2, the National Financial Regulatory Administration (NFRA) released a statement. The Ministry of Science and Technology, the NFRA, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration jointly issued Several Opinions on Accelerating the High-Quality Development of Science and Technology Insurance to Strongly Support High-Level Scientific and Technological Self-Reliance and Self-Strength (hereinafter referred to as the “Science and Technology Insurance Opinions”).

The “Science and Technology Insurance Opinions” adheres to the overarching principles of “government guidance, market operation, coordinated advancement, and risk prevention.” It will speed up the establishment of a system and mechanism for science and technology insurance that is compatible with scientific and technological innovation, and build a portfolio of insurance products and service system covering the entire chain and the full lifecycle of technology innovation. It will increase support for major national scientific and technological tasks and science and technology-based small and medium-sized enterprises (SMEs). From six areas—including strengthening insurance safeguards for major national scientific and technological tasks, for science and technology-based SMEs, for key fields, as well as innovation in science and technology insurance products and services, investment by insurance funds, and supervision of safeguards—it proposes 20 policy initiatives.

The “Science and Technology Insurance Opinions” focuses on “who is to be covered, what is to be insured, and how to insure,” and concentrates efforts in five areas. In focus on major national scientific and technological tasks, it will establish a nationwide coordination and advancement mechanism for major technical breakthroughs under science and technology insurance, and strengthen insurance services for key areas such as national strategic science and technology forces, as well as international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (the Yangtze River Delta), and the Guangdong–Hong Kong–Macao Greater Bay Area. In focus on science and technology-based SMEs, it will promote convenient and readily accessible science and technology insurance products, expand the coverage of science and technology insurance, and provide flexible insurance solutions for scenario models such as “pay after first using” technological achievements. In focus on key fields and critical links of science and technology innovation, in serving the full lifecycle of enterprises and key links such as science and technology-based enterprises “going global,” science and technology talent, intellectual property, cybersecurity, and key links including science and technology R&D, achievements transformation, and industrialized commercialization, it will achieve breakthroughs in solving key bottlenecks for science and technology insurance, while expanding coverage and improving quality. In focus on innovation in science and technology insurance products and services, it will layout advanced fields such as artificial intelligence, integrated circuits, quantum technology, and brain-computer interfaces, and optimize insurance product development, underwriting and claims handling services, specialized operations, and the development ecosystem. In focus on directing insurance funds toward the field of science and technology innovation, it will leverage the advantages of patient capital, support major national science and technology projects and venture investment, and strengthen investment arrangements for emerging industries and future industries.

The introduction of the “Science and Technology Insurance Opinions” will effectively promote the high-quality development of science and technology insurance in the new era, and will play the role of a shock absorber and stabilizer in supporting innovation through science and technology insurance. It will genuinely address the problem of insufficient alignment between the development of science and technology insurance and the actual needs of innovation, and comprehensively enhance the capacity and level of science and technology insurance services for high-level scientific and technological self-reliance and self-strength, as well as for the building of a strong country in science and technology.

In the next step, the Ministry of Science and Technology, the NFRA, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration will do a good job in organizing implementation, strengthen overall coordination and policy interpretation, and jointly promote the落实 of policy measures. It will carry out publicity activities for science and technology insurance, and strengthen the publicity and promotion of typical cases and advanced experience in science and technology insurance.

(National Financial Regulatory Administration)

(Editor: Qian Xiaorui)

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