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 Science and Technology Insurance to Strongly Support High-Level Scientific and Technological Self-Reliance and Strength."

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

The “Science and Technology Insurance Opinions” adhere to the overall principles of “government guidance, market operation, coordinated promotion, and risk prevention.” They aim to accelerate the development of a science and technology insurance system compatible with technological innovation, establish an insurance product and service system covering the entire innovation chain and lifecycle, and increase support for major national scientific and technological projects and tech-based small and medium-sized enterprises. The policy measures are proposed from six aspects: strengthening insurance coverage for major national tech projects, tech SMEs, key areas, as well as services for science and technology insurance products, insurance fund investments, and supervision.

Focusing on “who is protected, what is insured, and how to insure,” the Opinions concentrate efforts in five areas. They focus on major national scientific and technological tasks by establishing a nationwide coordination mechanism for major technological breakthroughs and strengthening insurance services for key regions such as Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area, which are centers of international technological innovation. They focus on tech SMEs by promoting convenient insurance products, expanding coverage, and providing flexible insurance solutions for scenarios like pay-after-use of technological achievements. They focus on key areas and critical links of technological innovation, such as full lifecycle services for enterprises, “going global” strategies for tech companies, tech talent, intellectual property, cybersecurity, and key stages like R&D,成果转化, and industrialization, aiming to break through bottlenecks and improve quality and coverage. They focus on innovation in insurance product services, optimizing development, underwriting, claims, professional management, and ecosystem building around frontier fields like artificial intelligence, integrated circuits, quantum technology, and brain-computer interfaces. They focus on directing insurance funds into technological innovation, leveraging patient capital to support major national tech projects and venture investments, and strengthening investments in emerging and future industries.

The issuance of the “Science and Technology Insurance Opinions” will effectively promote high-quality development of science and technology insurance in the new era, playing the role of a shock absorber and stabilizer to support innovation. It will address the insufficient alignment between the development of science and technology insurance and actual innovation needs, and comprehensively enhance the capacity and level of science and technology insurance services to support high-level technological independence and the building of a strong technological nation.

Next, the Ministry of Science and Technology, the China Banking and Insurance Regulatory Commission, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration will ensure proper organization and implementation, strengthen coordination and policy interpretation, and jointly promote the implementation of policy measures. They will carry out publicity activities for science and technology insurance and promote typical cases and advanced experiences.

(China Banking and Insurance Regulatory Commission)

(Editor: Qian Xiaorui)

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