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 Supervisory Administration announced that the Ministry of Science and Technology, the Financial Supervisory Administration, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration jointly issued the “Opinions on Accelerating the High-Quality Development of Science and Technology Insurance to Strongly Support High-Level Technological Self-Reliance and Strength” (hereinafter referred to as the “Science and Technology Insurance Opinions”).

The “Science and Technology Insurance Opinions” adhere to the general principle of “government guidance, market operation, collaborative promotion, and risk prevention,” accelerating the construction of a science and technology insurance system and mechanism that is compatible with technological innovation, establishing an insurance product and service system that covers the entire chain and cycle of technological innovation, and increasing support for major national scientific and technological tasks and technology-based small and medium-sized enterprises. It proposes 20 policy measures from six aspects: strengthening insurance protection for major national scientific and technological tasks, technology-based small and medium-sized enterprises, key areas, as well as insurance product services, insurance fund investment, and guarantee supervision.

The “Science and Technology Insurance Opinions” focus on “who to protect, what to insure, and how to insure” from five aspects. It focuses on major national scientific and technological tasks, establishing a national science and technology insurance coordination mechanism for major technological challenges, and strengthening insurance services for national strategic technological forces and key regions such as Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area international science and technology innovation centers. It focuses on technology-based small and medium-sized enterprises, promoting convenient and accessible science and technology insurance products, expanding the coverage of technology insurance, and providing flexible insurance solutions for scenarios such as pay-after-use of technological achievements. It focuses on key areas and critical links in technological innovation, achieving breakthroughs in technology insurance, expanding coverage, and improving quality in key areas such as serving the entire lifecycle of enterprises, helping technology-based enterprises “go global,” technological talent, intellectual property, cybersecurity, and critical links such as scientific research, achievement transformation, and industrial promotion. It focuses on innovation in science and technology insurance product services, optimizing insurance product development, underwriting and claims services, specialized operations, and development ecology around cutting-edge fields such as artificial intelligence, integrated circuits, quantum technology, and brain-machine interfaces. It focuses on directing insurance funds towards technological innovation, leveraging patient capital advantages to support major national scientific and technological projects and venture capital, and strengthening investment layout 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, play the role of a shock absorber and stabilizer in supporting innovation through science and technology insurance, and effectively address the issue of insufficient adaptability between the development of science and technology insurance and the actual demands of innovation, comprehensively enhancing the capacity and level of science and technology insurance services for high-level technological self-reliance and strength and the construction of a strong technological nation.

Next, the Ministry of Science and Technology, the Financial Supervisory Administration, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration will organize implementation, strengthen overall coordination and policy interpretation, and jointly promote the implementation of policy measures. They will conduct promotional activities for science and technology insurance, and strengthen the publicity and promotion of typical cases and advanced experiences in science and technology insurance.

(National Financial Supervisory Administration)

(Editor: Qian Xiaorui)

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