The fifth mutual insurance agency is coming!Fishery mutual insurance gets the “birth permit”, what benefits will fishermen get?
The fifth licensed mutual insurance institution was granted a “life permit”.On February 15, information on the official website of the China Banking and Insurance Regulatory Commission (CBRC) showed that the establishment of China fishery mutual insurance co was approved, which was driven by the fishery mutual insurance system reform announced by relevant authorities in 2020.The approval of the establishment of exclusive mutual insurance societies in the fishery sector will not only strengthen the industry’s weakness, but also expand the variety and scope of fishery insurance products, bringing more quality and affordable insurance protection to fishermen.The fishery mutual insurance society came, and the system reform of fishery mutual insurance system was implemented with the simultaneous establishment of four branches.On February 15, China Fishery Mutual Insurance Company was approved for establishment.Silver circ website about the preparation of China fishery mutual insurance agency approval, agreed to the fishery mutual insurance association of China and zhejiang province fishery mutual insurance association 111 fisheries service organization (name), fishing companies and fishery practitioners as a general founding members, joint is a Chinese fishery mutual insurance agency, the initial working capital 500 million yuan, registered in Beijing.Proposed chairman Yang Bin, proposed general Manager Zhang Jing.The CBRC also approved the simultaneous establishment of four provincial branches of China Fishery Mutual Insurance Corporation in Liaoning, Dalian, Guangxi and Hainan.This is the first time that China Fishery Mutual Insurance Company has been approved to set up in the year of the Tiger.Beijing Business daily reporter carding found that the agency was approved to prepare to build without a document.NongCunBu office in May 2020, the agriculture and silver circ office jointly issued “about advancing the fishery mutual insurance system reform about the work” (hereinafter referred to as the “notice”), Chinese fishery mutual insurance association led by the province (city) fishery mutual insurance association established with independent legal person qualification of national fishery mutual insurance organizations.This institution is a professional mutual insurance organization. The initial operating capital is injected by the Chinese Fishery Mutual Insurance Association and the relevant provincial (municipal) fishery mutual insurance association in the form of loan after decoupling, and is subject to the supervision of CBRC and industry guidance of the Ministry of Agriculture and Rural Affairs.To carry out property insurance, liability insurance, accident insurance, reinsurance and other insurance businesses approved by the CBRC in the fishery industry.Zhu Junsheng, research director of The China Insurance and Pension Research Center at Tsinghua University’s Wudaokou School of Finance, said that this is a major institutional reform of the fishery mutual insurance system, which will help establish a standardized fishery risk protection system and promote the high-quality development of fishery insurance.”The establishment of China Fishery Mutual Insurance Society is an important symbol of the landing of fishery mutual insurance major system reform.”Zhu added.Who is China Fishery Mutual Insurance Association?Why did the association take the lead in establishing a mutual insurance society?According to the official website of China Fishery Mutual Insurance Association, the association is a national, non-profit social organization voluntarily formed by units and individuals engaged in fishery production and operation or serving fishery production and operation, as well as social organizations carrying out fishery mutual insurance.In the past, FPA and its members mainly provided property, personal accident and aquaculture insurance services to fishermen and fishing vessel owners, such as employer’s liability insurance, fishing safety insurance, fishermen’s personal FPA insurance, etc.Earlier, the fishery mutual insurance system announced the reform, China Fishery Mutual Insurance Association will divest the insurance business, the signal that a new mutual insurance society will be born has been released at that time.In recent years, with the gradual deepening of the reform of social organization management and the increasingly strict supervision of financial insurance by the state, the previous “association” system of fishery mutual insurance cannot adapt to the requirements of laws, regulations and policies.Zhu Junsheng said that this was reflected in the following aspects: first, the reform of community management posed a major challenge to the development of fishery mutual protection;Second, the inability of “associations” to be included in insurance supervision has restricted the development of fishery mutual insurance.For reasons of fishery mutual insurance to fishery mutual insurance capital economic and trade university professor Tuo GuoZhu specific analysis, one is the fishery mutual insurance association is a social organization, in accordance with the “insurance law”, they operate fishery insurance is not legal, financial insurance only by a bank approved by the circ specialized management institutions.Therefore, fishery mutual insurance has been free from insurance supervision for a long time.It is difficult to obtain professional supervision, stable enterprise operation, and the legal rights and interests of the insured are difficult to be effectively protected.Change to “fishery mutual insurance” and it can be brought under insurance supervision.Second, the fishery mutual insurance association is mainly to do fishing insurance, primary business is mainly rely on the local fishery, port inspector, and other administrative departments to assist the acquisition fee adjustments, although such management system reduces the acquisition cost, increase the coverage, but formed the enterprise management, management one of the problems, defeats the purpose of the government reform and regulations.Therefore, in the opinion of Tuo Guozhu, after stripping the relationship between fishery insurance and the association, the relevant subject will only engage in administrative activities and no longer directly participate in insurance operation, which is in line with the spirit of the policy and conducive to the development of fishery mutual insurance business.Fishermen are expected to get good quality and inexpensive products, which is nicknamed as “stay together for warmth” by industry insiders. It is a representative enterprise organization with a long history in the insurance industry.The biggest difference between mutual insurance companies and ordinary insurance companies is that they do not pursue profit.This organization can effectively “fill in gaps”, especially in professional fields and high-risk industries with low penetration and inadequate insurance services. It forms differentiated and misplacement competition with joint-stock insurance, and is a reasonable and necessary supplement to China’s insurance market.At present, there are 4 mutual insurance companies under supervision and approval in China, including Sunshine Agriculture Mutual Insurance Company, Zhonghui Property Mutual Insurance Company, Xinmei Life Mutual Insurance Company and Huiyou Construction Engineering Property Mutual Insurance Company (now Huiyou Property Mutual Insurance Company).Fishery is a kind of production and operation activity with high risk.According to data from the official website of China Fishery Mutual Insurance Association, by the end of 2020, the system had insured 13.9954 million fishermen (times) and 1.0071 million fishing vessels (times), providing risk protection of 3.94 trillion yuan.A total of 7,822 million yuan was paid in economic compensation for 14,500 dead (missing) fishermen, 116,900 injured fishermen and 113,200 fishing boats with total or partial damage.”Mutual insurance is a cooperative type of insurance that helps fishermen get affordable products.”Tuo Guozhu said.Zhu junsheng also said that after the establishment of the China Fishery Mutual Insurance Association, the rights and interests of fishermen will be better protected. For example, they can obtain more financial subsidies in the future, which will help improve the interests of fishermen.Analysts also pointed out that the establishment of the exclusive insurance society will provide fishermen with simple, practical and free insurance products, and “fill in the gaps” in the current fishery insurance market.In addition, tuo guozhu also said that the stripping also provides another signal that other similar “association insurance”, for example, the Federation of Trade Unions “mutual insurance for employees”, can take this way to do formal mutual insurance.Since the CIRC issued interim measures for the management of mutual insurance in 2013, only three mutual insurance organizations, including Zhonghui Mutual, have been approved. According to Tuo, the approval is of great significance.However, although we see the good momentum of mutual insurance development and social expectations, it is difficult to predict the development prospects of mutual insurance.Because, after 2013 also did not see any important regulations on mutual insurance.Beijing Business Daily reporter Chen Tingting Hu Yongxin