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 announced that the Ministry of Science and Technology, the Financial Regulatory Bureau, 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 chain and cycle of technological innovation, and increase support for major national scientific and technological tasks and tech-based small and medium-sized enterprises. The policy measures are proposed from six aspects: strengthening insurance coverage for major national scientific and technological 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 establish a national coordination mechanism for major technological breakthroughs in science and technology insurance, strengthen insurance services for key regions such as Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macau Greater Bay Area, which are strategic centers of international scientific innovation. They promote convenient and accessible science and technology insurance products for tech SMEs, expanding coverage and providing flexible insurance solutions for scenarios like pay-after-use of scientific achievements. They focus on key fields and critical links such as scientific innovation, “going global” of tech enterprises, talent, intellectual property, cybersecurity, and the transformation and industrialization of research results, aiming to break through bottlenecks and improve quality and coverage. They innovate in science and technology insurance products and services, optimizing development in frontier areas like artificial intelligence, integrated circuits, quantum technology, and brain-computer interfaces, enhancing product development, underwriting, claims, professional management, and ecosystem growth. They also promote the allocation of insurance funds to technological innovation, leveraging patient capital to support major national projects and venture investments, and strengthen 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 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, comprehensively enhancing the capacity and level of science and technology insurance services to support high-level scientific and technological self-reliance and the building of a strong technological nation.

Next, the Ministry of Science and Technology, the Financial Regulatory Bureau, 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.

(National Financial Regulatory Administration)

(Edited by: Qian Xiaorui)

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