The State Administration of Financial Regulation has issued two consecutive articles in three days! Li Yunze goes to the site for supervision!, Notice on Doing a Good Job in Flood Control, Disaster Relief, and Post Disaster Reconstruction Financial Services | Finance | Li Yunze
Focusing on the "most urgent task at present", the national financial supervision has successively made deployments: increase efforts!
On August 14th, the Notice on Doing a Good Job in Flood Control, Disaster Relief, and Post Disaster Reconstruction Financial Services was released, aiming to help disaster affected people and enterprises recover production and life as soon as possible, and increase financial support for post disaster reconstruction.
On August 12th, the Notice on Increasing Insurance Prepayment and Focusing on Doing a Good Job in Flood Control and Disaster Relief Insurance Claims was issued, which requires highlighting the focus of work and increasing prepayment efforts;
Before the continuous issuance of documents, Li Yunze, Director of the State Administration for Financial Regulation, led a team to visit Mentougou District, Fangshan District, and Zhuozhou City in Hebei Province from August 10th to 11th to conduct research and supervision on insurance claims and financial support for post disaster recovery and reconstruction. He mentioned in his research that "supporting flood prevention, disaster relief, and post disaster recovery and reconstruction work will be the most urgent task at present.".
Encourage banking institutions to develop
Special disaster relief credit products
After the flood disaster, various regions are rapidly starting reconstruction work. The restoration and reconstruction of disaster damaged houses, farmland, roads, water supply, power supply, communication and other facilities all require a large amount of funding.
During the research and supervision, Li Yunze visited and inspected disaster stricken enterprises in Zhuozhou, Hebei, and listened to the urgent demands of enterprises and farmers. He presided over a symposium to discuss and optimize specific measures to accelerate insurance claims and strengthen financial support for post disaster recovery and reconstruction.
Li Yunze requested to increase financial support for post disaster recovery and reconstruction work. This includes actively connecting with the list of disaster affected enterprises, adopting comprehensive measures such as adjusting repayment plans, extending loans, and reducing financing costs to help disaster affected enterprises overcome difficulties. Encourage financial institutions to actively connect with infrastructure construction such as water conservancy by increasing credit scale and implementing separate credit plans, to help improve disaster prevention and response capabilities.
The latest notice on flood prevention and disaster relief and post disaster reconstruction financial services, released on the 14th, focuses on the task goals of financial support for flood prevention and disaster relief and post disaster recovery and reconstruction work, and puts forward specific work requirements from improving ideological awareness, actively playing the role of bank and insurance funds, strengthening credit support for key objects, and ensuring smooth financial basic services.
This includes:
——Banks and insurance institutions should do a good job in organizing and mobilizing disaster response, activate disaster preparedness emergency plans, ensure the security of financial assets and important data, and ensure the stable operation of basic financial services and critical infrastructure. We should adopt differentiated support policies reasonably, improve the efficiency and targeting of financial services, timely assess the disaster situation of ongoing projects and credit enterprises, proactively contact affected customers, and provide accurate services.
——Banking institutions should strengthen credit support for key areas such as small and micro enterprises, individual businesses, agriculture, rural areas, and transportation, communication, gas and electricity, agricultural water conservancy, flood control and flood prevention, which are closely related to people's livelihoods. They should also provide financial services to individual customers. Encourage banking institutions to develop special disaster relief credit products for small and micro enterprises, individual businesses, agricultural and breeding enterprises, farmers, and new agricultural operators in disaster stricken areas.
——Encourage insurance funds to actively participate in post disaster recovery and reconstruction, and support insurance institutions to actively connect with the funding needs of business entities in disaster stricken areas for post disaster reconstruction, production recovery, and other aspects. Guide insurance funds to provide long-term financial support for major projects such as water conservancy, infrastructure, and public services through insurance asset management products, private equity investment funds, and other means.
"Can compensate quickly, should compensate as much as possible"
Making every effort to do a good job in flood prevention and disaster relief insurance claims has become an urgent task. At the recent executive meeting of the State Council, it was proposed to open a green channel for insurance claims, allowing for quick and comprehensive compensation.
In the aforementioned research and supervision, Li Yunze and his team visited Nanxinfang Village in Mentougou District, Fangshan District COFCO Health Science and Technology Park, and Fangshan District Insurance Claims Vehicle Parking Lot in the severely affected areas of Beijing. They inspected the damage to vehicles, houses, roads and bridges in the disaster area on site, gained a detailed understanding of property losses and claims, and worked on-site to promote the resolution of related difficulties.
He mentioned that "we should adhere to the principle of 'handling special matters and urgent matters as soon as possible', and simplify the claims process and procedures to the greatest extent possible." "We should increase the pre compensation efforts, proactively provide services, and strive to increase the pre compensation ratio as much as possible.".
The Notice on Increasing Insurance Advance Compensation Efforts and Focusing on Doing a Good Job in Flood Control and Disaster Relief Insurance Claims Work has made detailed arrangements, emphasizing the need to highlight work priorities and increase advance compensation efforts.
This notice clearly requires that relevant regulatory authorities should guide insurance companies within their jurisdiction to refine their claims measures based on the situation of disaster damage, by region, insurance type, industry, and step by step, and strive to achieve claims and advance payments of over 30% within a week, and car insurance of over 90% by the end of the month. At the same time, efforts should be made to increase the advance payment ratio of insured persons such as low-income groups, new citizens, and small and micro enterprises.
The insurance industry responded quickly. The China Insurance Industry Association released an initiative on the insurance industry to fully provide flood prevention and disaster relief services on the 12th, proposing that member units should handle special matters and accelerate the progress of claims settlement.
The Insurance Industry Association stated in its proposal that we should prioritize our customers, and after major disasters occur, we should smooth out the green channel for claims, simplify major disaster claims documents to the greatest extent possible, vigorously promote simplified and online service methods, and accelerate the progress of claims settlement. We must adhere to the basic principle of "being able to compensate as much as possible, being able to compensate as much as possible, and reasonably pre compensating", and help disaster stricken people and enterprises restore normal production and life order as soon as possible.
Official data shows that as of 10:00 on August 12th, insurance institutions in 16 disaster stricken areas including Hebei Province have received 2600600 insurance reports, with an estimated loss amount of 9.782 billion yuan. Currently, 114000 cases have been compensated, with a compensation amount of 1.45 billion yuan. Among the insurance reports received by insurance institutions in the disaster stricken areas, there were 16300 insurance reports in Heilongjiang and Jilin provinces, with an estimated loss amount of 1.718 billion yuan.
