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 CBIRC Issues the Notice on the Statistical Rules on Green Insurance Business
Category:Legislative Updates  
Subject:Finance   ; Securities   ; Banking   ; Insurance  
Source:CBIRC
Publish Date:11-23-2022
 

In order to implement the new development philosophy and give full play to the positive role of insurance in establishing a sound green and low-carbon circular economic development system and facilitating a complete transition to a greener economy and society, the China Banking and Insurance Regulatory Commission (CBIRC) recently issued the Notice on the Statistical Rules on Green Insurance Business (hereinafter referred to as the “Notice”).
The Notice stipulates that green insurance is the general term of economic behaviors of the insurance sector to provide risk protection and funding support in the fields of environmental resources protection and social governance, green industry operation, and green living and consumption. The Notice officially released the Statistical Rules on Green Insurance Business (hereinafter referred to as the “Statistical Rules”), which requires that statistics should be collected step by step on green insurance liability business of all insurance companies from both product and customer perspectives. The Notice stresses that companies should focus on the concept of green development, accurately grasp the definition and connotation of green insurance, and ensure high-quality statistical work of green insurance business. The Notice requires companies to strengthen the capacity building of green insurance, enhance the data governance of green insurance business, optimize the construction of information systems, and establish a sound identification and management mechanism for green insurance products, green industry customers and green insurance targets.
Going forward, the CBIRC will push forward the implementation of the Statistical Rules, and further study and issue relevant guidelines on green insurance so as to establish a sound policy system of green insurance and promote the sustainable and healthy development of green insurance business.

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