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"

March 2, the National Financial Regulatory Administration released a statement. The Ministry of Science and Technology, the Financial Regulatory Administration, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration jointly issued Several Opinions on Accelerating the High-Quality Development of Technology Insurance to Strongly Support High-Level Scientific and Technological Self-Reliance and Self-Strengthening (hereinafter referred to as the Technology Insurance Opinions).

The Technology Insurance Opinions adheres to the overall principles of “government guidance, market operation, coordinated advancement, and risk prevention,” accelerates the establishment of a technology insurance institutional framework and mechanisms that are compatible with technological innovation, and builds an insurance product and service system covering the entire chain and the entire lifecycle of technological innovation. It will increase support for national major science and technology tasks and technology-based small and medium-sized enterprises, and, from six areas—including strengthening insurance safeguards for national major science and technology tasks, technology-based small and medium-sized enterprises, key fields, technology insurance product services, insurance fund investment, and guarantee supervision—propose 20 policy initiatives.

The Technology Insurance Opinions focuses on “who to protect, what to insure, and how to insure,” and concentrates efforts in five areas. By focusing on national major science and technology tasks, it will establish a nationwide coordinated and advancing mechanism for major technology insurance for technical breakthroughs, strengthen insurance services for key national strategic scientific and technological forces and key regions such as Beijing (Beijing-Tianjin-Hebei), Shanghai (the Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area international science and technology innovation centers. By focusing on technology-based small and medium-sized enterprises, it will promote convenient and accessible technology insurance products, expand the coverage of technology insurance, and provide flexible insurance solutions for scenarios such as pay after first use for technology achievements. By focusing on key areas and critical links of technological innovation, in order to serve enterprise whole lifecycles and key links such as “going global” for technology-based enterprises, science and technology talent, intellectual property, cybersecurity, and key processes including technology research and development, achievement transformation, and industrialization promotion, it will achieve breakthroughs to solve problems in technology insurance, expand coverage, and improve quality. By focusing on innovation in technology insurance product services, it will lay out and optimize the development of insurance products, underwriting and claims services, specialized operations, and the development ecosystem around frontier areas such as artificial intelligence, integrated circuits, quantum technology, and brain-computer interfaces. By focusing on directing insurance funds toward technology innovation, it will leverage the advantages of patient capital to support national major science and technology projects and venture capital, and strengthen investment planning and deployment in emerging industries and future industries.

The issuance of the Technology Insurance Opinions will effectively promote the high-quality development of technology insurance in the new era, and play the role of technology insurance as a shock absorber and stabilizer for supporting innovation. It will earnestly address the problem of insufficient fit between the development of technology insurance and actual innovation needs, and comprehensively enhance the ability and level of technology insurance services to support high-level scientific and technological self-reliance and self-strengthening and the building of a country strong in science and technology.

In the next step, the Ministry of Science and Technology, the Financial Regulatory Administration, the Ministry of Industry and Information Technology, and the National Intellectual Property Administration will do a good job in organizing and implementing the work, strengthen overall coordination and policy interpretation, and jointly promote the implementation of policy measures. Carry out technology insurance publicity activities, and strengthen the promotion of typical cases and advanced experience in technology insurance.

(National Financial Regulatory Administration)

(Editor: Qian Xiaorui)

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