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 Provide Strong Support for 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 overarching principles of government guidance, market operation, coordinated advancement, and risk prevention. It will speed up the establishment of a technology insurance system and mechanisms that are compatible with technological innovation, and establish an insurance product and service system covering the entire chain and entire life cycle of technological innovation. It will increase support for national major science and technology tasks and technology-based small and medium-sized enterprises. From six aspects—strengthening national major science and technology tasks, technology-based small and medium-sized enterprises, insurance coverage and保障 in key areas, technology insurance product and service support, insurance fund investment, and guarantee oversight—it proposes 20 policy initiatives.

The Technology Insurance Opinions focuses on “who is covered, what is covered, and how coverage is provided,” and concentrates efforts in five areas. It focuses on national major science and technology tasks: it will establish a national coordination and advancement mechanism for major technical research and development, and strengthen insurance services for key regions such as national strategic science and technology forces and the Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area international scientific and technological innovation centers. It focuses 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 “use first and pay later for technological achievements.” It focuses on key fields and critical links of technological innovation: by serving the whole life cycle of enterprises, the “going global” of technology-based enterprises, technology talent, intellectual property, cybersecurity, and other key fields, as well as the critical links of technological R&D, achievement commercialization, and industrialization promotion, it will achieve breakthroughs and improved quality and broader coverage in technology insurance. It focuses on innovation in technology insurance product services: around cutting-edge areas such as artificial intelligence, integrated circuits, quantum technology, and brain-computer interfaces, it will optimize insurance product development, underwriting and claims services, specialized operations, and the development of an ecosystem. It focuses on directing insurance funds toward the fields of technology innovation: leveraging the advantages of patient capital, it will support national major science and technology projects and venture investment, and strengthen investment layout in emerging industries and future industries.

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

Next, 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 organizational implementation, strengthen overall coordination and policy interpretation, and jointly promote the implementation of policy measures on the ground. They will carry out technology insurance publicity activities, and strengthen publicity and promotion of typical cases and advanced experience in technology insurance.

(National Financial Regulatory Administration)

(Editor: Qian Xiaorui)

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