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 notice. 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 the “Several Opinions on Accelerating the High-Quality Development of Technology Insurance, Strongly Supporting 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 technology insurance systems and mechanisms that are compatible with scientific and technological innovation, and builds an insurance product and service system covering the entire chain and the full lifecycle of technological innovation. It increases support for major national scientific and technological tasks and technology-based small and medium-sized enterprises. It puts forward 20 policy measures across six areas: strengthening insurance protection for major national scientific and technological tasks, technology-based small and medium-sized enterprises, key areas, as well as technology insurance product services, insurance fund investment, and safeguard supervision.

Centered around “who to insure, what to insure, and how to insure,” the “Technology Insurance Opinions” focuses its efforts across five areas. Focusing on major national scientific and technological tasks, it establishes a nationwide coordination and advancement mechanism for major technological breakthroughs in technology insurance, and strengthens insurance services for 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 center. Focusing on technology-based small and medium-sized enterprises, it promotes convenient and accessible technology insurance products, expands the coverage of technology insurance, and provides flexible insurance solutions for scenarios such as “pay after first using” technology achievements. Focusing on key areas and crucial links of scientific and technological innovation, including serving enterprises across their entire lifecycles, “going global” of technology-based enterprises, scientific and technological personnel, intellectual property, cybersecurity, and crucial links such as scientific and technological research and development, achievement transformation, and industrialization and promotion, it aims to overcome bottlenecks and broaden coverage while improving quality in technology insurance. Focusing on innovation in technology insurance product services, it makes forward-looking arrangements around cutting-edge fields such as artificial intelligence, integrated circuits, quantum technology, and brain–computer interfaces, optimizing insurance product development, underwriting and claims settlement services, specialized operations, and the development ecosystem. Focusing on the direction of insurance funds toward technology innovation areas, it leverages the advantages of patient capital to support major national scientific and technological projects and venture capital, and strengthens investment and deployment 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 address in a practical way the inadequacy in the adaptability between the development of technology insurance and the real needs of innovation. It will comprehensively enhance the capabilities and levels for high-level scientific and technological self-reliance and self-strengthening and for building a strong country 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, strengthening overall coordination and policy interpretation, and jointly promote the implementation of policy measures. It will 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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