China launches technical equipment insurance compensation pilot

On the 2nd, the Ministry of Finance and the Ministry of Industry and Information Technology jointly issued the "Notice on Developing the Pilot Work for the First (Set) Major Technical Equipment Insurance Compensation Mechanism." From 2015 onwards, it will be the first one to have significant innovations and obtain intellectual property rights but has not yet achieved market performance ( Or compensation for the first batch of equipment, systems, and core components. Experts believe that this is more conducive to cracking the bottleneck of the equipment market and improving the efficiency of capital operations in the form of insurance.

No matter from technological breakthroughs or to the transformation of industries, major technological equipment will play a supporting role in economic development. However, due to its complex technology and innovative forward-looking nature, there are certain risks in the process of transforming achievements, and it faces the initial bottleneck of the market.

The Ministry of Industry and Information Technology believes that the establishment of the first (set) major technical equipment insurance compensation mechanism, emphasizing subsidy on equipment that has not yet achieved market performance, is to change the situation of equipment subsidy in the past only in the R&D aspect and support it from the demand side of the market. Reducing the risk of equipment application links and encouraging the transformation of results will also force technology equipment to take into account actual market demand in the R&D process, which will be of great significance in promoting the high-end transformation of equipment manufacturing industry.

In the form of insurance, the "Notice" proposed that insurance companies provide customized first-set major technical equipment comprehensive insurance for major technical equipment special risks, and equipment manufacturing enterprises should take out insurance, equipment users should benefit, and the central government should meet the requirements. Insured enterprise premiums are properly subsidized. The central government gives premium subsidies to corresponding enterprises that meet the conditions.

Industry experts believe that in the form of insurance, the operational efficiency of fiscal funds has also been improved. At the same time, to guide manufacturing companies to apply for insurance and insurance agencies underwriting, you can use market-oriented ways to reduce user risk, close to the needs of businesses, in line with market laws, and at the same time play the role of the financial resources of "double the jackpot".

The "Notice" requires that all insurance companies involved in the pilot work should establish a first set of insurance professional teams, in-depth manufacturing companies to provide insurance services, establish a quick access to claims, and continuously optimize insurance plans and services.