The National Financial Regulatory Administration issues the "Regulations on the Management of Insurance Product Development for Property Insurance Companies"

Zhitong Finance APP has learned that, in order to protect the lawful rights and interests of insurance consumers, regulate the insurance product development and management of property insurance companies, and improve the quality and efficiency of insurance product supply, the National Financial Regulatory Administration has revised and formed the Provisions on the Administration of Insurance Product Development of Property Insurance Companies. The Provisions state that the names of clauses and rates developed by property insurance companies shall be clear and concise, objectively and comprehensively reflect the main insurance liabilities, shall not use wording that is likely to cause ambiguity, shall not distort insurance liabilities, and shall not mislead consumers. The wording of clauses shall adhere to standardization and uniformity, with rigorous and accurate language. Individual-type clauses shall be easy to understand and clear, strengthening the protection of the lawful insurance rights and interests of individual consumers. For content in clauses that exempts or reduces the insurer's liability, prompts shall be given using wording, fonts, symbols, or other conspicuous marks sufficient to draw the policyholder's attention.