Jinwu Financial News | The State Financial Supervisory Administration today disclosed the April 22 approval and approved the request for approval of compulsory motor vehicle traffic accident liability insurance terms and rates from Shenzhen BYD Property Insurance Co., Ltd., a subsidiary of BYD (01211).
The State Financial Supervisory Administration stated that it agreed that BYD Financial Insurance will use nationally unified Jiaotong Insurance (compulsory traffic accident liability insurance) provisions, basic insurance premiums, and corresponding rate fluctuation factors in Anhui, Jiangxi, Shandong (excluding Qingdao), Henan, Hunan, Guangdong, Shaanxi, and Shenzhen.
At the same time, it also stated that BYD Financial Insurance should attach great importance to the business of Jiaotong Insurance, strictly implement various systems such as financial accounting, cost sharing, reserve assessment, document and logo management, system control, and information disclosure, strengthen risk management, improve service quality, and effectively protect the legitimate rights and interests of insured persons and traffic accident victims.
According to market analysis, the current regulatory approval of BYD's financial insurance and strong insurance business can be seen as if BYD can provide corresponding services in the above regions. It is expected that BYD's new energy vehicle insurance will soon be officially opened on a large scale.
BYD Auto Industry Co., Ltd. transferred 100% of the shares in Yi An Financial Insurance in May of last year. A few days later, Yi An Financial Insurance changed its name to BYD Financial Insurance. BYD announced in April of this year that it has appointed Wang Yong as general manager of Shenzhen BYD Financial Insurance with the approval of the State Financial Supervisory Authority.
On May 3, BYD set up an insurance service portal in the official app. Currently, it does not support online insurance. According to the app, the service scope of BYD Insurance includes 7 main categories and 15 segments of vehicle insurance products. Among them are Jiaotong Insurance and Commercial Insurance, and commercial insurance clearly points to new energy vehicles.