On December 10, the official website of the National Financial Regulatory Administration disclosed that it approved ZA ONLINE Property Insurance Co., Ltd. (hereinafter referred to as ZA Insurance) to use the national standardized compulsory insurance clauses, basic insurance rates, and corresponding rate fluctuation coefficients in Shanghai and Zhejiang.

According to inquiries by the Financial Association Press, this follows the approval of BYD Property Insurance in May of this year to use the national standardized compulsory insurance clauses, basic insurance rates, and corresponding rate fluctuation coefficients in multiple regions such as Anhui and Jiangxi, marking another company approved for compulsory insurance qualification.

ZA Insurance was approved to use the unified compulsory insurance clauses in Shanghai and Zhejiang.

Today, the National Financial Supervision and Administration issued a reply regarding the compulsory traffic accident liability insurance clauses and rates of ZA ONLINE Property Insurance Co., Ltd.

In the document, the Financial Regulatory Administration pointed out that it agreed to allow ZA ONLINE to use the national standardized compulsory insurance clauses, basic insurance rates, and corresponding rate fluctuation coefficients in Shanghai and Zhejiang. ZA ONLINE should pay close attention to the compulsory insurance business, strictly implement various systems such as financial accounting, cost allocation, reserve assessment, document and sign management, system control, and information disclosure for compulsory insurance, strengthen risk management, improve service quality, and effectively protect the legal rights and interests of insured persons and traffic accident victims.

According to information from ZA ONLINE's official website, ZA ONLINE Property Insurance Co., Ltd. is the first Internet insurance company in China, established on November 6, 2013, and listed on the Main Board of the Hong Kong Stock Exchange on September 28, 2017. Its headquarters is located in Shanghai, with no branches, operating entirely through the Internet. ZA focuses on applying new technologies to reshape the insurance value chain, centering on four ecosystems: health, digital life, consumer finance, and autos, providing personalized, customized, and intelligent new insurance services for the new generation.

It is worth noting that as early as May 2015, the former China Insurance Regulatory Commission issued a document approving ZA ONLINE to expand its business scope to include "motor vehicle insurance, including mandatory traffic accident liability insurance and commercial motor vehicle insurance" and "insurance information service business."

In April 2019, the former China Banking and Insurance Regulatory Commission issued a reply regarding the comprehensive commercial insurance terms and rates for motor vehicles from ZA ONLINE Insurance Co., Ltd., agreeing to the comprehensive model terms for commercial auto insurance submitted by ZA ONLINE, with the term number H2015102. This includes: comprehensive commercial insurance model terms for motor vehicles, comprehensive commercial insurance model terms for special vehicles, comprehensive commercial insurance model terms for motorcycles and tractors, and single trip pick-up insurance model terms for motor vehicles. As a result, ZA ONLINE was approved to enter the commercial auto insurance market.

More than half of the four major Internet Insurance companies have changed hands. The successor of Yi'an Property Insurance has been approved for mandatory liability insurance business in multiple locations.

It is worth noting that against the backdrop of encouraging financial innovation, the four major Internet Insurance companies, including ZA ONLINE, Anxin Property Insurance, Taikang Online, and Yi'an Insurance, were established in succession and once gained considerable attention. However, more than a decade later, the traditional four major Internet Insurance companies have changed significantly, with half of them having changed hands and renamed.

Specifically, Anxin Property Insurance was required by regulators to stop accepting new vehicle insurance business at the beginning of 2021. This year, Anxin Property Insurance changed its registered location to Suzhou. Its successor, Suzhou Dongwu Property Insurance Co., Ltd., has been approved to be established this September.

Yi'an Property Insurance was officially regulated by law in July 2020. Two years later, Yi'an Property Insurance applied for bankruptcy reorganization with the Beijing Financial Court on the grounds of being unable to repay due debts and lacking repayment ability, which was subsequently announced and approved by the former Banking and Insurance Regulatory Commission. Last year, BYD announced the takeover, and the regulator approved BYD Auto Industry Co., Ltd. to acquire 1 billion shares (100% ownership) of Yi'an Property Insurance Co., Ltd., after which its successor, BYD Property Insurance, announced its establishment.

Unlike ZA ONLINE, Yi'an Property Insurance does not have the qualification for commercial vehicle insurance business, but BYD Property Insurance has obtained regulatory access after its establishment. On May 6 of this year, the National Financial Regulatory Administration pointed out in an approval that it agreed to allow BYD Property Insurance to use the nationwide unified mandatory liability insurance terms, basic insurance rates, and the corresponding rate fluctuation coefficients in Anhui, Jiangxi, ShanDong (excluding Qingdao), Henan, Hunan, Guangdong, Shaanxi, and Shenzhen. Thus, BYD Property Insurance has taken the lead over ZA ONLINE in obtaining the qualification to operate mandatory liability insurance business in multiple regions.