According to the Notice of the Ministry of Finance of State Taxation Administration of The People's Republic of China on Policy Issues Concerning Pre-tax Deduction of Enterprise Income Tax for Reserve Expenditure of Insurance Companies (Caishui [2016]14No.), the insurance guarantee fund paid by insurance companies shall not be deducted before tax in any of the following circumstances:

1. The balance of the insurance protection fund of the property insurance company reaches 6% of the company's total assets.

2. The balance of the insurance guarantee fund of the life insurance company reaches 1% of the company's total assets.

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Verb (abbreviation of verb) This notice shall be implemented from 1 October 20 16, 1 to February 20201. "