June165438+1October 2 1 China, a broker, learned that China Banking and Insurance Regulatory Commission, China issued the Notice on Matters Related to Personal Pension Business of Insurance Companies (hereinafter referred to as the Notice) to the Banking Regulatory Bureau, life insurance companies and China Yin Baoxin Company, which clarified the conditions for insurance companies to carry out personal pension business and the requirements for specific products.

The China Banking Regulatory Commission requires that insurance companies should implement the requirements of the individual pension system, provide simple, safe, stable and long-term commercial pension insurance, improve the protection mechanism of customers' rights and interests, and meet the growing diversified pension needs of the people.

There are seven conditions for setting the threshold, and professional pension insurance companies "take care of"

The "Notice" clarifies that insurance companies need to meet seven conditions to carry out personal pension business, including:

(1) The owner's equity at the end of last year is not less than 5 billion yuan and not less than 75% of the company's share capital (paid-in capital);

(2) At the end of last year, the comprehensive solvency adequacy ratio was not less than 150%, and the core solvency adequacy ratio was not less than 75%;

(3) The coverage ratio of the liability reserve at the end of last year is not less than100%;

(4) Its comprehensive risk rating in the last four quarters is not lower than Grade B;

(5) It has not been subjected to any major administrative punishment by the financial regulatory agency in the last three years;

(6) It has a sound information management system, is connected with the personal pension information platforms of the banking and insurance industries, and carries out registration and information exchange according to relevant requirements;

(7) Other conditions stipulated by China Banking Regulatory Commission.

Compared with the exposure draft, "the comprehensive risk rating in the last four quarters is not lower than Grade B" is a new condition. "Comprehensive risk rating" is one of the solvency supervision indicators of insurance companies, and a comprehensive risk rating of not less than Grade B is a necessary condition for solvency to reach the standard.

At the same time, the Notice makes special provisions for professional pension insurance companies: pension insurance companies with outstanding pension business, standardized business development and sound internal management mechanism can be exempted from the first paragraph about the owner's equity of not less than 5 billion yuan at the end of last year.

A person from an old-age insurance company analyzed with China, a brokerage firm, that the provision of "conditional exemption" for old-age insurance companies should be mainly aimed at encouraging and supporting the old-age insurance companies to carry out personal pension business. Judging from the actual situation of domestic 10 pension insurance companies, there are several pension insurance companies with small capital or net assets, which do not meet the condition of owners' equity of 5 billion yuan. Giving it this condition exemption can give full play to the professional advantages of pension insurance companies.

On the whole, the industry insiders analyzed that the "threshold" of personal pension business of insurance companies is higher, which shows that the supervision of participating insurance companies is stricter. Among them, the selection criteria not only consider the capital strength, solvency and operational stability of the insurance company, but also consider the compliance awareness and technical conditions.

Products include annuity insurance and old-age security, and the insurance period is not less than 5 years.

Another key content of the Notice is to clarify which insurance products are included in individual pension products.

According to the Notice, insurance companies can provide annuity insurance, old-age security and other products (hereinafter referred to as personal old-age insurance products) recognized by the CBRC to carry out personal old-age insurance business.

The Notice also requires that individual endowment insurance products should meet the following requirements:

(a) the insurance period is not less than 5 years;

(two) the insurance liability is limited to the payment of survival insurance, payment of due insurance, death, total disability, disability or nursing status;

(three) to provide batch, timely or irregular payment to meet the payment requirements of participants in the individual pension system;

(4) Other conditions stipulated by China Banking Regulatory Commission.

The senior management of a life insurance company thinks that the product range stipulated in the Notice seems to be expanded compared with the exclusive commercial pension insurance products generally expected before, but in fact, as far as the pension function products of insurance companies are concerned, this product range belongs to a "reasonable range". Only by stipulating these products and their requirements can we really give full play to the functional advantages of insurance companies' old-age security and long-term savings.

The Notice stipulates that insurance companies can incorporate existing insurance products into individual endowment insurance products by applying for approval or filing of changes in insurance terms and rates. For the approved exclusive commercial endowment insurance products, the insurance company shall submit the above explanatory materials to the China Banking Regulatory Commission, without applying for approval to change the insurance terms and rates.

According to the provisions of the insurance clauses and rates for approval or filing products, can be included in the catalogue of individual pension insurance products. The bancassurance industry platform shall regularly publish the list of personal endowment insurance products.

Insurance money is not returned to the individual pension fund account.

The notice stipulates that an insurance company shall sign an insurance contract with the insured separately, and clearly mark it in the company's relevant information system, and shall not accept the use of funds in the personal pension fund account to insure others.

Insurance companies should strengthen the control of individual pension funds, and all kinds of fund transactions related to individual pension insurance products should meet the requirements of closed management of individual pension fund accounts.

The insurance indemnity paid by the insurance company according to the contract due to the death, total disability, disability or nursing status of the participant will not be returned to the individual pension fund account of the participant.

An insurance company shall establish a personal pension-related business area on its own network platform and mobile client to provide services such as business consultation, rights inquiry, information disclosure, consumer complaints, education and publicity. Among them, the personal rights and interests information provided by insurance companies includes but is not limited to compensation, cash value, relevant insurance liabilities, etc.

The CBRC requires that insurance companies engaged in personal pension business should submit the business report of personal pension business in the previous year to the CBRC and its relevant agencies before 1 every year, including the business situation, the approval or filing of insurance clauses and rates, and the use of funds.

BOC Insurance Information Technology Management Co., Ltd. is responsible for the construction and operation of the bancassurance industry platform, supporting insurance companies' underwriting, claims settlement, preservation and other businesses, establishing the system connection between the bancassurance industry platform and Ministry of Human Resources and Social Security personal pension information management service platform and related financial institutions in accordance with regulations, formulating the operation and management system of the bancassurance industry platform, doing a good job in information statistics and data submission, and implementing the responsibility of data security.

The insurance company is actively preparing.

165438+1October 4th, Ministry of Human Resources and Social Security and other five departments jointly issued the Measures for the Implementation of Individual Pensions, which came into effect as of the date of promulgation, officially opening the era of individual pensions. China Banking Regulatory Commission has also sought opinions from the insurance industry on insurance business regulations before, and insurance companies have also made preparations for personal pension business in many aspects.

Among the pension insurance companies, the National Pension Insurance previously stated that in terms of products, the company accelerated product development, enriched the supply of pension insurance products, and made every effort to prepare personal pension products. In terms of system construction, national pension has achieved rapid docking and testing with many banks and industry information platforms through personal pension insurance. As the first insurance company selected for the joint test of the four parties, it actively participated in the joint test of Ministry of Human Resources and Social Security, industry information platforms and cooperative banks. After the system is put into production, it will lay a good foundation for the development of personal pension business and the landing of pension products.

Hengan Standard Pension Company, the first Sino-foreign joint venture pension insurance company in China, said that it has taken personal commercial pension insurance business as the key direction of the company's strategic development. In terms of products, the company will continue to pay attention to the relevant detailed requirements of the regulatory authorities, and at the same time explore a wide range of products and services from an international perspective, and make every effort to prepare personal pension insurance products. In terms of system construction, Hengan standard pension plans a digital commercial pension insurance information management system, establishes an online operation management mechanism, and configures specialized Internet resources.

In addition, Ping An Pension Insurance is actively preparing for personal pension product design and system development, developing diversified pension financial products, and promoting the supply of commercial pension insurance, personal pension insurance, exclusive commercial pension insurance and other products.

For life insurance companies, China Life Insurance "Life Insurance APP" has been officially launched in the personal pension business area, providing the functions of personal pension knowledge popularization, questionnaire survey and information disclosure in the first phase. Customers can know the relevant policies of personal pension in advance through the login area and participate in the questionnaire survey. After the implementation of various supporting policies for personal pension, we can conduct business consultation, rights inquiry and other related businesses in the special area according to the needs of personal pension, and choose to buy personal pension products. In terms of personal pension product reserve, China Life actively prepared a number of personal pension products.

China Ping An Life Insurance Company of China is actively deploying related personal pension product design and system docking. And prepare to implement the personal pension system policy; At the same time, with the help of medical resources and scientific and technological advantages of Ping An Ecology, we will actively study how to provide differentiated and high-quality services to customers under the personal pension system and help build a multi-pillar pension insurance system.