On the 24th, the website of China Insurance Regulatory Commission posted "Administrative Measures for Old-age Security (Draft for Comment)", and really solicited opinions from the society. Require pension insurance companies to carry out personal pension security management business, should have more than two years of planning experience in enterprise annuity business and insurance business.
Old-age security management means that the old-age insurance company, as the manager, undertakes the entrustment of collective customers and individual customers such as government structure, enterprise miracle unit and other social organizations to help with the old-age security and fund management related to the old-age security, including scheme planning, wage deferral, welfare planning, entrustment management, account management, investment management, salary payment and other matters.
According to the delineation, the investment scope and investment proportion of the endowment insurance management fund are delineated and implemented in accordance with the relevant restrictions imposed by the China Insurance Regulatory Commission on the use of funds. The endowment insurance management fund can be invested and managed by the endowment insurance company itself, or it can be entrusted to an investment manager who meets the premise to organize investment management.
The CIRC requires that endowment insurance companies should have a sound corporate management layout, a sound internal control system, a scientific investment decision-making system and various business operation processes to carry out endowment insurance operations. An endowment insurance company shall have more than two years' planning experience in enterprise annuity business and insurance business when developing individual endowment insurance business.
The investment portfolio established by old-age security products includes open investment portfolio and closed investment portfolio. Open portfolio means that the total amount of fund shares is unreliable, and fund shares can be purchased at the time and occasion agreed in the old-age security management treaty, and may be redeemed; Closed portfolio means that during the closed period stipulated in the old-age security management treaty, the total amount of fund shares is firm and stable, and the fund shares may not be redeemed in advance.
In addition, the old-age security management fund should implement the third-party entrustment system. The endowment insurance company shall entrust an independent asset custodian and sign an asset custody treaty, clearly stipulate the rights, tasks and related matters of each party, and keep the assets, open an account, carefully clean up the delivery, asset valuation, investment monitoring, data verification, information disclosure, payment and other matters.