On October 23, a statement from the National Financial Regulatory Administration revealed significant updates regarding commercial insurance annuities. The administration has issued a notice outlining crucial aspects aimed at advancing the development of commercial insurance annuities and strengthening regulatory measures.
Commercial insurance annuities are categorized as products developed by insurance companies that serve as the third pillar of retirement planning. The notice clarifies several key points: First, it defines the concept of commercial insurance annuities, which include products designed to manage retirement-related risks and facilitate the stable accumulation of long-term funds. This encompasses qualified annuity insurance, endowment insurance, and commercial pension plans.
Second, the notice proposes various policy measures and regulatory requirements to foster the growth of commercial insurance annuities. Third, it calls for the enhancement of personal pension product offerings to improve product diversity and convenience for policyholders. Fourth, it encourages the creation of innovative products that combine retirement risk protection with wealth management, making them suitable for a broad range of consumers. The notice also emphasizes the need for insurance companies to optimize their asset allocation strategies in alignment with the development of new productive forces.
Finally, a robust statistical system will be established alongside the reinforcement of regulatory frameworks to ensure the protection of consumers’ rights.
The release of this notice is seen as a pivotal move to guide insurance companies in leveraging their expertise in actuarial science and long-term product development. The aim is to provide a diverse range of retirement security options and financial planning services to the public. The National Financial Regulatory Administration views this as an opportunity to expedite enhancements within the third pillar of pension coverage, boost the commercial insurance annuity market, and continuously refine products and services to establish a trustworthy industry brand for the community.
