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| Notice of the China Insurance Regulatory Commission on Issues concerning the Regulation of Personal Insurance Products with Short and Medium Duration | | 中國保監會關于規範中短存續期人身保險產品有關事項的通知 |
| (No. 22 [2016] of the China Insurance Regulatory Commission) | | （保監發〔2016〕22號） |
| All personal insurance companies: | | 各人身保險公司： |
| For the purpose of preventing risks and promoting the sound development of personal insurance products with short and medium duration (hereinafter referred to as the “products with short and medium duration”), you are hereby notified of the relevant issues as follows: | | 為防範風險，促進中短存續期人身保險產品（以下簡稱中短存續期產品）健康發展，現就有關事項通知如下： |
| I. For the purpose of this Notice, the term “products with short and medium duration” means the personal insurance products with the sum of the cash value (account value) of their insurance policies by the end any policy year in the first four policy years and the cumulative survival insurance benefits exceeding the cumulative insurance premiums paid thereon, and the expected duration of more than 60% of whose policies is less than five years, excluding investment-linked insurance products and variable annuity insurance products. | | 一、本通知所稱中短存續期產品是指前4個保單年度中任一保單年度末保單現金價值（賬戶價值）與累計生存保險金之和超過累計所繳保費，且預期該產品60%以上的保單存續時間不滿5年的人身保險產品。投資連結保險產品、變額年金保險產品除外。 |
| II. The chief actuary of an insurance company shall, on the basis of the company's experience analysis, product design purposes, characteristics of sales channels, fees deduction for surrender, quality of services, and other factors, conduct comprehensive and prudent evaluation of the expected duration of the products with short and medium duration and submit relevant reports to the board of directors or the management, and the board of directors or the management shall deliberate the reports. | | 二、保險公司總精算師應基于公司經驗分析、產品設計目的、銷售渠道特點、退保扣費、服務質量等因素綜合審慎評估中短存續期產品的預期存續時間，並向董事會或管理層提交相關報告，董事會或管理層需對報告進行審議。 |
| Where there is serious deviation between the evaluation of the expected duration and the actual operation condition of products, the China Insurance Regulatory Commission (“CIRC”) shall hold the insurance companies and their chief actuaries accountable according to the law. | | 預期存續時間的評估與產品實際經營情況有明顯偏差的，中國保監會將依法追究保險公司和總精算師的相關責任。 |
| III. An insurance company that sells products with short and medium duration shall maintain composite solvency ratio not lower than 100% and core solvency ratio not lower than 50%. An insurance company shall immediately stop selling products with short and medium duration when its composite solvency ratio is lower than 100% or core solvency ratio is lower than 50%. | | 三、保險公司銷售中短存續期產品的，應保持綜合償付能力充足率不低于100%且核心償付能力充足率不低于50%。保險公司綜合償付能力充足率低于100%或核心償付能力充足率低于50%時，應立即停止銷售中短存續期產品。 |
| IV. Before an insurance company submits products with short and medium duration to the CIRC for approval or recordation, such products shall be deliberated and adopted by the board of directors and written resolutions shall be formed. The written resolutions shall specify the annual planned sales quota and expected fee loss quotas of these products with short and medium duration. An insurance company shall also submit the aforesaid written resolutions to which its board chairman and chief actuary have affixed signatures for confirmation when submitting these products with short and medium duration to the CIRC for approval or recordation. | | 四、保險公司將中短存續期產品報送中國保監會審批或備案前，應經董事會審議通過並形成書面決議，書面決議中應列明年度中短存續期產品計劃銷售額度和預計費差損額度。保險公司應在中短存續期產品報送中國保監會審批或備案時一並提交由董事長及總精算師簽字確認的上述書面決議。 |
| V. For the products with short and medium duration in the form of participating insurance or universal insurance, if there are any investment strategies, dividends distribution strategies or settlement interest rate strategies different from those for other products, insurance companies shall establish corresponding sub-accounts for dividend distribution or universal sub-accounts to conduct separate accounting and guarantee clear and fair accounting. | | 五、分紅型、萬能型產品形態的中短存續期產品，如有區別于其他產品的投資策略、分紅策略或結算利率策略，保險公司應設立相應的分紅子賬戶或萬能子賬戶，單獨核算，保證核算清晰、公平。 |
| The collection rates of various expenses in respect of universal insurance shall be specified in the insurance clauses. | | 萬能型保險的各項費用收取水平應在保險條款中予以明確。 |
| VI. The board chairman and chief actuary of an insurance company shall effectively strengthen the capital control, business planning, and other work of products with short and medium duration, and reasonably determine the scale of premiums of products with short and medium duration according to the company's capital strength and other factors. An insurance company's annual income from the premiums of products with short and medium duration shall be controlled within the quota as required in this Article. | | 六、保險公司董事長和總精算師應切實加強對中短存續期產品的資本管控和業務規劃等工作，應根據公司資本實力等因素合理確定中短存續期產品的保費規模。保險公司中短存續期產品的年度保費收入應控制在本條所要求的限額以內。 |
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