01
金融机构合规管理办法（征求意见稿）
Draft Measures for Compliance Management of Financial Institutions
2024年8月16日，金监总局发布《金融机构合规管理办法（征求意见稿）》，向社会公开征求意见。就保险机构的合规管理而言，《征求意见稿》作出了一些重大修改和调整，简述如下：
On August 16, 2024, NFRA published the draft Measures for Compliance Management of Financial Institutions for public comment. Summarized below are certain significant changes and adjustments in respect of the compliance management of insurance institutions:
保险机构内部组织机构的合规管理职责
Compliance management responsibilities of internal organizations of insurance institutions
（1）《征求意见稿》删除了关于监事或监事会的合规职责要求，明确规定保险机构可以单独设置董事会合规委员会协助董事会处理合规管理事务，或由其他专门委员会兼管合规管理事务，负责对合规管理进行日常监督，对发生重大合规风险负有主要责任或者领导责任的董事、高级管理人员提出罢免建议。
The draft rule deleted the compliance responsibilities of the supervisors and board of supervisors, and provides that insurance institutions may establish a separate compliance committee of the board of directors, or have an existing special committee of the board, to assist the board in handling compliance management affairs, to be responsible for daily supervision of compliance management, and to propose the dismissal of any director or senior management member who has the main or leadership liability for any major compliance risk.
（2）《征求意见稿》将现行《保险公司合规管理办法》中总经理的合规管理职责拓宽到全部的高级管理人员，规定“高级管理人员负责落实合规管理目标，对主管或者分管领域业务合规性承担领导责任”。
The draft rule extends the compliance management responsibilities from the general manager under the current rule to all senior management members, providing that “[s]enior management members shall be responsible for implementing compliance management objectives, and bear leadership responsibilities for the compliance status of the business of which they are taking or assisting in the charge”.
保险机构首席合规官和合规官的任职资格及职责权限
Qualifications, duties and responsibilities of chief compliance officers and compliance officers of insurance institutions
（1）取消合规负责人的设置，增设首席合规官和合规官，且均为公司的高级管理人员。根据《征求意见稿》，保险机构总部应设立首席合规官，省级（计划单列市）分支机构应设立合规官。保险机构可以根据自身经营情况单独设立首席合规官、合规官，也可以由机构负责人兼任。
The “compliance responsible person” position will be removed, and the new positions of “chief compliance officer” and “compliance officer” will be created, both of whom will be members of the senior management team. According to the draft rule, the headquarters of an insurance institution should have a chief compliance officer, and its provincial branches (and branches in cities with independent planning status) should each have a compliance officer. An insurance institution may have its chief compliance officer or compliance officer position taken by either a separate person or concurrently by the institution’s responsible person in light of its own business operations.
（2）更为严格的任职资格条件。《征求意见稿》规定首席合规官及合规官应具有金融和法律的双重专业背景，并取得任职资格许可。首席合规官应该从事金融工作八年以上且从事法律合规工作三年以上，或者从事法律合规工作八年以上且从事金融工作三年以上，或者从事金融工作八年以上且取得法律职业资格证书。对合规官而言，上述八年要求降低为六年。由保险机构总经理兼任的，不受任职条件限制，无需另行取得监管的任职资格许可。
Heightened qualification requirements. The draft rule requires a dual background in finance and law for chief compliance officers and compliance officers, and requires a regulatory approval of their qualifications. A chief compliance officer should have at least eight years of work experience in finance and at least three years of work experience in law and compliance; or at least eight years of work experience in law and compliance and at least three years of work experience in finance; or at least eight years of work experience in finance and have obtained the certificate of legal qualifications. A compliance officer should also meet the aforesaid qualification requirements, except that the 8-year requirement is changed to 6 years. If the general manager of an insurance institution concurrently serves as its chief compliance officer or compliance officer, he/she will not be subject to the qualification requirements and will not be required to obtain a separate regulatory approval of qualifications.
（3）新的合规管理办法实施前保险机构已设置的首席合规官、合规总监、合规负责人、作为高级管理人员的总法律顾问，可以履行首席合规官各项职责。前述人员工作调动前，不受新的合规管理办法规定的任职条件限制，不需要重新取得监管核准的任职资格。
The existing chief compliance officer, compliance director, compliance responsible person, or general counsel who is a senior management member, if any, of an insurance institution before the implementation of the new compliance rule may perform the duties of chief compliance officer. The aforesaid persons will not be subject to the qualification requirements under the new compliance rule before they move to another position, and wil not be required to obtain a regulatory approval of qualifications again.
（4）与现行《保险公司合规管理办法》相比，《征求意见稿》对合规管理人员的职责内容的规定有了较大变化。除了《征求意见稿》第十六条、第十九条规定的首席合规官应履行的一般合规指导、监督等职责外，《征求意见稿》还规定了一些新职责，例如：
Compared with the current rule, the draft rule has made certain significant changes in the duties and responsibilities of compliance management officers. In addition to the general responsibilities of a chief compliance officer for guiding and overseeing the compliance work as provided under Articles 16 and 19 of the draft rule, some new duties and responsibilities are provided for under the draft rule, for example:
新规出台后推动合规落实：评估新法规的影响并推动在机构内部的具体落实和规范修订；
Promote the compliance with and implementation of new regulations after their promulgation: assess the impact of new regulations and promote their specific implementation within the insurance institution and corresponding amendments to the institution’s rules and policies;
意见未被采纳时向监管报告：针对保险机构发展战略、重要内部规范、新产品和新业务方案、重大决策事项进行合规审查并出具书面合规审查意见。首席合规官的合规审查意见未被采纳的，保险机构应当将有关事项提交董事会审定，并定期向监管机构报告，重大事项应当及时报告。
Report to the regulator if his or her opinions are not adopted: compliance review should be conducted and compliance review opnions should be issued on the insurance institution’s development strategies, important internal rules, new product and new business plans, and major decisions. If the chief compliance officer’s compliance review opinions are not adopted, the insurance institution should submit the relevant matters to the board of directors for approval, and report to the regulator on a regular basis or, in case of major matters, promptly.
以个人名义向监管报告：首席合规官发现保险机构及其员工存在重大违法违规行为或者重大合规风险隐患时，应当及时向董事会、董事长报告，提出处理意见并督促整改。保险机构存在重大违法违规行为或者重大合规风险隐患的，未按要求报告的，首席合规官应当督促机构及时报告。机构不报告的，首席合规官应当以个人名义，直接向监管报告。
Report to the regulator in his or her personal capacity: where a chief compliance officer discovers any major violation of laws and regulations by the insurance institution and its employees or any major potential compliance risk, he/she should report timely to the board of directors and the chairman, propose solutions and urge rectification. Where an insurance institution fails to report any major violation of laws and regulations or any major potential compliance risk as required, the chief compliance officer should urge the institution to report the same in a timely manner. Where the institution fails to report, the chief compliance officer should, in his personal capacity, directly report to the regulator.
合规考核“一票否决”权：首席合规官或者合规官发现各部门、下属各机构对重大违法违规行为或者重大合规风险隐患存在瞒报、漏报情形的，应当在机构内部的合规考核中，对责任机构和相关负责人实施“一票否决”，不得评优评先等，并及时推动采取内部问责措施。
The vote power associated with compliance assessment: where a chief compliance officer or compliance officer detects any internal department or subordinate institution concealing or omitting to report any major illegal or irregular act or any major potential compliance risk, he/she should, in the internal compliance assessment of such department or institution, exercise the veto power over the responsible department and relevant persons in charge, disqualifying them from top rankings, and should promote internal accountability in a timely manner.
合规管理部门和合规岗位
Compliance management department and compliance positions
（1）根据《征求意见稿》，保险机构总部、省级（计划单列市）分支机构、纳入并表管理的各层级金融子公司原则上应当设立独立的合规管理部门。此外，不具备设立合规管理部门条件的其他分支机构，原则上应当设立足够履职需要的合规岗位。
According to the draft rule, an independent compliance management department, in principle, should be established at an insurance institution’s headquarters, provincial branches (and branches in cities with independent planning status), and consolidated financial subsidiaries at all levels. Other branches that do not have the conditions to set up a compliance management department should, in principle, maintain sufficient compliance positions to perform duties.
（2）保险机构境外分支机构及境外金融子公司的合规要求。根据《征求意见稿》，保险机构下设的境外金融分支机构及境外金融子公司，应当遵循东道国（地区）法律法规和监管要求，并且设立独立的合规管理部门或者符合履职需要的合规岗位。
Compliance requirements for overseas branches and overseas financial subsidiaries of insurance institutions. According to the draft rule, such branches and subsidiaries should comply with their local laws, regulations and regulatory requirements, and establish an independent compliance management department or maintain necessary compliance positions to perform duties.
（3）双线汇报要求。根据《征求意见稿》，保险机构应当保证合规官报告的独立性，实行双线汇报，以向首席合规官汇报为主，并向本级机构主要负责人汇报。保险机构总部合规管理部门向首席合规官负责；省级（计划单列市）分支机构合规管理部门向本级机构合规官负责。下属各机构合规管理部门或者岗位：逐级向上级合规管理部门或者岗位负责，并接受上级合规管理部门或者岗位的指导和监督。
Dual reporting lines. According to the draft rule, an insurance institution should ensure independent reporting of compliance officers and adopt dual reporting lines, primarily to chief compliance officer and secondarily to the main responsible person of their respective entities within the corporate structure. The compliance management department of the headquarters of an insurance institution should report to the chief compliance officer, and the compliance management departments of the provincial branches (and branches in cities with independent planning status) should report to the compliance officers at the same level. The compliance management departments or compliance positions at lower-level entities should report to, and receive guidance and supervision from, the next higher-level compliance management departments or compliance positions.
利益冲突原则。保险机构的合规管理部门和合规岗位应当独立于前台业务、财务、资金运用、内部审计部门等可能与合规管理存在职责冲突的部门或者岗位，不得承担与合规管理相冲突的其他职责。
Conflict of interest. The compliance management department and compliance positions of insurance institutions should be independent from front office business, finance, fund usage, internal audit and other departments or positions that may have a conflict of duties with compliance management, and should not assume any other duties that conflict with compliance management.
薪酬保障机制。《征求意见稿》规定保险机构应当建立首席合规官、合规官、合规管理人员薪酬管理机制。首席合规官、合规官及合规管理人员工作称职的，其年度薪酬收入总额原则上不低于同等条件（同职级、同考核结果）高级管理人员、所在机构同等条件（同岗位类型、同职级、同考核结果）人员的平均水平。该等人员的考核管理制度应确保合规独立性，不得以业务部门的经营业绩为依据或其他部门评价等方式进行考核。
Salary protection. The draft rule stipulates that insurance institutions should establish a salary management mechanism for chief compliance officer, compliance officers and compliance management personnel. If competent in their duties, their total annual compensation package should, in principle, not be lower than the average package for the senior management personnel with the same conditions (same ranking and same performance review results) or for the employees with the same conditions (same type of positions, same ranking and same performance review results) within the entities they are working for. The performance review system for such personnel should ensure independence of the compliance function, and should not be based on the operating results of the business departments or the feedback received from other departments.
金融监管
Financial Supervision
（1）年度合规管理报告。与现行《保险公司合规管理办法》相同，仍要求保险机构每年4月30日之前报送上一年度合规管理报告。需要注意，除了规定董事会应对报告的真实性、准确性、完整性负责外，《征求意见稿》明确规定首席合规官也应对报告的真实性、准确性、完整性负责。
Annual compliance management report. Insurance companies will still be required to submit an annual compliance management report by April 30 of the next year. The draft rule explicitly stipulates that the chief compliance officer as well as the directors should be responsible for the authenticity, accuracy and completeness of the report.
（2）制度报备。根据《征求意见稿》，保险机构应当就重大违法违规行为或者重大合规风险隐患制定内部细化标准，向监管报备。
Filing of compliance rules. According to the draft rule, insurance institutions should formulate detailed internal standards for major violations of laws and regulations or major potential compliance risks, and file such standards with the regulator for records.
（3）保险机构及首席合规官从轻、减轻及免于追究责任的情形。保险机构通过有效的合规管理，主动发现违法违规行为或者合规风险隐患，符合法定情形的，监管依法可以从轻、减轻处理；情节轻微并及时纠正违法违规行为，没有造成危害后果的，或者仅违反保险机构内部规定的，不予追究责任。对于保险机构的违法违规行为，首席合规官或者合规官、合规管理部门、合规管理人员已经尽职履责的，不予追究责任。
Leniency provisions. An insurance institution that actively discovers any illegal or irregular act or potential compliance risk through effective compliance management may receive a lesser penalty from the regulator under certain circumstances in accordance with laws; if the circumstances are minor and the illegal or irregular act is rectified in a timely manner, without causing any harmful consequence, or only the internal rules of the insurance institution are violated, no liability will be pursued. For an illegal or irregular act of an insurance institution, if the chief compliance officer or the compliance officer, the compliance management department or the compliance management personnel have performed their duties diligently, they may not be held liable.
新的合规管理办法将适用于保险集团（控股）公司、保险公司（包括再保险公司）、保险资产管理公司、相互保险组织，外国再保险公司分公司以及其他由金监总局及其派出机构监管的金融机构根据行业特点和监管要求参照执行。
The new compliance management rule will apply to insurance group (holding) companies, insurance companies (including reinsurance companies), insurance asset management companies and mutual insurance organizations; the branches of foreign reinsurance companies and the other financial institutions supervised by NFRA and its local bureaus should apply the new compliance measures as a reference in accordance with the sectoral characteristics and regulatory requirements.
《征求意见稿》设置了自实施日（暂定为2025年3月1日）起一年的过渡期，不符合规定的保险机构，应当在过渡期内完成整改。
The draft rules sets a one-year transitional period, starting from the implementation date (tentatively scheduled for March 1, 2025), during which insurance institutions should make all necessary rectifications.
02
反保险欺诈工作办法
Measures for Anti-Insurance Fraud
2024年7月22日，金监总局发布《反保险欺诈工作办法》，自2024年8月1日起施行。
On July 22, 2024, NFRA published the Measures for Anti-Insurance Fraud, which took effect on August 1, 2024.
根据《办法》，保险欺诈是指利用保险合同谋取非法利益的行为，主要包括故意虚构保险标的，骗取保险金；编造未曾发生的保险事故、编造虚假的事故原因或者夸大损失程度，骗取保险金；故意造成保险事故，骗取保险金的行为等。
According to the Measures, insurance fraud refers to the behaviors of using insurance contracts to seek illegal benefits, mainly including intentionally fabricating insurance subjects and fraudulently obtaining insurance benefits; fabricating insurance accidents that have never occurred, fabricating false causes of accidents, or exaggerating the extent of losses to defraud insurance benefits; intentionally causing insurance accidents, fraudulently obtaining insurance benefits, etc.
明确反欺诈监管职责。《办法》规定金监总局及其派出机构应定期对保险机构欺诈风险管理体系的健全性和有效性进行检查和评价，对相关行业组织反欺诈工作进行指导。金监总局及其派出机构通过监管评价、风险提示、通报、约谈等方式对保险机构欺诈风险管理进行持续性监管。保险机构违反《办法》规定，造成不良后果的，金监总局及其派出机构可采取监管措施或者予以行政处罚。
Clarify anti-fraud regulatory responsibilities. The Measures stipulate that NFRA and its local bureaus should regularly inspect and evaluate the soundness and effectiveness of the fraud risk management system of insurance institutions, and provide guidance on the anti-fraud work of relevant industry organizations. NFRA and its local bureaus continuously supervise the fraud risk management of insurance institutions through regulatory evaluation, risk warning, notification and interviews. If an insurance institution violates the provisions of the Measures and causes adverse consequences, NFRA and its local bureaus may take regulatory measures or impose administrative penalties.
明确保险机构反欺诈职责任务。《办法》要求保险机构要定期开展欺诈风险管理体系评价以及强化承保端和理赔端风险信息核验要求。保险公司应建立健全欺诈风险管理制度和机制，规范操作流程，完善信息系统，稳妥处置欺诈风险，开展反欺诈交流培训、宣传教育，履行报告义务。《办法》明确反欺诈纳入公司治理。《办法》规定保险机构应制定欺诈风险管理制度，明确董事会、监事会（监事）或履行监事会职责的专业委员会、管理层、欺诈风险管理负责人和反欺诈职能部门在欺诈风险管理中的作用、职责及报告路径，严格考核、问责制度执行。
Clarify anti-fraud responsibilities and tasks of insurance institutions. The Measures require insurance institutions to regularly conduct evaluations of fraud risk management systems and strengthen the requirements for risk information verification at the underwriting and claims ends. Insurance companies should establish and improve fraud risk management systems and mechanisms, standardize operating procedures, improve information systems, prudently handle fraud risks, conduct anti-fraud training, promote education, and fulfill reporting obligations. The Measures specify that anti-fraud should be incorporated into corporate governance. Insurance institutions should establish a fraud risk management policy, clarify the roles, responsibilities and reporting lines of the board of directors, board of supervisors (supervisor) or professional committee performing the duties of the board of supervisors, management, fraud risk management responsible person, and anti-fraud functional departments in fraud risk management, and strictly implement the assessment and accountability system.
年度报告。《办法》规定保险机构应在综合考虑业务发展、技术更新及市场变化等因素的基础上定期对欺诈风险管理体系有效性进行评价，并根据评价结果判断相关策略、制度和程序是否需要更新和修订。保险机构应当于每年一季度向金监总局或其派出机构报送上一年度欺诈风险管理体系有效性评价报告。保险机构省级分支机构按照属地派出机构的要求报送欺诈风险管理体系有效性评价报告。
Annual report. The Measures stipulate that insurance institutions should regularly evaluate the effectiveness of their fraud risk management system based on a comprehensive review of factors such as business development, technological updates and market changes, and determine whether relevant strategies, systems and procedures need to be updated and revised based on the evaluation results. Insurance institutions should submit the effectiveness evaluation report of the previous year’s fraud risk management system to NFRA and its local bureaus in the first quarter of each year. Provincial branches of insurance institutions should submit a fraud risk management system effectiveness evaluation report in accordance with the requirements of NFRA local bureaus.
明确相关行业组织反欺诈职责分工。《办法》规定大数据反欺诈基本流程和各参与主体职责。《办法》明确反欺诈对外协作要求，规定与公安司法机关、相关行政主管部门以及地方政府职能部门在行刑衔接、联合执法、信息共享等方面加强合作。
Clarify division of anti-fraud responsibilities among relevant industry organizations. The Measures stipulate the basic process of big data anti-fraud and the responsibilities of each participating organization. The Measures specify the requirements for external cooperation in anti-fraud, and stipulate the strengthening of cooperation with public security and judicial organs, relevant administrative authorities, and local government functional departments in areas such as linking administrative law enforcement and criminal justice, joint law enforcement, and information sharing.
03
保险资产风险分类办法（征求意见稿）
Draft Measures for the Risk Classification of Insurance Assets
2024年8月2日，金监总局发布《保险资产风险分类办法（征求意见稿）》，公开征求意见。
On August 2, 2024, NFRA published the draft Measures for the Risk Classification of Insurance Assets for public comment
随着保险资金投资范围不断拓宽、投资结构更加复杂，原保监会发布的《保险资产风险五级分类指引》在监管约束力、资产分类范围和标准、第三方监督机制等方面需要完善。征求意见稿明确了保险资产风险分类的标准、检测指标、监督机制与主体责任，旨在全面评估保险公司投资风险，真实反映资产质量。
With the continuous expansion of the scope of insurance fund investment and the increasing complexity of the investment structures, the Guidelines for Five-Level Risk Classification of Insurance Assets issued by the former CIRC need to be improved in terms of regulatory binding force, scope and standards for asset classification, and third-party supervisory mechanism, etc. The Draft clarifies the standards, test indicators, supervisory mechanism and subject responsibility for the risk classification of insurance assets, with a view to comprehensively assessing the investment risk and truly reflecting the asset quality of insurance companies.
保险资产风险分类方法。征求意见稿对固定收益类、权益类、不动产类资产采取差异化分类方法，对固定收益类资产风险分类实行五分类法，即正常类、关注类、次级类、可疑类、损失类，同时对股权类和不动产类资产实行三分类法，即正常类、风险类、损失类。此外，征求意见稿细化资产分类穿透识别要求，明确分类不确定的从低确定分类等级，难以穿透评估的，可按照预计损失率情况对产品进行风险分类。
Methods for Risk Classification of Insurance Assets. The Draft adopts differentiated classification methods for fixed-income assets, equity assets and real estate assets, including a five-level risk classification method for fixed income assets (namely Normal, Special Mention, Substandard, Doubtful and Loss), and a three-level classification method for equity assets and real estate assets (namely Normal, Risk and Loss). The Draft also refines the look-through approach for asset classification, and clarifies that where there are uncertainties related to the classification, the lower level should prevail over the higher level and where it is difficult to look through, the relevant products can be classified according to their expected loss ratios.
保险资产风险分类标准。对于固定收益类资产，征求意见稿调整了资产本金或利息的逾期天数、减值准备比例等标准，与商业银行保持一致，同时增加了利益相关方风险管理状况、抵质押物质量等内容。对于权益类、不动产类资产，征求意见稿明确了定性和定量标准，要求穿透识别被投资企业或不动产项目相关主体的风险状况，根据底层资产出现风险情形占比以及预计损失率指标来判断资产分类档次。
Standards for Risk Classification of Insurance Assets. For fixed-income assets, the Draft adjusts the standards related to overdue days of the principal or interest payments on the assets, impairment reserve ratio, etc., in alignment with commercial banks, and in the meantime, the Draft includes additional provisions related to stakeholder risk management status and collateral quality, etc. For equity assets and real estate assets, the Draft clarifies the qualitative and quantitative standards, requires a look-through to identify the risk status of the invested enterprises or the real estate project related entities, and requires that the asset classification level be determined based on the proportion of the underlying assets in risk situations and the expected loss ratios.
保险资产风险分类结果的运用。征求意见稿要求保险公司重点关注不良资产或风险资产、频繁下调分类的资产，以及公允价值长期低于账面价值的长期股权投资等资产，动态监测风险变动趋势，充分计提资产减值准备，及时采取风险防范及处置措施。同时，监管定期监测固定收益类资产不良率、风险资产占比、损失资产占比等指标，有针对性地开展风险提示、进行早期干预，并逐步将风险分类结果纳入机构分类监管以及非现场监测。
Utilization of the Results of Risk Classification of Insurance Assets. The Draft requires insurance companies to focus their attention on non-performing assets or risk assets, assets frequently downgraded in classification, and long-term equity investments with their fair value being lower than book value for a long time, to dynamically monitor trends in risk changes, make a full provision for asset impairment, and timely adopt risk prevention and disposal measures. Meanwhile, the regulators will regularly monitor indicators such as non-performing ratios of fixed-income assets, the proportions of risk assets, the proportions of loss assets, etc., carry out targeted risk warnings and early interventions, and gradually incorporate the risk classification results into the differentiated institutional regulation and off-site monitoring.
保险公司与保险资管公司职责划分。征求意见稿要求，保险资产管理公司应当对受托资产进行风险分类并承担合规责任。保险公司应加强对资产风险分类工作的协调，监测并督促不良资产和风险资产的处置工作，与保险资产管理公司及时进行信息交换，对分类结果存在分歧的，要及时与保险资产管理公司进行沟通并留底备查，整体资产风险分类结果需经过保险公司董事会或其授权机构审批。
Division of responsibilities between insurance companies and insurance asset management companies. The Draft requires that insurance asset management companies classify the risks of entrusted assets and assume compliance responsibilities. Insurance companies should strengthen the coordination for the asset risk classification work, monitor and urge the disposal of non-performing assets and risk assets, timely exchange information with insurance asset management companies, and in case of any different views on the classification results, timely communicate with insurance asset management companies and keep records for future reference. The overall asset risk classification results need to be approved by the insurance company’s board of directors or authorized institutions.
保险资产风险分类的组织与管理。征求意见稿优化了风险分类的“初分、复核、审批”三级工作机制，明确了董事会、高级管理层和相关职能部门的工作职责。《分类办法》重申董事会对资产风险分类管理承担最终责任，同时增加了对高级管理层履行风险分类职责的监督义务。高级管理层需负责制定资产风险分类制度，推进实施风险分类工作，并定期向董事会报告。
Organization and management of insurance asset risk classification. The Draft optimizes the “preliminary classification, review and approval” three-step working mechanism for risk classification and specifies the job responsibilities of the board of directors, senior management and the relevant functional departments. The Draft reiterates that the board of directors should bear the ultimate responsibility for the asset risk classification management, and also strengthens the senior management’s responsibility for the oversight of risk classification. Senior management should be responsible for developing asset risk classification policies, promoting their implementation, and regularly reporting to the board of directors.
监督约束。征求意见稿增加了对保险公司的罚则条款，监管有权对违反保险公司资产风险分类规定的保险公司采取监管措施或实施行政处罚。同时，征求意见稿新增审计条款，要求将资产风险分类制度、程序和执行情况纳入保险资金运用内部控制审计。
Supervision and constraints. The Draft adds provisions on penalty against insurance companies, and the regulators will have the right to take regulatory measures or impose administrative penalties on insurance companies that violate the provisions on asset risk classification. The Draft also adds audit provisions, requiring that the asset risk classification policies, procedures and implementation be included in the internal control audit of insurance fund utilization.
04
关于加强和改进互联网财产保险业务监管有关事项的通知
Notice on Strengthening and Improving the Supervision of Online P&C Insurance Business
2024年7月17日，金监总局发布《关于加强和改进互联网财产保险业务监管有关事项的通知》。原银保监会和金监总局曾分别在2021年和2023年下发两版征求意见稿征求意见。
On July 17, 2024, NFRA published the Notice on Strengthening and Improving the Supervision of Online P&C Insurance Business. The former CBIRC and NFRA issued two draft versions for public comment in 2021 and 2023, respectively.
经营主体。《通知》所称保险机构包括财产保险公司（含相互保险组织和互联网保险公司）及保险中介机构；保险中介机构包括保险专业代理机构、保险经纪人、保险公估人和商业银行类保险兼业代理机构。互联网财产保险业务，是指财产保险公司通过设立自营网络平台或委托保险中介机构在其自营网络平台，销售财产保险产品、订立财产保险合同、提供财产保险服务的保险经营活动。
Operating entities. For the purpose of the Notice, insurance institutions include P&C insurance companies (including mutual insurance organizations and online insurance companies) and insurance intermediaries (including professional insurance agencies, insurance brokerages, insurance adjustors and commercial banks that provide insurance agency services). Online P&C insurance business refers to the insurance operating activities of a P&C insurance company selling P&C insurance products, concluding P&C insurance policies and providing P&C insurance services, via a self-operated network platform of the insurance company itself or an insurance intermediary entrusted by the insurance company.
资质条件。互联网保险公司之外的财产保险公司开展互联网财产保险业务，应符合如下条件：（1）最近连续四个季度综合偿付能力充足率不低于120%，核心偿付能力充足率不低于75%；（2）最近连续四个季度风险综合评级为B类及以上；以及（3）金监总局规定的其他条件。互联网保险公司开展互联网财产保险业务，应符合《互联网保险业务监管办法》有关条件，且上季度末偿付能力、风险综合评级满足前述要求的指标。财产保险公司通过互联网经营的短期健康险和意外伤害保险，应符合《关于进一步规范保险机构互联网人身保险业务有关事项的通知》相关要求。
Qualification requirements. P&C insurance companies other than online insurance companies should meet the following conditions when conducting online P&C insurance business: (1) comprehensive and core solvency ratios not less than 120% and 75%, respectively, for the most recent 4 consecutive quarters; (2) integrated risk rating at Level B or above for the most recent 4 consecutive quarters; and (3) other conditions stipulated by NFRA. Online insurance companies conducting online P&C insurance business should meet the relevant conditions of the Regulatory Measures for Online Insurance Business, and the solvency and integrated risk rating should meet the above requirements as at the last quarter end. P&C insurance companies that operate short-term health insurance and accident insurance through the internet should comply with the relevant requirements of the Notice on Further Regulating the Online Personal Insurance Business of Insurance Institutions.
经营区域。符合条件的财产保险公司，原则上可将互联网财产保险业务的经营区域拓展至未设立分公司的省（自治区、直辖市、计划单列市），并及时向拓展地的派出机构报告互联网财产保险业务拓展情况。严控财产保险公司通过互联网方式将机动车辆保险经营区域拓展至未设立分公司的省（自治区、直辖市、计划单列市）。具备较强的风险管理、内控管理和综合服务能力，匹配相应地区市场环境、市场容量、商业需求、竞争程度等，满足相应区域监管要求的，可经金监总局审慎评估后实施。财产保险公司经营农业保险、船舶保险、特殊风险保险等险种，原则上不得通过互联网方式拓展经营区域。
Business regions. In principle, qualified P&C insurance companies can expand the geographical coverage of their online P&C insurance business to those provincial regions where they have no provincial branches, but should timely report such expansion to the relevant NFRA local bureaus. Strict control should be implemented over P&C insurance companies expanding their motor vehicle insurance business, via the Internet, to those provincial regions where they have no provincial branches. Only those companies with strong risk management, internal control and comprehensive service capabilities may be allowed to do so after a prudent assessment by NFRA, if it is compatible with the market environment, market capacity, business demand, competitive landscape, and if the relevant local regulatory requirements can be met. P&C insurance companies operating agricultural insurance, hull insurance and special risk insurance should not, in principle, expand their business regions through the Internet.
风控管理。财产保险公司开展互联网财产保险业务，应建立保险合同批改、退保、理赔和投诉处理等全流程服务体系。无法全流程线上提供服务的，财产保险公司应在签订保险合同前以显著方式告知金融消费者，并在自营网络平台或委托的保险中介机构自营网络平台予以披露；因特殊原因需暂停线上某类保险服务的，应提前5个工作日告知金融消费者，并在自营网络平台或委托的保险中介机构自营网络平台予以披露。
Risk control management. P&C insurance companies conducting online P&C insurance business should establish a full-process service system for insurance policy endorsement, surrender, claims and complaint handling. If unable to provide the whole process of service online, the P&C insurance companies should inform the financial consumers in a conspicuous manner before signing insurance policies and make the disclose on the self-operated network platforms of their own or the entrusted insurance intermediaries; if a certain type of online insurance service needs to be suspended due to special reasons, P&C insurance companies should notify financial consumers 5 working days in advance and make the disclosure on the self-operated network platforms of their own or the entrusted insurance intermediaries.
经营行为规范。财产保险公司开展互联网财产保险业务，应提供清晰明了的操作界面，方便金融消费者进行保单信息查询、退保等操作；记录和保存金融消费者在销售页面的操作轨迹以及向金融消费者解释说明保险条款的有关信息，切实保障金融消费者的知情权、自主选择权和公平交易权等合法权利，做好可回溯管理。财产保险公司开展互联网财产保险业务，应建立健全风险监测预警机制，核心风控应确保独立有效，不得将影响风险管理的核心业务环节完全委托给合作机构，不得仅依托合作机构数据进行风险识别、评估及控制。
Business code of conduct. When conducting online P&C insurance business, P&C insurance companies should provide clear process interfaces to facilitate financial consumers to conduct policy information search, surrender and etc.; record and archive the processing trajectory of financial consumers on sales pages, and explain the relevant information of insurance terms to financial consumers, effectively protect the legitimate rights and interests of financial consumers such as the right to know, the right to make independent choices, and the right to fair trade, and conduct traceability management. When conducting online P&C insurance business, P&C insurance companies should establish and improve risk monitoring and early warning mechanisms, and core risk control should ensure independence and effectiveness, should not completely entrust core business processes that affect risk management to cooperating institutions, and should not rely only on the data of cooperating institutions for risk identification, assessment and control.
合作机构管控强化。与财产保险公司开展互联网财产保险业务合作的保险中介机构，应向财产保险公司提供客户信息、风控数据以及反洗钱数据等保险业务核心信息。财产保险公司开展互联网财产保险业务，应严格区分线上业务与线上线下融合业务，建立健全分隔机制。保险中介机构开展互联网财产保险业务相关中介业务应满足以下条件：（1）应为全国性机构；（2）具有三年以上财产保险业务经营经验；（3）销售管理、保单管理、客户服务等信息系统完备，业务流程管理满足业务需要，机构自身符合互联网财产保险业务可回溯管理的相关要求；（4）金监总局规定的其他条件。
Strengthen control of cooperating institutions. Insurance intermediaries cooperating with P&C insurance companies in online P&C insurance business should provide P&C insurance companies with customer information, risk control data, anti-money laundering data and other core information related to insurance business. When conducting online P&C insurance business, P&C insurance companies should strictly distinguish between online business and online offline integration business and establish a sound segregation mechanism. Insurance intermediaries should meet the following conditions when conducting intermediary business related to online P&C insurance business: (1) being a nationwide institution; (2) having over three years of experience in P&C insurance business; (3) have complete information systems related to sales management, policy management, customer service and etc., business process management meeting the business needs, and the intermediary itself meeting the relevant requirements for traceability management of online P&C insurance business; (4) other conditions stipulated by NFRA.
落地服务。财产保险公司可以通过本公司分支机构、线下合作机构，向金融消费者提供互联网财产保险业务落地服务。财产保险公司通过本公司分支机构开展落地服务的，应明确授权范围。财产保险公司委托线下合作机构提供落地服务的，应审慎筛选合作方，线下合作机构应具有三年及以上财产保险业务服务经验。财产保险公司开展服务新市民、新动能（例如新产业、新业态、新商业模式等）领域的互联网财产保险业务，可适当放宽对线下合作机构经营时限的要求。应以不低于每年一次的频率开展服务评估。
Landing services. P&C insurance companies can provide financial consumers with online P&C insurance business landing services through their own branches and offline cooperating institutions. P&C insurance companies that provide landing services through their branch offices should clarify the scope of authorization. If P&C insurance companies entrust offline cooperating institutions to provide landing services, the partners should be carefully selected, and the offline cooperating institutions should have three years or more of experience in P&C insurance business services. When conducting online P&C insurance business to serve the “new urban residents” and “new driving forces” (such as new sectors, new business formats, new business models), P&C insurance companies can appropriately adopt a shortened operating history requirement for offline cooperating institutions. Service evaluations should be conducted at least once a year.
内部管理。财产保险公司开展互联网财产保险业务，应制定明确的互联网财产保险发展战略，具备与业务规模相适应的内控管理体系，设立明确的互联网财产保险管理部门，配备充足的专业人员，建立互联网财产保险关键岗位人员履职评价、绩效薪酬延期支付和追索扣回等机制。
Internal management. To conduct online P&C insurance business, P&C insurance companies should formulate a clear development strategy for online P&C insurance, have an internal control management system appropriate for the business scale, establish a specific online P&C insurance management department, allocate sufficient professionals, and establish mechanisms such as performance evaluation, performance and salary deferred payment and claw-back for key positions in online P&C insurance.
过渡期。财产保险公司不满足《通知》规定的经营条件，应立即停止开展互联网财产保险新业务。在停止开展新业务之日起10个工作日内，向负责日常监管的金监总局或其派出机构报告，并在官方网站、自营网络平台以及受托保险中介机构自营网络平台披露相关信息。对于已生效的保险合同，应继续履行合同约定的保险责任。整改后满足要求的，可恢复开展互联网财产保险新业务。财产保险公司应于2024年12月31日前全面符合《通知》各项要求。
Transitional period. If a P&C insurance company does not meet the business conditions specified in the Notice, it should immediately cease to accept new online P&C insurance business, and should, within 10 working days thereafter, report to NFRA or its relevant local bureaus, and disclose relevant information on its official website and on the self-operated network platforms of itself and the entrusted insurance intermediaries. For existing insurance policies, the insurance liability stipulated in the policies should continue to be undertaken. If the conditions can be met after rectification, new online P&C insurance business can be taken. P&C insurance companies should fully comply with the requirements of the Notice before December 31, 2024.
05
关于健全人身保险产品定价机制的通知
Notice on Improving the Pricing Mechanism of Life Insurance Products
2024年8月2日，国家金融监督管理总局发布《关于健全人身保险产品定价机制的通知》。
On August 2, 2024, NFRA issued the Notice on Improving the Pricing Mechanism of Life Insurance Products.
人身险利率调整。根据《通知》，自2024年9月1日起，新备案的普通型保险产品的预定利率上限为2.5%；自2024年10月1日起，新备案的分红型保险产品的预定利率上限为2.0%，新备案的万能型保险产品最低保证利率上限为1.5%。超过上述上限的产品将被停止销售。此次利率下调意在应对利差损风险、缓解保险公司偿付压力。同时，监管部门为保险公司预留了过渡期，确保新旧产品的顺利切换，并为公司提供时间进行产品备案和系统调整。
Adjust Life Insurance Interest Rates. According to the Notice, starting from September 1, 2024, the assumed interest rate for newly filed general life insurance products should be capped at 2.5%; starting from October 1, 2024, the assumed interest rate for newly filed participating and universal life insurance products should be capped at 2.0% and 1.5%, respectively. Sales of products exceeding the above interest rate caps should be suspended. The rate cuts are intended to mitigate interest rate spread risks and reduce solvency pressure on insurance companies. Meanwhile, the regulator has allowed a transitional period for insurance companies to switch to new products and to make product filings and system adjustments.
预定利率与市场动态挂钩。《通知》要求建立预定利率与市场利率挂钩及动态调整机制，这一机制将成为未来保险产品定价的核心参考依据。具体而言，监管部门将参考5年期以上贷款市场报价利率（LPR）、5年定期存款基准利率以及10年期国债到期收益率等长期利率，确定预定利率基准值，并由保险业协会定期发布。当市场利率发生显著变化并达到触发条件时，保险公司将按照市场化原则，及时调整产品定价。
Assumed Interest Rates to Reflect Market Dynamics. The Notice requires the adoption of a mechanism linking assumed interest rates to market interest rates and allowing dynamic adjustments, which will become the core reference for future insurance product pricing. Specifically, the regulator will determine the benchmark assumed interest rates by reference to long-term interest rates such as the quoted market interest rate (LPR) for loans with a term of more than five years, the benchmark interest rate for five-year fixed deposits, and the yield to maturity of 10-year treasury bond, and the Insurance Association of China will publish the benchmark assumed interest rates periodically. When there is a significant change in market interest rates and the triggering conditions are met, insurance companies should adjust product pricing in a timely manner based on market principles.
鼓励长期分红险开发。《通知》鼓励保险公司开发长期分红型保险产品，并允许这些产品在预定利率不超过上限的情况下，按照普通型保险产品的精算规定计算现金价值。《通知》还要求保险公司在演示分红险和万能险的保单利益时，突出产品的保障功能，并强调利率风险共担和投资收益分成机制，以帮助客户更全面地理解产品特点。
Encourage Development of Long-Term Participating Insurance Products. The Notice encourages insurance companies to develop long-term participating insurance products and allows the cash value of such products to be calculated according to the actuarial rules of general insurance products, provided that the assumed interest rates do not exceed the rate caps. The Notice also requires insurance companies to highlight the products’ protection function when demonstrating the policy benefits of participating and universal insurance products, and emphasize the mechanism of sharing interest rate risks and investment returns, to help customers more comprehensively understand product characteristics.
保障产品平稳有序切换。为了确保预定利率调整的平稳落地，监管部门还同步发布了《关于平稳有序做好人身保险产品切换有关工作的通知》，要求各人身保险公司成立由董事长或总经理牵头的工作专班，制定“1+N”工作方案，细化任务分解，重点推进新产品开发备案、系统调试、渠道合作、人员培训等工作。监管部门将加强对各公司业务指标的监测，对出现异常波动的公司将依法采取监管措施。
Ensure a Smooth Transition for the Products. To facilitate a smooth implementation of the assumed interest rate adjustments, the regulator concurrently issued the Notice on Ensuring a Smooth and Orderly Transition for Life Insurance Products, requiring all life insurance companies to establish a work team led by the chairman or general manager, and to formulate a “1+N” work plan with detailed task allocation, with a focus on new product development and filing, system adjustments, channel cooperation, personnel training and etc. The regulator will strengthen monitoring of business indicators of various companies, and will take regulatory measures in accordance with law against those companies that experience abnormal fluctuations.
06
国务院关于实施《中华人民共和国公司法》注册资本登记管理制度的规定
Provisions on Implementing the Registered Capital Registration Management System under the PRC Company Law
2024年7月1日，国务院发布《国务院关于实施《中华人民共和国公司法》注册资本登记管理制度的规定》，并于当日生效。
On July 1, 2024, the State Council published the Provisions of the State Council on Implementing the Registered Capital Registration Management System under the PRC Company Law, which came into effect on the same day.
2024年6月30日前登记设立的公司，有限责任公司剩余认缴出资期限自2027年7月1日起超过5年的，应当在2027年6月30日前将其剩余认缴出资期限调整至5年内并记载于公司章程，股东应当在调整后的认缴出资期限内足额缴纳认缴的出资额；股份有限公司的发起人应当在2027年6月30日前按照其认购的股份全额缴纳股款。公司生产经营涉及国家利益或者重大公共利益，国务院有关主管部门或者省级人民政府提出意见的，国务院市场监督管理部门可以同意其按原出资期限出资。
For a company registered and established before June 30, 2024, if it is a limited liability company and the remaining time period for contributing the subscribed registered capital exceeds 5 years from July 1, 2027, such time period should be adjusted to no more than 5 years and recorded in the company’s articles of association before June 30, 2027, and the shareholders should contribute the subscribed registered capital in full within the time period as so adjusted; if it is a shareholding company, its sponsors should contribute the subscribed registered capital in full before June 30, 2027. If the production and operation of a company involves national interest or major public interest, and the relevant competent departments of the State Council or the provincial people’s government put forward opinions, the State Administration for Market Regulation may agree for the capital contribution to be completed within the original time period.
07
关于加快上海国际再保险中心建设的实施意见
Implementation Opinions on Accelerating the Construction of Shanghai International Reinsurance Center
2024年7月19日，金监总局会同上海市人民政府联合发布《关于加快上海国际再保险中心建设的实施意见》。
On July 19, 2024, NFRA and the Shanghai municipal people’s government jointly published the Implementation Opinions on Accelerating the Construction of Shanghai International Reinsurance Center.
给予机构准入政策支持。支持在临港新片区设立专营再保险业务的保险、再保险、保险经纪法人或分支机构，允许境内再保险公司、外国再保险公司分公司在临港新片区设立再保险运营中心，为机构集聚提供良好政策环境。上海市对入驻机构给予开办、增资等方面奖励扶持政策，并对在临港新片区工作且符合条件的人员，加大出入境、租房、购房、落户等方面保障力度。
Policy support for institutional market access. Support the establishment, in the Lingang Special Area of Shanghai, of insurance, reinsurance and insurance brokerage legal persons or branches specialized in reinsurance business, allow domestic reinsurance companies and foreign reinsurance companies’ branches to establish reinsurance operation centers in Lingang, and provide a favorable policy environment for institutional agglomeration. Shanghai provides incentives and supporting policies in respect of new establishment and capital increases of resident institutions, etc., and in respect of the entry and exit, apartment rentals and purchases, household registration, etc. for qualified talents, in Lingang.
跨境再保险统计。通过登记交易中心开展的跨境再保险分入保费应开展统计并进行发布。研究制定再保险交易标准，加快再保险标准化建设。完善保险公司再保险运营中心数据统计机制。
Statistics of cross-border reinsurance. The statistics of cross-border reinsurance premiums ceded through the Register and Trading Center should be compiled and published. Reinsurance transaction standards should be studied and formulated, and reinsurance standardization construction should be accelerated. The data statistics mechanism should be improved for reinsurance operation centers of insurance companies.
推动统一登记。推动境内保险公司、再保险公司、保险经纪公司在登记交易中心进行再保险交易信息登记，按照“必要、最小、可操作”原则，登记再保险合同、账单、赔付等信息，逐步实现再保险信息集成，打造再保险数据集中和信息服务平台，建立健全再保险统一登记服务体系。
Promote unified registration. Promote domestic insurance companies, reinsurance companies, and insurance brokerage companies to register reinsurance transaction information in the Register and Trading Center, and register information related to reinsurance contracts, bills and claims, etc. based on the principles of “necessity, minimum and practicality”, so as to gradually realize the integration of reinsurance information, build a centralized reinsurance data and information service platform, and establish a sound unified reinsurance registration service system.
稳妥有序发展再保险市场。以拓展增量再保险业务为重点，按照“风险可控、稳健运营”原则，在登记交易中心稳步探索“线上+线下”交易，逐步实现再保险业务集中交易。上海市根据再保险业务登记和交易线上进展情况，实施差异化鼓励。助力保险机构在跨境再保险业务中开展跨境人民币结算，支持银行依托上海保交所平台，为真实、合规的再保险业务提供跨境资金结算便利。
Steady and orderly development of reinsurance market. Focus on expanding incremental reinsurance business and follow the principles of “controllable risk and stable operation”, steadily explore “online + offline” transactions in the Register and Trading Center, and gradually achieve centralized trading of reinsurance business. Shanghai will implement differentiated incentives based on the progress of the registration and online trading of reinsurance business. Assist insurance institutions in carrying out cross-border RMB settlement in cross-border reinsurance business, and provide support for banks to rely on the Shanghai Insurance Exchange platform to provide cross-border fund settlement convenience for authentic and compliant reinsurance business.
提升重点领域再保险保障能力。聚焦“走出去”、航空航天、绿色航运、集成电路等重点领域，在临港新片区探索保险共同体等风险分散机制，提升再保险综合保障能力。临港新片区管委会设立专项扶持资金，提升重点领域再保险有效供给能力。
Enhance reinsurance protection capability in key areas. Focus on key areas such as “going global”, aviation and aerospace, green shipping, and integrated circuits, and explore risk diversification mechanisms such as insurance community in Lingang to enhance comprehensive reinsurance protection capabilities. Lingang Special Area Management Committee establishes special support funds to enhance the effective reinsurance supply capacity in the key areas.
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