China’s State Financial Supervision and Administration Bureau issued a notice on promoting the development of commercial insurance annuities. The notice, issued on October 23, clarified the concept of commercial insurance annuities and proposed measures to strengthen supervision and promote business development.
Commercial insurance annuities are products developed by insurance companies to manage pension risks and steadily accumulate long-term funds. The “Notice” clarifies that eligible annuity insurance, pension insurance, and commercial pension insurance all belong to this category.
In order to promote the development of commercial insurance annuities, the “Notice” puts forward policy measures and regulatory requirements to promote the development of commercial insurance annuities, optimize the supply of personal pension products, enrich product categories, and improve the convenience of insurance.
The “Notice” also supports the innovation of new pension products that combine pension risk protection with financial management functions and are suitable for the general public to purchase, and requires insurance companies to optimize asset allocation and serve the development of new productivity.
In addition, the notice requires the establishment of a sound statistical system, the strengthening of the construction of the regulatory system, and the practical protection of the legitimate rights and interests of insurance consumers.
Overall, the notice of the State Financial Supervision and Administration Bureau aims to promote the development of commercial insurance annuities and improve my country’s pension insurance market.
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