The China Banking and Insurance Regulatory Commission issued the “Notice on the Development of Commercial Insurance Annuities”. This is the first time that the China Banking and Insurance Regulatory Commission has defined and refined commercial insurance annuities, put forward standardized development requirements, and guided the insurance industry to vigorously develop commercial insurance annuities to meet the diverse pension security and wealth management needs of the people.
This move is the first time that the vigorous development of commercial insurance annuities has been proposed after the new “Ten National Policies” for the insurance industry issued in September this year. According to industry experts, commercial insurance annuities refer to the third-pillar pension insurance products developed by insurance companies, which focus on the “pension” function from the aspects of insurance period, payment method, and inter-period payment.
The “Notice” clarifies the standards for the development of the third-pillar pension insurance in the insurance industry, which will play an important role in regulating and guiding insurance companies and provide consumers with more comprehensive and diversified pension security and wealth management needs.
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