万能险监管升级：最低保证利率可调，5年期以下产品禁售

Core Viewpoint - The recent notification from the financial regulatory authority aims to strengthen the regulation of universal life insurance (ULI) products, allowing for adjustable minimum guaranteed interest rates to better manage interest rate risk and promote sustainable market development [3][4][8]. Group 1: Regulatory Changes - The notification allows ULI products to adjust their minimum guaranteed interest rates under certain conditions, which helps insurance companies manage asset-liability matching and protect customer interests [4][8]. - ULI products are defined as flexible insurance products that combine protection and investment, with a minimum guaranteed interest rate that is subject to change based on market conditions [4][10]. - The notification introduces a one-year transition period for existing ULI products that do not meet the new requirements, with a deadline for compliance set for April 30, 2026 [10]. Group 2: Market Impact - The average settlement interest rate for ULI products is projected to decline to 2.79% by March 2025, down 60 basis points from 2023 and 5 basis points from 2024 [5]. - The notification aims to guide ULI products back to long-term operations and insurance protection, preventing short-term practices that could lead to liquidity risks [11][15]. - The notification includes a negative list for sales management, prohibiting misleading comparisons between ULI products and other financial products, and ensuring transparency in risk disclosures [17]. Group 3: Consumer Protection - Insurance companies are required to inform customers about the reasons for any adjustments to the minimum guaranteed interest rates and to provide adequate customer service [9]. - The notification emphasizes the importance of consumer rights protection, ensuring that clients are aware of the risks associated with ULI products [9][10]. - The notification mandates that ULI products must have a minimum term of five years, effectively eliminating shorter-term ULI products from the market [12][15]. Group 4: Financial Management - The notification requires insurance companies to establish clear rules for surplus distribution and to set aside special reserves for different scenarios to ensure fair profit distribution [16]. - It imposes stricter limits on the proportion of ULI funds that can be invested in high-risk assets, such as single equity investment funds and non-standard financial products [17]. - The notification aims to enhance cash flow matching management and closely monitor risk exposures to prevent asset-liability mismatches and liquidity risks [17].