保险产品监管升级：禁发5年期以下万能险 人身险“负面清单”扩容

Core Viewpoint - The insurance industry is undergoing significant product transformation in a low interest rate environment, driven by new regulatory measures aimed at standardizing the management of universal life insurance products [1][2]. Regulatory Changes - The National Financial Regulatory Administration has issued a notification to strengthen the regulation of universal life insurance, focusing on five key areas: product design, account management, asset-liability management, sales practices, and supervision [1]. - A new "negative list" for life insurance products has been introduced, identifying 103 violations related to product design, terms, pricing, and reporting, which include vague terms, distorted liability design, and chaotic reporting management [1][6]. Product Development Restrictions - The notification prohibits the development of universal life insurance products with a term shorter than five years, requiring all new products to have a minimum term of five years [2]. - Insurance companies are allowed to set a guarantee period for the minimum guaranteed interest rate, which can be adjusted after the guarantee period ends, providing more flexibility in product offerings [2][3]. Market Impact - As of March, 1170 universal life insurance products reported settlement rates, with 1154 products having rates of 2% or higher, and 546 products exceeding 3% [3]. - The shift from fixed income products to floating income products like dividend insurance is ongoing, but the transition is challenging for sales teams [6]. Compliance and Accountability - The "negative list" serves as a reference for insurance companies in product development and is updated annually to enhance regulatory oversight [6][8]. - New entries in the 2025 version of the "negative list" include stricter requirements for product liability design and clearer descriptions for additional premium clauses [6][7]. Consumer Protection - The regulatory changes aim to protect consumer interests by reducing the risk of policy disputes and ensuring that insurance companies adhere to compliance standards [8].