【保险观察】万能险监管升级 旨在化解市场风险

Core Viewpoint - The National Financial Supervision Administration has issued a notification to strengthen the regulation of universal life insurance, emphasizing strict oversight and a "new and old distinction" policy, effective from May 1. This regulation aims to reduce the rigid liability costs for insurance companies and improve asset-liability matching management, ultimately benefiting the long-term stability of the industry [1][2]. Group 1: Regulatory Changes - The new regulation will lower the rigid liability costs for insurance companies and reduce investment impulses, which is expected to lead to a short-term impact on premium income from universal life insurance [1]. - Existing policyholders will not see changes in their minimum guaranteed interest rates due to the new regulations [1][3]. - The regulation aims to enhance the risk coverage of universal life insurance, restoring its original protective function while allowing for more flexible interest rate settings for new products [3]. Group 2: Market Dynamics - Universal life insurance, which combines investment and protection functions, has been criticized for being more of a financial product than an insurance product, leading to concerns about its high-risk nature [2]. - The actual settlement interest rates of universal life insurance products are flexible and have been adjusted downwards by some companies due to the low interest rate environment [2]. - The future of new universal life insurance products is likely to involve lower guaranteed interest rates and more stringent regulations on reserve and settlement rate usage, requiring consumers to be more cautious in their choices [3].