金融监管总局发布监管新规——从严规范万能险经营行为

Core Viewpoint - The National Financial Supervision Administration has issued a notification to strengthen the regulation of universal life insurance, signaling a stricter approach to managing universal insurance operations [1][2]. Group 1: Regulatory Changes - The notification prohibits the design of universal insurance products, except for whole life, endowment, and annuity insurance, and mandates that the insurance term for universal insurance must be no less than 5 years [1][2]. - Insurance companies are encouraged to extend the actual duration of policies through reasonable adjustments to surrender fees and policy continuity rewards, with rewards not being issued before the end of the fifth policy year [1][2]. Group 2: Minimum Guarantee Rate and Pricing Mechanism - Starting from October 1, 2024, the upper limit for the minimum guarantee rate for newly filed universal insurance products will be set at 1.5%, with related reserve assessment rates also at 1.5% [2][3]. - Products exceeding the minimum guarantee rate limit will be prohibited from sale [2]. Group 3: Investment and Liquidity Management - The notification specifies regulations on liquidity management for universal insurance accounts and the management of related party transactions concerning the use of funds [2]. - It emphasizes strict limits on the proportion of investments in single equity investment funds and real estate-related financial products [2]. Group 4: Sales and Consumer Protection - Insurance companies are required to enhance the classification and management of sales personnel and product suitability to prevent sales misguidance [3]. - A negative list of six prohibited sales behaviors for universal insurance has been established, including indirect or implicit guarantees and actions that shorten the actual duration of products [3]. - Companies must improve information disclosure regarding adjustments to minimum guarantee rates and account cancellations, ensuring timely communication with consumers [3]. Group 5: Transition Period and Market Stability - A one-year transition period will be provided for existing businesses that do not meet the new requirements, ensuring stable operation in the life insurance market [3]. - New products approved or filed during the transition must comply with the notification's regulations to prevent incremental risks [3].