防范利差损风险 分红险监管新规落地 ，禁止“内卷式”竞争

Core Viewpoint - The National Financial Regulatory Administration has issued guidelines to regulate the dividend levels of participating insurance products, aiming to prevent interest rate risk and enhance business stability [1][3]. Group 1: Regulatory Changes - The new guidelines categorize six key scenarios that require justification and approval from the Asset-Liability Management Committee if they occur, such as when the proposed dividend rate exceeds the company's past three-year financial or comprehensive investment returns [3]. - The regulation shifts responsibility to major insurance companies, presenting opportunities for compliant firms to seek higher dividends, while posing challenges for smaller firms [3]. Group 2: Industry Impact - The new policy is seen as a "dynamic constraint," aligning dividend levels with the actual capabilities of insurance companies to prevent overextension and unhealthy competition, potentially leading to accelerated differentiation within the industry [3]. - The ongoing strict regulation is a response to the accumulating interest rate risk, which affects cash flow and solvency of insurance companies, thereby impacting both the companies and policyholders [3]. Group 3: Market Trends - The regulatory body has lowered the upper limit for the predetermined interest rate of life insurance products, establishing a mechanism that links the predetermined rate to market rates and allows for dynamic adjustments [3]. - Currently, the research value for predetermined interest rates in life insurance products is on a downward trend, with market dividend insurance products gradually entering the "1.5% era," indicating a shift in the industry's focus towards a "fixed + floating" yield mechanism [3].