万能险新规！禁止开发短期产品

Core Viewpoint - The National Financial Supervision Administration has issued a notification to strengthen the regulation of universal life insurance, focusing on enhancing protection functions, prohibiting short-term products, and addressing issues related to guaranteed returns and aggressive investments [1][2]. Group 1: Definition and Requirements of Universal Life Insurance - Universal life insurance is defined as a type of life insurance that includes "universal" in its name, provides insurance protection, allows for irregular premium payments, and guarantees a minimum return rate that cannot be negative [2][3]. - The insurance term for universal life insurance must not be less than five years, and companies can set reasonable surrender fees and other product features to extend the actual policy duration [3][4]. - The basic insurance premium for universal life insurance sold to the same insured individual must not exceed 20,000 RMB, and the death benefit must be at least 20 times the basic premium for insured individuals aged between 18 and 60 [3][4]. Group 2: Fund Utilization and Investment Regulations - Insurance companies must develop scientific investment strategies for universal life insurance funds, controlling investment concentration and ensuring compliance with risk management practices [4][5]. - Specific investment limits include: no more than 20% of total equity in a single unlisted company, 30% in a single equity investment fund, and 25% in single real estate financial products [4][5]. - The notification emphasizes the importance of liquidity management and sets requirements for the proportion of liquid assets and the maximum investment in non-tradable assets [5]. Group 3: Sales Behavior Management - Insurance companies must ensure that sales personnel are well-trained and meet specific criteria before selling universal life insurance products [6][7]. - The notification prohibits misleading sales practices that downplay the insurance aspect of universal life insurance or misrepresent the product's features [6][7]. - A one-year transition period is provided for existing policies that do not comply with the new regulations, allowing companies to adjust their offerings accordingly [6][7].