调整保险公司相关股票投资风险因子！金融监管总局最新发布
Zhong Guo Zheng Quan Bao·2025-12-05 08:38

Core Viewpoint - The National Financial Supervision Administration has announced adjustments to risk factors related to insurance companies' investment in stocks, export credit insurance, and overseas investment insurance, aiming to enhance long-term investment management and support the real economy [1][6]. Summary by Relevant Sections Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 Index and the CSI Low Volatility 100 Index has been reduced from 0.3 to 0.27 [3]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been decreased from 0.4 to 0.36 [3]. - The premium risk factor for export credit insurance and overseas investment insurance has been lowered from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [3]. Internal Control and Management - Insurance companies are required to improve internal controls, accurately measure stock holding periods, and enhance long-term investment management capabilities [4]. - There is an emphasis on strengthening solvency management and ensuring the accuracy and completeness of solvency data [4]. Impact on the Insurance Industry - The adjustments aim to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific stock indices [6]. - The changes in risk factors for export credit insurance are intended to encourage insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [6]. Calculation of Holding Periods - For stocks on the Sci-Tech Innovation Board, the holding period is calculated using a weighted average based on the FIFO principle, with a maximum consideration of four years [7]. - As of the end of this year, the transition period for the new solvency regulatory rules will officially end, imposing stricter requirements on insurance companies' solvency construction [7].