【金融街发布】国家金融监督管理总局就《保险公司资产负债管理办法（征求意见稿）》公开征求意见

Core Viewpoint - The Financial Regulatory Administration has developed the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" to enhance asset-liability management capabilities and strengthen regulatory oversight in the insurance industry, effective from December 19, 2025 [1] Group 1: Objectives and Principles - The draft aims to guide insurance companies in establishing a prudent operational philosophy, enhancing effective linkage between assets and liabilities, and preventing asset-liability mismatch risks [1] - It promotes the improvement of performance evaluation systems and extends the evaluation period to support high-quality development of the real economy [1] Group 2: Key Principles of the Draft - The draft follows a problem-oriented approach, addressing issues such as disconnection in asset-liability management and lack of regulatory standards [2] - It reflects economic substance by ensuring that asset-liability matching indicators and stress scenarios accurately represent the company's economic value and risk levels [2] - The draft encourages management optimization by establishing meaningful indicators and standards that assist management in improving operations and reducing risks [2] - It emphasizes institutional coordination to enhance the consistency and adaptability of regulatory rules [2] Group 3: Specific Provisions - Insurance companies are required to take responsibility for asset-liability management, adhering to principles of comprehensive coverage, reasonable matching, and prudent coordination [3] - The governance structure for asset-liability management must be clearly defined, with the board of directors bearing ultimate responsibility and various departments collaborating effectively [3] - Companies must develop asset-liability management policies and procedures, ensuring integration across business planning, product development, and investment strategies [3] - Regulatory and monitoring indicators will be established, with thresholds defined to ensure compliance and risk management [3] Group 4: Changes from Previous Regulations - The draft integrates previous regulations into a more complete regulatory framework [4] - It strengthens the organizational structure by clarifying responsibilities at all levels and emphasizing the independence of asset-liability management departments [4] - New regulatory indicators include effective duration gap and liquidity coverage under stress scenarios, with clear thresholds for compliance [4] - The calculation methods for indicators will be optimized to reflect macroeconomic changes and encourage long-term operations [4] - Enhanced regulatory measures will be implemented, including potential administrative penalties for non-compliance [4]