Jin Rong Shi Bao·2025-12-26 02:14Group 1 - The core point of the article is the significant shift in the governance structure of the insurance industry in China, with multiple companies, including China Life and China Pacific Insurance, announcing the abolition of their supervisory boards [1][2][3] - As of December 25, 2023, a total of 13 insurance companies have announced the dissolution of their supervisory boards, indicating a profound transformation in the long-standing "three meetings and one layer" governance framework [1][2] - The trend of abolishing supervisory boards began with Japan's insurance company in April 2023 and has been rapidly adopted by state-owned insurance groups, expanding from group companies to specialized subsidiaries [1][2] Group 2 - The new policy guidance is driven by the upcoming implementation of the revised Company Law in July 2024, which allows wholly state-owned companies to replace supervisory boards with audit committees [3] - The decision to abolish supervisory boards is motivated by the need to reduce costs and improve efficiency, addressing the weaknesses of traditional supervisory functions [3] - Experts believe that the abolition of supervisory boards represents an exploration of modern financial governance, with a focus on enhancing compliance and risk management capabilities within the insurance industry [3]