保险行业研究：拟建立产品、销售人员、客户三方匹配的适当性管理体系

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but the context suggests a positive outlook for the insurance sector due to the new regulations aimed at improving product suitability and sales practices [7]. Core Insights - The recent release of the "Financial Institutions Product Suitability Management Measures (Draft for Comments)" by the Financial Regulatory Bureau, along with the "Self-Regulatory Rules for Insurance Industry Suitability Management (Draft for Comments)" by the China Insurance Association, aims to enhance the appropriateness of product sales in the insurance industry [1][5]. - The new regulations establish a three-tiered suitability management system involving products, sales personnel, and customers, which is expected to reduce sales misguidance and protect consumer rights, ultimately benefiting the long-term health of the insurance industry [5]. Summary by Sections Product Classification - Life insurance products are categorized into five levels (P1 to P5) based on complexity and certainty of policy benefits, while property insurance products are classified into three levels (P1 to P3) [2]. - The classification considers factors such as product responsibility scope, coverage duration, and design structure, with specific products like participating and universal life insurance falling into P3, and ordinary life insurance into P2 [2]. Sales Classification - The regulations prohibit misleading sales practices and implement a tiered management system for sales personnel based on their qualifications and compliance records [3]. - Specific sales practices that are banned include conducting risk assessments on behalf of clients, providing misleading information, and promoting products that exceed the client's risk tolerance [3]. Customer Segmentation - The regulations require a thorough analysis of the policyholder's needs, income, asset levels, premium budget, and risk tolerance to match them with suitable products [4]. - For certain high-risk products, additional client confirmations are required if the premium exceeds specified thresholds relative to the client's income [4]. Overall Assessment - The introduction of these measures is seen as a significant step towards establishing a more transparent and responsible insurance market, which is likely to foster consumer trust and industry growth [5].