【非银】完善资产负债监管框架，提升行业长期经营韧性——《保险公司资产负债管理办法（征求意见稿）》点评（王一峰/黄怡婷）

Core Viewpoint - The article discusses the introduction of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" by the Financial Regulatory Bureau to enhance asset-liability management capabilities and regulatory oversight in the insurance industry [5][7]. Group 1: Background - Prior to 2018, the asset-liability management system for insurance companies was fragmented and lacked specific "hard constraints" [6]. - In March 2018, the former Insurance Regulatory Commission issued the "Insurance Asset-Liability Management Regulatory Rules," marking the initial establishment of a regulatory framework tailored to the domestic insurance industry [6]. - Recent changes in the external environment and internal conditions of the insurance industry, particularly the implementation of new accounting standards in 2026, necessitate a more robust asset-liability management approach [7]. Group 2: Content - The draft includes five main aspects: defining asset-liability management goals and principles, standardizing governance structures, clarifying policies and procedures, establishing regulatory and monitoring indicators, and enhancing supervision [8]. - Regulatory indicators for property insurance companies include: 1. Coverage ratio of settled funds (minimum standard: 100%) 2. Income coverage ratio (minimum standard: 100%) 3. Liquidity coverage ratio under stress scenarios (minimum standard: 100%) [9]. - For life insurance companies, regulatory indicators include: 1. Effective duration gap (maximum threshold: 5 years) 2. Comprehensive investment income coverage ratio (minimum standard: 100%) 3. Net investment income coverage ratio (minimum standard: 100%) 4. Liquidity coverage ratio under stress scenarios (minimum standard: 100%) [9]. - The draft optimizes the calculation methods for these indicators to reflect macroeconomic changes and encourages long-term operations by extending the evaluation period for cost-income indicators to 3-5 years [9]. Group 3: Impact - The draft aims to address issues such as disconnection in asset-liability management, unclear policies, and insufficient regulatory measures, thereby filling institutional gaps [10]. - By quantifying regulatory indicators and setting stress scenarios, the draft reflects the true economic value and risk levels of insurance companies [10]. - The measures are expected to enhance the resilience of insurance companies in long-term operations, particularly in managing the matching of assets and liabilities amid a declining interest rate environment [10].