Core Viewpoint - The National Financial Supervision Administration has issued a notification to strengthen the regulation of universal life insurance, signaling a stricter approach to managing universal insurance operations [1][2]. Group 1: Regulatory Changes - The notification prohibits the design of universal insurance products, except for whole life, endowment, and annuity insurance, and mandates that the insurance term for universal insurance must be no less than 5 years [1][2]. - Insurance companies are encouraged to extend the actual duration of policies through reasonable adjustments to surrender fees and policy continuity rewards, with rewards not being issued before the end of the fifth policy year [1][2]. Group 2: Minimum Guarantee Rate and Pricing Mechanism - Starting from October 1, 2024, the upper limit for the minimum guarantee rate for newly filed universal insurance products will be set at 1.5%, with related reserve assessment rates also at 1.5% [2][3]. - Products exceeding the minimum guarantee rate limit will be prohibited from sale [2]. Group 3: Investment and Liquidity Management - The notification specifies regulations on liquidity management for universal insurance accounts and the management of related party transactions concerning the use of funds [2]. - It emphasizes strict limits on the proportion of investments in single equity investment funds and real estate-related financial products [2]. Group 4: Sales and Consumer Protection - Insurance companies are required to enhance the classification and management of sales personnel and product suitability to prevent sales misguidance [3]. - A negative list of six prohibited sales behaviors for universal insurance has been established, including indirect or implicit guarantees and actions that shorten the actual duration of products [3]. - Companies must improve information disclosure regarding adjustments to minimum guarantee rates and account cancellations, ensuring timely communication with consumers [3]. Group 5: Transition Period and Market Stability - A one-year transition period will be provided for existing businesses that do not meet the new requirements, ensuring stable operation in the life insurance market [3]. - New products approved or filed during the transition must comply with the notification's regulations to prevent incremental risks [3].

曾经备受市场青睐的万能险，迎来监管新规。国家金融监督管理总局近日印发《关于加强万能型人身保 险监管有关事项的通知》(下称"《通知》")，允许万能险最低保证利率动态调整，禁止5年期以下产 品，同时要求保险公司强化万能险账户流动性管理，严控资金投向与期限错配风险，防范潜在兑付压 力。《通知》自2025年5月1日起实施，保险公司已经开展的万能险业务不符合本通知规定的，原则上应 当于2026年4月30日前完成整改。 全面从严监管万能险 保底收益也不再铁板一块 简单来说，万能险是一种包含保险保障功能并设立有保底收益投资账户的人寿保险，曾因交费灵活、保 额可调整、保单价值领取方便等优势，备受市场青睐。 记者留意到，此次《通知》围绕规范万能险产品发展、提升保障水平、强化账户管理、强化资金运用监 管、规范万能险销售行为五大方面，全面从严监管万能险，旨在从根本上解决万能险在以往发展过程中 积累的深层问题。 在规范产品发展方面。《通知》强调，除终身寿险、两全保险和年金保险等产品外，其他产品不得设计 成万能型。禁止开发五年期以下(不含五年)的万能险。同时鼓励保险公司通过合理调整退保费用、保单 持续奖金等产品设计要素延长保单实际存续 ...

全国新规 2025年5月起施行 规范农村集体经济组织 成员身份权益保护 《中华人民共和国农村集体经济组织法》5月1日起施行, 明确因成员生育而增加的人员,农村集体经济组织应当确 认为农村集体经济组织成员;因成员结婚、收养或者因政 策性移民而增加的人员,农村集体经济组织一般应当确认 涉外知识产权纠纷 反制不公平待遇 《国务院关于涉外知识产权纠纷处理的规定》5月1日起 施行,明确对外国国家以知识产权纠纷为借口对我国进行 遏制、打压,对我国公民、组织采取歧视性限制措施等, 国务院有关部门可以依法采取相应反制和限制措施。 规制预付式消费 破除"霸王条款" 《最高人民法院关于审理预付式消费民事纠纷案件适用 法律右十问题的解释》5月1日起施行,明佛收款个返、去 卡不补、限制转卡等"霸王条款"应依法认定无效,身体健 康原因可作为消费者退款理由。 墙加延保、回收等 售后服务类型 新版《消费品售后服务方法与要求》国家标准5月1日起实 施,增加配送、延保服务、产品回收等售后服务类型,引入 远程诊断、智能客服、直播教学等数字化服务方法。 规范线上、线下 无理由退货服务 国家标准《售后服务 无理由退货服务规范》5月1日起实 施,明确 ...

国家金融监督管理总局近日发布《关于加强万能型人身保险监管有关事项的通知》，本着从严监管的思 路，突出问题导向，并实行"新老划断"的监管政策。《通知》将于5月1日起实施。业内人士认为，《通 知》将进一步降低险企的刚性负债成本，减少投资冲动，更好实现资产负债匹配管理，降低利差损风 险。短期内，万能型人身保险（以下简称"万能险"）保费收入或将受到一定冲击，但有利于行业长期持 续稳健发展；同时，现有保单持有者的最低保证利率不会因新规而改变。 万能险是包含投资和保障两大功能的人身险产品，投保人将保费交到保险公司后会分别进入两个账户， 一部分进入风险保障账户用于保障，另一部分进入投资账户用于投资。其中保障额度和投资额度的设置 主动权在投保人手中，可根据不同时期的需求进行调节，投资账户的资金由保险公司代为投资，投资利 益上不封顶，下设最低保障利率。 （文章来源：证券时报网） 尽管万能险的理财功能令人心动，但它同时也被负面信息包围，引发对其存在高风险的质疑，主要因 其"披着保险的外衣，卖的却是根本不具备保障功能的理财产品"。事实上，与普通型人身险产品所不同 的是，万能险除了有一个最低的承诺保本利率，实际结算利率本身就具有灵活 ...

Core Viewpoint - The regulatory authority has implemented strict regulations on universal life insurance (ULI) to prevent risks associated with low interest rates and to protect consumer interests, effective from May 1, 2025 [1][2][3] Regulatory Changes - The new regulations prohibit the design of ULI products, except for whole life insurance, endowment insurance, and annuity insurance, to strengthen the insurance product's protection attributes and avoid misuse for short-term financial management [3][4] - The insurance term for ULI must not be less than five years, addressing the issue of short-term products that have been prevalent in the market [5][6] Market Impact - The current interest rate environment, with five-year fixed deposit rates at 1.55% and ten-year government bond rates at 1.67%, has pressured life insurance companies as their asset yields decline while liability costs remain rigid [2][4] - The regulations are expected to lead to a restructuring of ULI products, with existing products needing to comply by April 30, 2026, and new products developed under the new rules starting May 1, 2025 [4][6] Consumer Protection - The regulations aim to reduce misleading sales practices and enhance the insurance protection function of ULI, ensuring that consumers are adequately informed about risks and product features [1][4] - Insurance companies are required to provide clear terms regarding additional premium payments and must inform customers of any adjustments to the minimum guaranteed interest rates [4][6] Investment Management - The regulations emphasize the need for insurance companies to establish sound investment strategies for ULI accounts, including strict controls on investment concentration and risk exposure [6][7] - Specific limits are set on investments in single unlisted companies and equity investment funds to mitigate risks associated with asset-liability mismatches and liquidity [7]

万能险曾因主打高收益成为市场"顶流" 记者查阅历史信息发现，万能险曾因"保底3%、历史结算利率6%"被誉为保险公司的"余额宝"，成为寿 险市场"顶流"产品。 曾经备受市场青睐的万能险，迎来监管新规。国家金融监督管理总局近日印发《关于加强万能型人身保 险监管有关事项的通知》（下称"《通知》"），允许万能险最低保证利率动态调整，禁止5年期以下产 品，同时要求保险公司强化万能险账户流动性管理，严控资金投向与期限错配风险，防范潜在兑付压 力。 《通知》自2025年5月1日起实施，保险公司已经开展的万能险业务不符合本通知规定的，原则上应当于 2026年4月30日前完成整改。 五年期以下的万能险将告别市场 简单来说，万能险是一种包含保险保障功能并设立有保底收益投资账户的人寿保险，曾因交费灵活、保 额可调整、保单价值领取方便等优势，备受市场青睐。 记者留意到，此次《通知》围绕规范万能险产品发展、提升保障水平、强化账户管理、强化资金运用监 管、规范万能险销售行为五大方面，全面从严监管万能险，旨在从根本上解决万能险在以往发展过程中 积累的深层问题。 在规范产品发展方面。《通知》强调，除终身寿险、两全保险和年金保险等产品外，其他 ...

每经记者 杨建 每经编辑 肖芮冬 ｜2025年4月28日 星期一｜ NO.1 重磅会议：加紧实施积极有为的宏观政策和适度宽松的货币政策 据新华社报道，中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议强调，要 加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政 府专项债券、超长期特别国债等发行使用。兜牢基层"三保"底线。适时降准降息，保持流动性充裕，加 力支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消 费、稳定外贸等。强化政策取向一致性。 NO.2 财政部蓝佛安：中国将采取更加积极有为的宏观政策 据财政部官网消息，2025年4月24日，世界银行在美国华盛顿举行发展委员会第111次会议，中国财政部 蓝佛安与会并发言，在当前复杂外部环境下，中国将采取更加积极有为的宏观政策。通过这些政策推动 实现全年预期增长目标，继续为全球经济带来稳定和动力。中国坚持改革开放的基本国策，已对所有建 交的最不发达国家产品给予零关税待遇，并愿进一步敞开大门，与全球共享中国的超大规模市场，实现 互利共赢。 NO.3 国务院同意在海南全岛等 ...

本报记者 冷翠华 国家金融监督管理总局（以下简称"金融监管总局"）近日发布《关于加强万能型人身保险监管有关事项的通知》（以下简 称"《通知》"），本着从严监管的思路，突出问题导向，并实行"新老划断"的监管政策。《通知》将于5月1日起实施。 业内人士认为，《通知》将进一步降低险企的刚性负债成本，减少投资冲动，更好实现资产负债匹配管理，降低利差损风 险。短期内，万能型人身保险（以下简称"万能险"）保费收入或将受到一定冲击，但有利于行业长期持续稳健发展；同时，现 有保单持有者的最低保证利率不会因新规而改变。 可以设置保证期限 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人周瑾对《证券日报》记者表示，《通知》针对万能险开 发适用的产品和保险期限、最低保证利率的保证期设置、万能账户的盈余分配及特别储备使用规则、万能险资金运用的限制和 流动性的要求等都进行了具体界定，有利于险企降低刚性负债成本，减少投资冲动，管好流动性风险，并确保盈余分配的公平 合理，从而更好实现资产负债匹配，降低长期利差损风险。 对消费者有何影响 在提升万能险保障水平、降低险企利差损风险的同时，《通知》对险企的万能险保费收入将产生怎样的影响 ...

Core Viewpoint - The recent notification from the financial regulatory authority aims to strengthen the regulation of universal life insurance (ULI) products, allowing for adjustable minimum guaranteed interest rates to better manage interest rate risk and promote sustainable market development [3][4][8]. Group 1: Regulatory Changes - The notification allows ULI products to adjust their minimum guaranteed interest rates under certain conditions, which helps insurance companies manage asset-liability matching and protect customer interests [4][8]. - ULI products are defined as flexible insurance products that combine protection and investment, with a minimum guaranteed interest rate that is subject to change based on market conditions [4][10]. - The notification introduces a one-year transition period for existing ULI products that do not meet the new requirements, with a deadline for compliance set for April 30, 2026 [10]. Group 2: Market Impact - The average settlement interest rate for ULI products is projected to decline to 2.79% by March 2025, down 60 basis points from 2023 and 5 basis points from 2024 [5]. - The notification aims to guide ULI products back to long-term operations and insurance protection, preventing short-term practices that could lead to liquidity risks [11][15]. - The notification includes a negative list for sales management, prohibiting misleading comparisons between ULI products and other financial products, and ensuring transparency in risk disclosures [17]. Group 3: Consumer Protection - Insurance companies are required to inform customers about the reasons for any adjustments to the minimum guaranteed interest rates and to provide adequate customer service [9]. - The notification emphasizes the importance of consumer rights protection, ensuring that clients are aware of the risks associated with ULI products [9][10]. - The notification mandates that ULI products must have a minimum term of five years, effectively eliminating shorter-term ULI products from the market [12][15]. Group 4: Financial Management - The notification requires insurance companies to establish clear rules for surplus distribution and to set aside special reserves for different scenarios to ensure fair profit distribution [16]. - It imposes stricter limits on the proportion of ULI funds that can be invested in high-risk assets, such as single equity investment funds and non-standard financial products [17]. - The notification aims to enhance cash flow matching management and closely monitor risk exposures to prevent asset-liability mismatches and liquidity risks [17].

保险行业点评 万能险机制功能和定位迎来重构 2025 年 04 月 27 日 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com [Table_Author] 推荐 维持评级 ➢ 事件：2025 年 4 月 25 日，国家金融监督管理总局发布《关于加强万能型 人身保险监管有关事项的通知》（以下简称《通知》），就产品开发、保障水平、账 户管理、资金运用和销售行为等方面进行了规范和调整。 ➢ 产品管理：强化万能险保障属性，拉长万能险期限。1）万能险定义，产品 设计和开发规范化：《通知》明确万能险定义，通过四项特征（如名称含"万能 型"、保障功能、单独账户、最低收益保证）来正式确定万能险产品，引导万能险 产品设计规范化发展，有利于杜绝部分产品设计和功能"异化"，同时有望加强消 费者权益保护，减少相关产品误导。2）万能险机制的适用险种，同时引导产品 长期化：《通知》仅允许终身寿险、两全保险和年金保险设计为万能型，定期寿险 被剔除，同时保障期限不得低于 5 年。 ...