Core Viewpoint - The Financial Regulatory Bureau has issued a notification to enhance the standardization of regulatory data reporting for life insurance companies, aiming to improve data quality and strengthen the regulatory data foundation [1][2][4] Group 1: Data Reporting Requirements - Life insurance companies are required to report standardized regulatory data for the period from January 1, 2023, to March 31, 2025, by April 20, 2025, according to the 2024 version of the regulatory data standard [1] - Starting from May 2025, life insurance companies must submit full, incremental, and change data by the 20th of each month [1][3] - The notification emphasizes that companies must ensure data integrity and accuracy in their reporting processes [2][3] Group 2: Data Quality Issues - Several companies have reported issues such as incorrect content in data files, inconsistencies between message content and data packages, and failures in data package decompression [2] - Historical data reporting has been problematic, with some companies failing to report stock data since January 1, 2023, leading to omissions in key information like premiums and claims [2] - Companies have also been found to frequently revise and resubmit data, negatively impacting the timeliness and accuracy of the information [2][3] Group 3: Data Governance and Management - The notification mandates that life insurance companies establish a data responsibility system, assigning specific departments and individuals to oversee data quality and governance [2][3] - Companies are required to enhance their data management capabilities and improve the overall quality of their data through comprehensive governance practices [3] - The notification also calls for the China Banking and Insurance Regulatory Commission to assist in data verification and establish a reporting accountability system [3][4] Group 4: Industry Implications - Standardized regulatory data reporting is crucial for the formulation of scientific policies and the planning of industry development paths, providing reliable data for decision-making [4] - The notification aims to address the root causes of previous data reporting issues, such as insufficient internal focus and lack of accountability [4]

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to enhance the standardization of regulatory data reporting for life insurance companies, aiming to improve data quality and establish a solid regulatory data foundation [1][4]. Group 1: Regulatory Requirements - Life insurance companies must submit standardized regulatory data according to the 2024 version by April 20, 2025, covering data from January 1, 2023, to March 31, 2025 [1]. - Starting from May 2025, companies are required to report full, incremental, and change data by the 20th of each month [1]. Group 2: Data Reporting Issues - Some companies have reported issues with data file submissions, including content errors and inconsistencies, leading to failures in data storage [2]. - Historical data reporting has been problematic, with some companies failing to report stock data since January 1, 2023, resulting in omissions in key information like premiums and claims [2]. - Frequent corrections and resubmissions of data by some companies have negatively impacted the timeliness and accuracy of the data [2]. Group 3: Data Quality and Governance - There are concerns regarding data quality, with issues such as improper data processing and inaccuracies in financial reporting [3]. - The notice emphasizes the need for life insurance companies to establish a data responsibility system, ensuring accountability for data quality and governance [2][3]. - Companies are required to enhance their data governance practices, improve digital capabilities, and ensure accurate historical data reporting by August 20, 2025 [3]. Group 4: Industry Implications - Standardized regulatory data reporting is crucial for the regulatory body to formulate scientific policies and guide industry development, providing reliable data for decision-making [4]. - The notice aims to address the root causes of previous data reporting issues, which stemmed from insufficient internal emphasis and lack of accountability [4].

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to enhance the standardization of regulatory data reporting for life insurance companies, aiming to improve data quality and establish a solid regulatory data foundation [1][2][4] Data Reporting Requirements - Life insurance companies are required to submit standardized regulatory data for the period from January 1, 2023, to March 31, 2025, by April 20, 2025, according to the 2024 version of the regulatory data standards [1] - Starting from May 2025, companies must report full, incremental, and change data by the 20th of each month [1] Issues Identified - Some companies have failed to report historical data as required, leading to omissions in key information such as premiums and claims [2] - There are instances of incorrect reporting, including misattributing data from before 2023 as 2023 data [2] - Frequent corrections and resubmissions of data by some companies have negatively impacted the timeliness and accuracy of the data [2] Data Quality Concerns - Issues with data processing and accuracy have been noted, including improper data handling, missing information, and incorrect financial reporting [2][3] - Companies are urged to establish a data responsibility system to ensure data consistency with business operations [2][3] Data Governance and Management - Life insurance companies must enhance data governance and management responsibilities, ensuring comprehensive management throughout the data reporting process [3] - Companies are required to correct historical data reporting issues by August 20, 2025, and avoid frequent resubmissions [3] Regulatory Support and Oversight - The Financial Regulatory Bureau emphasizes the importance of guiding life insurance companies through various measures to ensure compliance with standardized data reporting [3][4] - The notice aims to strengthen the data management system and clarify responsibilities at each stage of data reporting [4]