Core Viewpoint - The release of the draft "Insurance Company Asset-Liability Management Measures" by the National Financial Supervision Administration marks a new phase in the regulation of asset-liability management in the insurance industry, set to take effect on July 1, 2026 [1] Group 1: Regulatory Framework - The Measures establish a comprehensive regulatory framework covering governance structure, quantitative indicators, management processes, and collaborative mechanisms [1] - The aim is to shift the industry's operational logic from scale-oriented growth to long-term stable management, laying a solid foundation for risk management and high-quality development [1] Group 2: Objectives and Issues Addressed - The Measures are designed to implement the spirit of the new "National Ten Articles" for the insurance industry, addressing current issues such as the disconnection between asset and liability management and unclear policies and procedures [1] - They also prepare the industry for a complete transition to new accounting standards by 2026 [1] Group 3: Specific Requirements for Insurance Companies - For life insurance companies, the Measures set regulatory ranges for effective duration gaps and require that the comprehensive investment income coverage ratio and net investment income coverage ratio be no less than 100% [1] - For property insurance companies, the focus is on the coverage ratio of retained funds, income coverage ratio, and liquidity coverage ratio under stress scenarios [1] Group 4: Governance and Management Processes - The Measures detail the management responsibilities of the board of directors, senior management, and functional departments of insurance companies, mandating the establishment of independent asset-liability management departments [1] - A management closed loop is established, encompassing asset-liability analysis, business planning and product development, asset allocation and major investments, stress testing, and back-testing [1]