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 ...

Core Viewpoint - The new regulations on universal life insurance (ULI) aim to enhance supervision and address deep-rooted issues in the market, including the prohibition of products with terms shorter than five years and the dynamic adjustment of minimum guaranteed interest rates [2][3][4]. Summary by Relevant Sections Regulation Overview - The National Financial Supervision Administration issued a notification that will take effect on May 1, 2025, allowing for dynamic adjustments to the minimum guaranteed interest rates of ULI and prohibiting products with terms shorter than five years [2][3]. - Insurance companies must complete rectifications for existing ULI products that do not comply with the new regulations by April 30, 2026 [2]. Product Development and Management - The notification emphasizes the need to regulate ULI product development, enhance protection levels, and strengthen account management and fund utilization supervision [3]. - It prohibits the design of ULI products, except for whole life insurance, endowment insurance, and annuity insurance, and encourages companies to adjust surrender fees and policy bonuses to extend the actual duration of policies [3]. Sales Management - Insurance companies are required to improve the classification and suitability management of sales personnel to prevent misleading sales practices [3]. - A negative list for sales behavior is mandated, prohibiting the use of terms like "interest" and "expected returns" in marketing, and ensuring that the insurance protection attributes are not downplayed [3]. Fund Utilization and Risk Management - The notification allows for the adjustment of minimum guaranteed interest rates under certain conditions, reflecting a more flexible regulatory approach to market interest rate fluctuations [4][9]. - Strict regulations on fund utilization are introduced, including limits on concentration and non-standard investments, and prohibitions on complex transactions that could harm policyholders' interests [4][5]. Market Trends and Historical Context - ULI products were once highly favored due to their high guaranteed returns, with some products offering rates as high as 8% between 2014 and 2017, significantly outperforming traditional bank products [6][7]. - However, issues such as inadequate protection functions and aggressive fund management practices have led to increased regulatory scrutiny and a decline in ULI's popularity since 2017 [7][8]. Future Outlook - The implementation of the new regulations is expected to lead to a significant transformation in the ULI market, with a potential shift towards long-term protection products that cater to needs such as retirement and education funding [9][10]. - Industry insiders predict that companies may lower settlement rates further or develop hybrid products that combine protection with light investment features [10].