| Notice of the China Banking and Insurance Regulatory Commission on Issuing the Solvency Regulatory Rules for Insurance Companies—Questions and Answers No. 1: Default Risk Factors of Reinsurance Counterparties in Hong Kong During the Transitional Period of the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime | | 中国银保监会关于印发《保险公司偿付能力监管规则--问题解答第1号：偿付能力监管等效框架协议过渡期内的香港地区再保险交易对手违约风险因子》的通知 |
| (No. 34 [2018] of the China Banking and Insurance Regulatory Commission) | | （银保监发[2018]34号） |
| On May 16, 2017, the former China Insurance Regulatory Commission and Hong Kong's insurance regulator signed the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime, and both sides agreed to recognize the equivalence of solvency regimes of each other and grant each other regulatory preferential treatment based on mutual equivalence recognition during the transitional period. Under this Framework, this Commission has developed after research the Solvency Regulatory Rules for Insurance Companies—Questions and Answers No. 1: Default Risk Factors of Reinsurance Counterparties in Hong Kong During the Transitional Period of the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime, which is hereby issued for your compliance and implementation. | | 2017年5月16日，原保监会与香港保险监管部门签署了《关于开展偿付能力监管制度等效评估工作的框架协议》，在偿付能力等效互认过渡期内，视同对方已经达到等效资格并给予等效条件下的监管优待政策。在此框架下，我会研究制定了《保险公司偿付能力监管规则--问题解答第1号：偿付能力监管等效框架协议过渡期内的香港地区再保险交易对手违约风险因子》。现予发布，请遵照执行。 |
| China Banking and Insurance Regulatory Commission | | 中国银行保险监督管理委员会 |
| July 2, 2018 | | 2018年7月2日 |
| Solvency Regulatory Rules for Insurance Companies—Questions and Answers No. 1: Default Risk Factors of Reinsurance Counterparties in Hong Kong During the Transitional Period of the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime | | 保险公司偿付能力监管规则--问题解答第1号：偿付能力监管等效框架协议过渡期内的香港地区再保险交易对手违约风险因子 |
| Q: On May 16, 2017, the former China Insurance Regulatory Commission (now the China Banking and Insurance Regulatory Commission) and the former Office of the Commissioner of Insurance of Hong Kong (now the Hong Kong Insurance Authority, hereinafter referred to as “HKIA”) signed the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime (hereinafter referred to as the “Framework Agreement”). According to the Framework Agreement, both sides enter the transitional period immediately after signing the agreement, during which they agree to grant transitional preferential treatment to each other, that is, recognize the solvency regime of each other as the same or similar to that of another. How will the default risk factors of reinsurance counterparties be determined when Chinese mainland insurance organizations cede business to Hong Kong ones? | | 问：2017年5月16日，原中国保监会（现为中国银保监会）与原香港保险业监理处（现为香港保险业监管局Insurance Authority，以下称香港保监局）签署《中国保险监督管理委员会和香港特别行政区政府保险业监督关于开展偿付能力监管制度等效评估工作的框架协议》（以下称《框架协议》）。根据《框架协议》，双方在签署协议的同时即进入过渡期，在此期间，双方同意给予对方过渡性优待，即承认对方的偿付能力监管效能与己方等同或相近。《框架协议》过渡期内，中国内地保险机构向香港保险机构分出业务的再保险交易对手违约风险因子应如何确定？ |
| A: During the transitional period of the Framework Agreement, the default risk factors of reinsurance counterparties for the business ceded from Chinese mainland insurance organizations to Hong Kong ones shall be determined under the following rules: | | 答：《框架协议》过渡期内，中国内地保险机构向香港保险机构分出业务的再保险交易对手违约风险因子按以下规则确定： |
1. When a direct insurer from Chinese mainland cedes reinsurance business to a qualified Hong Kong insurer, Article 29 of the Solvency Regulatory Rules for Insurance Companies No. 8: Credit Risks shall apply, and the RF0 value of default risk factors of reinsurance counterparties applicable to Hong Kong reinsurers shall be set as 0.087.
．．．．．． | | 1.中国内地直接保险公司向合格的香港再保险机构分出再保险业务时，适用《保险公司偿付能力监管规则第8号：信用风险》第二十九条，且香港再保险机构适用的再保险交易对手违约风险基础因子RF0赋值为0.087。
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