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| Notification of the Personal Insurance Department of the China Banking and Insurance Regulatory Commission on Recent Problems with Personal Insurance Products | | 中国银保监会人身险部关于近期人身保险产品问题的通报 |
| (No. 105 [2019] of the Personal Insurance Department of the China Banking and Insurance Regulatory Commission) | | （人身险部函〔2019〕105号） |
| All personal insurance companies: | | 各人身保险公司： |
| For the purposes of further regulating the product development and management of personal insurance companies, guarding against the risks of personal insurance products, protecting the lawful rights and interests of insurance consumers, the China Banking and Insurance Regulatory Commission (“CBIRC”) has established the notification system for personal insurance products, hoping to regularly notify the common and individual problems discovered when supervising personal insurance products, urge the whole industry to make proper rectifications, and continuously improve the development of insurance products. Product trace in 2018 and typical problems discovered during the recent supervision recordation are hereby notified as follows: | | 为进一步规范人身保险公司产品开发管理行为，防范人身保险产品风险，切实保护保险消费者合法权益，我会建立了人身保险产品通报制度，定期通报人身保险产品监管工作中发现的行业共性和个性问题，督促行业认真整改，不断提升产品开发水平。现将2018年产品回溯情况和近期产品备案中发现的典型问题通报如下： |
| I. Product trace in 2018 | | 一、2018年产品回溯情况 |
| Overall, personal insurance companies paid much more attention to product trace compared with the previous year. To be specific, they all conducted a retrospective analysis of products on sale as required and submitted product trace reports in a timely manner, but there are still the following three problems: first, contents of product trace are incomplete. Some companies only traced pricing assumptions, not profit testing assumptions. Second, the retrospective analysis was not in-depth. Some companies simply listed the results or conducted general text description in the retrospective report, but failed to conduct an in-depth analysis of the abnormal data found in product trace. Third, the tracing results were not sufficiently tracked. Some companies failed to develop adjustment plans for the situation where the actual loss ratio continued to be significantly lower than the pricing expectations. There were no solutions for risks that adverse selection is severe or the loss ratio far exceeds the pricing expectation, and the risks were still increasing year by year. | | 总体来看，各人身保险公司对产品回溯工作的重视程度比上年有所提升，均按照要求对本公司在售产品进行了回溯分析，及时上报产品回溯报告，但仍存在以下三个问题：一是回溯内容不全面，部分公司仅对定价假设进行回溯，未对利润测试假设进行回溯。二是回溯分析不深入，部分公司在回溯报告中只是简单罗列结果或进行一般性文字描述，未对回溯发现的异常数据进行深入分析。三是回溯结果追踪力度不够，部分公司对回溯发现的实际赔付率持续大幅低于定价预期的情况未制定调整方案，对逆选择严重或赔付率远超定价预期的风险无解决方案，风险仍存在逐年扩大情形。 |
II. Major problems discovered in recent product filings
．．．．．． | | 二、近期产品备案中发现的主要问题
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