| Notice of the China Insurance Regulatory Commission on Issues concerning the Regulation of Personal Insurance Products with Short and Medium Duration | | 中国保监会关于规范中短存续期人身保险产品有关事项的通知 |
| (No. 22 [2016] of the China Insurance Regulatory Commission) | | （保监发〔2016〕22号） |
| All personal insurance companies: | | 各人身保险公司： |
| For the purpose of preventing risks and promoting the sound development of personal insurance products with short and medium duration (hereinafter referred to as the “products with short and medium duration”), you are hereby notified of the relevant issues as follows: | | 为防范风险，促进中短存续期人身保险产品（以下简称中短存续期产品）健康发展，现就有关事项通知如下： |
| I. For the purpose of this Notice, the term “products with short and medium duration” means the personal insurance products with the sum of the cash value (account value) of their insurance policies by the end any policy year in the first four policy years and the cumulative survival insurance benefits exceeding the cumulative insurance premiums paid thereon, and the expected duration of more than 60% of whose policies is less than five years, excluding investment-linked insurance products and variable annuity insurance products. | | 一、本通知所称中短存续期产品是指前4个保单年度中任一保单年度末保单现金价值（账户价值）与累计生存保险金之和超过累计所缴保费，且预期该产品60%以上的保单存续时间不满5年的人身保险产品。投资连结保险产品、变额年金保险产品除外。 |
| II. The chief actuary of an insurance company shall, on the basis of the company's experience analysis, product design purposes, characteristics of sales channels, fees deduction for surrender, quality of services, and other factors, conduct comprehensive and prudent evaluation of the expected duration of the products with short and medium duration and submit relevant reports to the board of directors or the management, and the board of directors or the management shall deliberate the reports. | | 二、保险公司总精算师应基于公司经验分析、产品设计目的、销售渠道特点、退保扣费、服务质量等因素综合审慎评估中短存续期产品的预期存续时间，并向董事会或管理层提交相关报告，董事会或管理层需对报告进行审议。 |
| Where there is serious deviation between the evaluation of the expected duration and the actual operation condition of products, the China Insurance Regulatory Commission (“CIRC”) shall hold the insurance companies and their chief actuaries accountable according to the law. | | 预期存续时间的评估与产品实际经营情况有明显偏差的，中国保监会将依法追究保险公司和总精算师的相关责任。 |
| III. An insurance company that sells products with short and medium duration shall maintain composite solvency ratio not lower than 100% and core solvency ratio not lower than 50%. An insurance company shall immediately stop selling products with short and medium duration when its composite solvency ratio is lower than 100% or core solvency ratio is lower than 50%. | | 三、保险公司销售中短存续期产品的，应保持综合偿付能力充足率不低于100%且核心偿付能力充足率不低于50%。保险公司综合偿付能力充足率低于100%或核心偿付能力充足率低于50%时，应立即停止销售中短存续期产品。 |
| IV. Before an insurance company submits products with short and medium duration to the CIRC for approval or recordation, such products shall be deliberated and adopted by the board of directors and written resolutions shall be formed. The written resolutions shall specify the annual planned sales quota and expected fee loss quotas of these products with short and medium duration. An insurance company shall also submit the aforesaid written resolutions to which its board chairman and chief actuary have affixed signatures for confirmation when submitting these products with short and medium duration to the CIRC for approval or recordation. | | 四、保险公司将中短存续期产品报送中国保监会审批或备案前，应经董事会审议通过并形成书面决议，书面决议中应列明年度中短存续期产品计划销售额度和预计费差损额度。保险公司应在中短存续期产品报送中国保监会审批或备案时一并提交由董事长及总精算师签字确认的上述书面决议。 |
| V. For the products with short and medium duration in the form of participating insurance or universal insurance, if there are any investment strategies, dividends distribution strategies or settlement interest rate strategies different from those for other products, insurance companies shall establish corresponding sub-accounts for dividend distribution or universal sub-accounts to conduct separate accounting and guarantee clear and fair accounting. | | 五、分红型、万能型产品形态的中短存续期产品，如有区别于其他产品的投资策略、分红策略或结算利率策略，保险公司应设立相应的分红子账户或万能子账户，单独核算，保证核算清晰、公平。 |
| The collection rates of various expenses in respect of universal insurance shall be specified in the insurance clauses. | | 万能型保险的各项费用收取水平应在保险条款中予以明确。 |
VI. The board chairman and chief actuary of an insurance company shall effectively strengthen the capital control, business planning, and other work of products with short and medium duration, and reasonably determine the scale of premiums of products with short and medium duration according to the company's capital strength and other factors. An insurance company's annual income from the premiums of products with short and medium duration shall be controlled within the quota as required in this Article.
．．．．．． | | 六、保险公司董事长和总精算师应切实加强对中短存续期产品的资本管控和业务规划等工作，应根据公司资本实力等因素合理确定中短存续期产品的保费规模。保险公司中短存续期产品的年度保费收入应控制在本条所要求的限额以内。
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