(III) Notice of China Insurance Regulatory Commission on Strengthening the Regulations on the Personal Insurance Products and Notice of China Insurance Regulatory Commission on Matters of Further Perfecting Personal Insurance Actuarial System Issued by China Insurance Regulatory Commission

1.政策内容：

1. Policy content:

《中国保监会关于强化人身保险产品监管工作的通知》进一步完善了人身保险产品监管框架。在明确人身保险产品实行事后备案和事后抽查管理的基础上，通过建立和完善产品退出机制、问责机制、回溯机制和信息披露机制，形成各机制协调联动、各方各负其责的监管架构。

The Notice of China Insurance Regulatory Commission on Strengthening the Regulations on the Personal Insurance Products has further perfected the regulatory framework of the personal insurance products. On the basis of clearly implementing ex post recording and ex post spot check to manage the personal insurance products, and by establishing and improving the product exit mechanism, accountability mechanism, backtracking mechanism and information disclosure mechanism, a regulatory framework of coordination & interaction of mechanisms and respective responsibility for each party is formed.

《中国保监会关于进一步完善人身保险精算制度有关事项的通知》主要内容包括：1）再次提高人身保险产品的风险保障水平；2）下调万能保险责任准备金评估利率；3）对中短存续期业务占比提出比例要求；4）进一步完善中短存续期产品监管政策；5）完善产品设计有关监管要求；6）强化总精算师责任。

The Notice of China Insurance Regulatory Commission on Matters of Further Perfecting Personal Insurance Actuarial System mainly includes: 1) further improving the risk guarantee level of the personal insurance products; 2) lowering the evaluation interest rate of reserves for universal insurance liabilities; 3) bringing forward requirements on the proportion of short and medium-duration business; 4) further perfecting the regulatory policy for the short and medium-duration products; 5) perfecting the relevant regulatory requirements on product design; and 6) strengthening responsibilities of the chief actuary.

2.发布时间：2016年9月2日

2. Issuing time: Sept. 2^nd, 2016

3.实施时间：自发布之日起

3. Implementing time: as of the issuing date

4.政策解析:

4. Policy analysis:

保监会近日下发的两个人身险监管新规，被视为是今年3月份中短存续期产品新政的延续，旨在进一步推进人身保险供给侧结构性改革，使保险业更好地为实体经济和资本市场输送长期健康资金。两项《通知》的出台主要为了实现三个目的：其一，堵住之前中短存续期产品限制政策的漏洞，进一步限制中短存续产品的业务规模；其二，通过各项规定使保险产品回归风险保障或长期储蓄的本质；其三，强化保险公司在保险产品开发和管理工作中的组织要求和相关人员的责任要求。新规的实施将产生多方面影响，比较突出的变化将体现在两个方面：一是一大批现有人身险产品将停售，同时一批新产品将上线；二是部分万能险或投连险占比过重的险企必须大力调整业务结构，存在较大的转型压力。具体到保险公司来说，“老七家”保险公司几乎都没有影响，它们的保费增速低于行业平均水平，但业务结构合理，保费收入没有大起大落；而一些激进型的险企的业务发展将受到较大影响，尤其是万能险或投连险业务占比过重的部分中小保险公司。

The two new regulations on the personal insurance as issued by China Insurance Regulatory Commission recently are deemed as the continuation of the new policy for the short and medium-duration products as issued in March this year, which are aimed to further promote the supply-side structural reform of personal insurance and enable the industry insurance to better channel long-term healthy capital to the real economy and capital market. The above two Notices have three purposes: firstly, remedy the restriction policies on short and medium-duration products, and further restrict the business scale of the short and medium-duration products; secondly, restore the insurance products to the essences of risk guarantee or permanent saving through the regulations; and thirdly, strength the organization requirements of the insurance companies during insurance product development and management works and the responsibility requirements for related personnel. The implementation of the new regulations will have influences in many ways, with two distinctive changes in the following two aspects. Firstly, a batch of current personal insurance products will be stopped for selling, and a batch of new products will be put on market; and secondly, the insurance companies with excessive proportion of universal insurance or investment-linked insurance shall adjust the business structure greatly, facing rather huge transformation pressure. As for the insurance companies, the “Old Seven” insurance companies are barely influenced, even though their premium increase is lower than the average level of the industry, their business structure is reasonable, and the premium income is free from radical fluctuation; however, the business development of some radical insurance companies will be greatly affected, especially those small and medium-sized insurance companies with excessive proportion of universal insurance or investment-linked insurance.