What are the changes in the “Measures” compared to the “Interim Measures on the Supervision of Insurance Assets and Liabilities Management”? The first is institutional integration. The “Measures” integrate the requirements of the previous scattered interim measures and the relevant requirements of the five regulatory rules, making the regulatory framework more complete. The second is to improve the organizational structure. Compile the responsibilities of insurance companies at all levels of asset liability management, highlight the independence of asset liability management departments, guarantee their ability to perform their duties, and clearly implement long-term assessments and evaluations. The third is to clarify regulatory indicators. Establish effective long-term gaps, comprehensive investment income coverage, net investment income coverage, deposit capital coverage, and liquidity coverage under pressure scenarios as regulatory indicators, clarify target thresholds, and take regulatory measures for companies that do not meet the standards. The fourth is to optimize the calculation caliber of indicators. The pressure scenario is adjusted according to macroeconomic changes, the risk hedging effect of financial derivatives is included in long-term calculations, and the evaluation period for cost and benefit indicators is extended to 3-5 years to guide insurance companies to operate for a long time and cultivate patient capital. The fifth is to improve supervisory measures. Clarify that supervision may adopt regulatory discussions, issue regulatory opinions, issue special stress tests, expand the scope of inspections, adjust the insurance business structure or asset allocation structure as required by law, and other measures stipulated by laws and regulations, depending on the circumstances.

What are the changes in the “Measures” compared to the “Interim Measures on the Supervision of Insurance Assets and Liabilities Management”? The first is institutional integration. The “Measures” integrate the requirements of the previous scattered interim measures and the relevant requirements of the five regulatory rules, making the regulatory framework more complete. The second is to improve the organizational structure. Compile the responsibilities of insurance companies at all levels of asset liability management, highlight the independence of asset liability management departments, guarantee their ability to perform their duties, and clearly implement long-term assessments and evaluations. The third is to clarify regulatory indicators. Establish effective long-term gaps, comprehensive investment income coverage, net investment income coverage, deposit capital coverage, and liquidity coverage under pressure scenarios as regulatory indicators, clarify target thresholds, and take regulatory measures for companies that do not meet the standards. The fourth is to optimize the calculation caliber of indicators. The pressure scenario is adjusted according to macroeconomic changes, the risk hedging effect of financial derivatives is included in long-term calculations, and the evaluation period for cost and benefit indicators is extended to 3-5 years to guide insurance companies to operate for a long time and cultivate patient capital. The fifth is to improve supervisory measures. Clarify that supervision may adopt regulatory discussions, issue regulatory opinions, issue special stress tests, expand the scope of inspections, adjust the insurance business structure or asset allocation structure as required by law, and other measures stipulated by laws and regulations, depending on the circumstances.