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on september 27, the state council information office held a regular briefing on state council policies to introduce the "several opinions of the state council on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" issued on september 11.

at the meeting, xiao yuanqi, deputy director of the state administration of financial supervision, luo yanjun, director of the personal insurance supervision department of the state administration of financial supervision, yin jiangao, director of the property insurance supervision department of the state administration of financial supervision, and wang shengbang, director of the regulations department of the state financial supervision administration, discussed the use of insurance funds, pension insurance, the reform of key areas such as auto insurance and the construction of insurance rule of law have responded.

let’s take a look at the key statements from the meeting:

1. by the end of august, insurance funds had allocated more than 21 trillion yuan in various fixed-income assets such as bonds and bank deposits, and more than 6 trillion yuan had been invested in equity assets such as stocks, securities investment funds, and unlisted corporate equity. the overall allocation is stable and balanced, and the overall risk is controllable;

2. as of now, the long-term equity investment of insurance funds is 2.8 trillion yuan, and the investment in stocks and stock funds exceeds 3.3 trillion yuan;

3. the state administration of financial supervision will promptly introduce supporting policies to scientifically define the connotation and extension of commercial annuities, and encourage insurance companies to leverage their advantages in actuarial technology, long-term product development, and long-term capital management to provide the people with rich and diverse pension security and inter-temporal pensions. financial planning services;

4. the state administration of financial supervision will study and optimize the scope of the independent pricing coefficient of new energy auto insurance, explore combined products for family cars and online booking operations, explore the risk sharing mechanism of high-compensation vehicles, and strive to solve the current head problems;

5. the state administration of financial supervision’s supervision of insurance will focus on shifting from focusing on scale to the sustainability of the business model;

6. the state administration of financial supervision is actively cooperating with relevant departments to promote the revision of the insurance law.

insurance funds invested in stocks and stock funds exceeded 3.3 trillion yuan

according to data from the state administration of financial supervision, as of the end of august this year, the balance of insurance funds used was 31.8 trillion yuan, a year-on-year increase of 10.4%. the insurance industry provided financial support to the real economy through debt, equity and other methods of 28.8 trillion yuan, a year-on-year increase of 12.2%. .

luo yanjun said that in recent years, the industry's investment philosophy has remained prudent and steady, and it has actively carried out long-term investment and value investment. by the end of august, insurance funds had allocated more than 21 trillion yuan in various fixed-income assets such as bonds and bank deposits, and more than 6 trillion yuan had been invested in equity assets such as stocks, securities investment funds, and unlisted corporate equity. the overall allocation of major asset classes stable and balanced, the overall risk is controllable.

luo yanjun pointed out that cultivating real patient capital and actively supporting the steady development of the capital market are important tasks for insurance funds to support the development of the real economy.

insurance funds naturally have the properties of patient capital. in recent years, the state administration of financial supervision has successively issued a series of regulatory policies, allowing insurance funds to invest in public infrastructure securities investment funds, canceling the industry scope of financial equity investment, canceling restrictions on the scale of investment in a single venture capital fund, and supporting insurance companies to exert their value. the role of investors and institutional investors has helped increase the proportion of direct financing.

up to now, the long-term equity investment of insurance funds has reached 2.8 trillion yuan, and the investment in stocks and stock funds has exceeded 3.3 trillion yuan. in addition, with the approval of the state council, the state administration of financial supervision has promoted insurance institutions to carry out long-term stock investment pilots by setting up private securities investment funds. the pilot funds are currently operating well. in the future, the state administration of financial supervision will also expand the scope of the pilot, support other qualified insurance institutions to participate in the pilot, and continue to increase investment in the capital market.

luo yanjun pointed out that in the next step, the state administration of financial supervision will continue to optimize regulatory policies for the use of insurance funds, guide insurance companies to improve internal long-cycle assessment mechanisms, and increase investment in strategic emerging industries, advanced manufacturing, new infrastructure and other fields. better serve the development of new productive forces.

promote reforms in key areas of insurance

the "opinions" proposed that commercial insurance annuities should be vigorously developed. in this regard, luo yanjun explained that "commercial insurance annuity" is the collective name for the third pillar products developed by insurance companies. the purpose is to enhance people's understanding of commercial pension insurance and its functions through simple and popular names, and strive to create mass trusted industry brand.

"commercial annuities are both different and related to the first pillar of basic pension insurance, the second pillar of enterprise annuities and occupational annuities, which will help guide insurance companies to better play the main role in the third pillar." luo yanjun said.

luo yanjun said that the state administration of financial supervision will promptly introduce supporting policies to scientifically define the connotation and extension of commercial annuities, and encourage insurance companies to give full play to their advantages in actuarial technology, long-term product development, and long-term capital management to provide the people with rich and diverse pension security and cross-border insurance. period financial planning services.

in terms of property insurance, the "opinions" mentioned that we should focus on new energy vehicle commercial insurance and deepen the comprehensive reform of auto insurance. yin jiangao pointed out that the state administration of financial supervision will study and optimize the scope of independent pricing coefficients for new energy auto insurance, explore combined products for family cars and online booking operations, explore risk sharing mechanisms for high-compensation vehicles, and strive to solve current head problems.

at the same time, new energy auto insurance rates are optimized through retrospective data. work with relevant departments to promote information sharing and promote the reduction of new energy vehicle insurance operating costs. "the key to solving some problems in new energy vehicle insurance is to reduce operating costs, such as reducing accident rates and reducing maintenance costs." yin jiangao said.

promote the revision of the insurance law and severely crack down on violations of laws and regulations

the "opinions" mentioned that continuous supervision of insurance institutions must be strict. in this regard, wang shengbang pointed out that the key to whether an insurance institution can be stable, long-term, and sustainable is to have a correct outlook on performance, development, and a sustainable business model. in the future, the state administration of financial supervision’s supervision of insurance will focus on shifting from focusing on scale to the sustainability of business models.

at the same time, wang shengbang said that it is necessary to further improve the risk monitoring and early warning indicator system of the insurance industry and detect risks faced by the industry as early as possible. we will severely crack down on violations of laws and regulations through on-site inspections, audits, administrative penalties and regulatory enforcement measures.

"in the insurance industry, there have been problems such as misleading sales and difficulty in settling claims for a long time. we must further intensify rectification efforts and strictly rectify major violations of insurance companies' concealment of bad practices and profit transfer." wang shengbang said that for those who have caused serious risks, strengthen supervision of key people, key matters and key behaviors that seriously disrupt market order and seriously damage the legitimate rights and interests of consumers, and comprehensively use measures such as administrative penalties, compulsory measures, notifications and exposures, and execution connections with other departments to ensure that insurance companies operate in accordance with the law. compliance.

in order to further establish and improve the legal and institutional foundation for insurance supervision, wang shengbang revealed that the state administration of financial supervision is actively cooperating with relevant departments to promote the revision of the insurance law.

in addition, the state administration of financial supervision will also systematically sort out the current insurance supervision system and optimize the supervision system in aspects such as insurance company governance, insurance company solvency, insurance company asset and liability management, insurance fund utilization, and insurance liability reserves. build a risk-based regulatory framework with clear logic, comprehensive system, clear requirements and highlighted priorities, establish clear boundaries for insurance companies to operate prudently, enhance the ability of insurance companies to resist risks, and enhance the stability of the insurance industry.