state administration of financial supervision answers cover news: insurance companies are required to develop new products adapted to the personal pension system
2024-09-29
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cover news reporter zhang xinxin dai rui
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 and preventing risks to promote high-quality development of the insurance industry." luo yanjun, director of the personal insurance supervision department of the state administration of financial supervision, said in response to a question from a cover news reporter that insurance companies are required to develop new and exclusive products that adapt to the personal pension system, especially to improve the convenience of insurance.
luo yanjun, director of the personal insurance supervision department of the state administration of financial supervision. image source: guoxin.com
cover news reporter zhang xinxin asked. image source: guoxin.com
luo yanjun said that the three pillars of my country’s pension insurance include the first pillar, basic pension insurance; the second pillar, enterprise annuities and occupational annuities; and the third pillar, personal pension systems and various commercial pension financial services.
she introduced that there are two main categories of third pillar products provided by insurance companies. the first category is products that enjoy tax benefits, which are personal pension products. this business will be piloted starting in 2022. in 36 cities, each person can make pre-tax expenditures up to a limit of 12,000 yuan per year. it is currently in its infancy.
the second type of products are products that do not involve tax incentives, including annuity insurance, exclusive commercial pension insurance, commercial pensions, etc. some of these products are traditional businesses of insurance companies, and some are pilot projects launched in the past two years.
"several opinions" proposes to "vigorously develop commercial insurance annuities." she explained that "commercial insurance annuity" is the collective name for the third pillar products developed by insurance companies. the purpose is to use simple and popular names to enhance people's understanding of commercial pension insurance and its functions, and strive to create an industry brand trusted by the masses. .
"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.
she said that in the next step, the state administration of financial supervision will promptly introduce supporting policies to scientifically define the connotation and extension of commercial insurance 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 pensions. protection and inter-temporal financial planning services.
in terms of personal pensions, insurance companies are required to adhere to the principles of inclusiveness and convenience, develop new and exclusive products that adapt to the personal pension system, and especially improve the convenience of insurance.
in terms of product form, insurance companies are supported to create new products that are simple to understand, safe and robust, and have flexible revenue methods to meet the differentiated needs of customers of different ages and risk preferences.
she also said that insurance companies should be encouraged to speed up product transformation, develop floating income products, and improve the scientific and effective life-cycle personal protection and financial planning of customers through multi-functional designs such as "personal protection + guaranteed benefits + floating income" reliability and stability, allowing customers and insurance companies to achieve mutual benefit and win-win results, achieving customer peace of mind, a reliable company, and a warm industry.
