China news, Jingwei, February 21 (Xinhua) – the notice on expanding the pilot scope of exclusive commercial endowment insurance (hereinafter referred to as the notice) released on the website of the China Banking and Insurance Regulatory Commission on the 21st mentioned that the pilot area of exclusive commercial endowment insurance will be expanded to the whole country from March 1, 2022.
The notice pointed out that since the launch of the pilot of exclusive commercial endowment insurance, the overall operation has been stable and the business scale has increased steadily. The pilot companies have actively innovated products and services to provide consumers with more safe and stable long-term pension security options. In order to further explore the development experience of commercial old-age insurance and better meet the people’s multi-level old-age security needs, the CBRC has decided to expand the pilot scope of exclusive commercial old-age insurance.
The notice specifies that the pilot area of exclusive commercial endowment insurance will be expanded to the whole country from March 1, 2022. On the basis of the original six pilot companies, pension insurance companies are allowed to participate in the pilot of exclusive commercial pension insurance.
The notice shows that after the pilot scope is expanded, the relevant regulatory requirements shall apply to the provisions of the notice of the general office of the China Banking and Insurance Regulatory Commission on carrying out the pilot of exclusive commercial endowment insurance (Yin Bao Jian Ban Fa [2021] No. 57).
The notice emphasizes that all pilot companies should adhere to the long-term business philosophy, reasonably formulate business development plans and promote all work in an orderly manner. Under the premise of continuous product innovation, we will firmly hold the bottom line and enhance the function of providing for the aged. We should serve the overall situation of people’s livelihood and actively explore and meet the diversified needs of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , employees of new formats and flexible employees.
The notice finally mentioned that all banking and insurance regulatory bureaus should strengthen communication and coordination with relevant local departments and units, do a good job in policy interpretation, and create a good atmosphere for pilot development. We should continue to strengthen supervision, standardize market order, and resolutely investigate and deal with all kinds of acts that harm consumers’ rights and interests. The problems found in the pilot process shall be reported to the CBRC in time.
