On March 25, a spokesman for the China Banking and Insurance Regulatory Commission said that it would continue to promote the development of commercial pension finance in an orderly manner, encourage and support banking and insurance institutions to actively explore and innovate based on the people’s pension needs, launch more diversified pension financial products, optimize the management mechanism, create a new situation in the development of pension finance with novel business, high-quality service and prudent operation, and effectively enhance the people’s sense of gain, happiness sense of security.
According to the spokesman, since 2021, the CBRC has earnestly implemented the decision and deployment of the CPC Central Committee and the State Council on standardizing the development of the third pillar of pension insurance, steadily promoted the development of commercial pension finance, and successively launched the pilot of exclusive commercial pension insurance and pension financial products. Overall, the pilot is progressing smoothly and all parties have responded well.
First, in June 2021, six insurance companies launched a pilot of exclusive commercial endowment insurance in Zhejiang Province (including Ningbo) and Chongqing. By the end of February 2022, the pilot company had underwritten 71800 insurance policies, with a total premium of 472 million yuan, including more than 12000 employees of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business types. The characteristics of exclusive commercial endowment insurance, such as simple insurance, flexible payment and stable income, have been gradually understood and accepted by consumers. Insurance companies have initially formed a business model in line with their own characteristics, especially accumulated some experience in serving Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , employees of new formats and flexible employees. On the basis of summing up experience, the CBRC decided to expand the pilot area of exclusive commercial endowment insurance to the whole country from March 1, 2022, and include endowment insurance companies in the pilot.
Second, in September 2021, four financial management subsidiaries carried out pilot pension financial products in Wuhan, Chengdu, Shenzhen and Qingdao. Compared with general financial products, pension financial products highlight the characteristics of “stability, long-term and inclusive”, which is more in line with Lbx Pharmacy Chain Joint Stock Company(603883) long-term pension needs and life cycle characteristics. At present, several pilot products have been successfully sold. Through careful evaluation and summing up experience, from March 1, 2022, the pilot scope of pension financial products will be expanded from “four places and four institutions” to “ten places and ten institutions”. At the same time, BlackRock Jianxin financial company, which is controlled by foreign capital, will also join the pilot and will launch relevant products in the near future.
In addition, the spokesman said that the pilot of pension savings will be launched soon, and the pilot of commercial pension plan mainly for low – and middle-income people is being prepared. At the same time, the CBRC has recently launched a series of policies to standardize and promote the development of pension insurance institutions, support the construction of pension insurance institutions, encourage them to participate in pension financial reform, further enrich the supply of pension finance and meet the diversified pension needs of the people.
