CBIRC released 'Notice on vigorous developing commercial insurance annuities', in line with 'Several opinions to promote high-quality development of insurance sector' (国发〔2024〕21号), specifying
- clarifying concept of commercial insurance annuities: products developed by commercial insurance companies with functions such as pension risk management and long-term fund accumulation
- vigorously developing various kinds of pension annuity insurance products
- strengthening connection with basic pension insurance
- improving services of pension risk assessment and pension planning and management throughout whole life cycle of clients
- improving product design
- meeting clients' reasonable liquidity needs during accumulation period in multiple ways
- actively developing other annuity insurance products and endowment insurance products
- further expanding commercial pension service pilots
- supporting more qualified pension insurance companies to participate in commercial pension business
- extending pilot period and expanding pilot area
- develop new and dedicated products adapted to private pension scheme
- supporting creation of new products that combine pension risk protection and wealth management functions and are suitable for general public
- enhancing services to real economy
- supporting development of capital market
- increasing investment in industries related to silver economy
- actively participating in national new infrastructure and major project construction
- improving statistical system
- improving regulatory system
- strengthening organisational guarantees
- bringing relevant pilots into account in local pension finance development policies