CIRC issues notice on pilot of exclusive commercial endowment insurance

The CIRC issued the notice of the general office of the CIRC on the pilot of exclusive commercial endowment insurance. Since June 1, 2021, six family life insurance companies have carried out exclusive commercial endowment insurance pilot projects in Zhejiang Province (including Ningbo City) and Chongqing city. The pilot period is tentatively one year《 The notice standardizes the payment mode, accumulation period and collection period design, insurance liability, surrender rules, information disclosure and product management of exclusive commercial endowment insurance products, and specifies the regulatory support policies in terms of equity asset allocation ratio and minimum capital requirements. We will encourage pilot insurance companies to innovate and develop exclusive insurance products with simple insurance, flexible payment and steady income, actively explore ways to meet the pension needs of employees in new industries, new formats and flexible employment, and explore ways to establish sales incentive, risk control and investment assessment mechanisms that meet the requirements of long-term operation. The pilot will adhere to the basic principles of legal compliance, highlighting the pension function and protecting the legitimate rights and interests of consumers, pay close attention to the pilot situation and summarize experience in time, so as to promote the stable and orderly development of exclusive commercial pension insurance business.