China News Service, September 3, According to the website of the China Banking and Insurance Regulatory Commission, in order to strengthen the supervision and management of insurance group companies, effectively prevent insurance group business risks, and promote the healthy development of the financial and insurance industry, the China Banking and Insurance Regulatory Commission "Administrative Measures for Insurance Group Companies (for Trial Implementation)" "(Bao Jian Fa [2010] No. 29) was revised to form the "Measures for the Supervision and Management of Insurance Group Companies (Draft for Comment)" (hereinafter referred to as the "Measures").
A few days ago, the public solicited opinions.
The "Measures" has ten chapters and ninety-three articles, including general rules, establishment and licensing, operating rules, corporate governance, risk management, capital management, non-insurance subsidiary management, information disclosure, supervision and management, supplementary provisions, etc.
The main amendments to the "Measures": First, strengthen the supervision of insurance group company governance, require insurance group companies to have a concise, clear and penetrable equity structure, and have a reasonable level of equity control with subordinate member companies, and strengthen the insurance group company’s governance of the entire group company The main responsibility.
The second is to strengthen the risk management of insurance groups by adding a "risk management" chapter, requiring insurance group companies to integrate group risk management resources, and establish a comprehensive risk management system compatible with the group’s strategic objectives, organizational structure, and business models. Specific regulatory requirements such as risk preference system, risk management information system, concentration risk management, firewall settings, related transaction management, external guarantee management, and stress testing system.
The third is to improve the supervision of non-insurance subsidiaries by adding a chapter on “non-insurance subsidiary management” to clarify the scope and relevant conditions for insurance groups to invest in non-insurance subsidiaries, and improve internal control mechanisms, prohibitions, outsourcing management, information reporting, etc. .
The fourth is to systematically improve group supervision requirements, emphasize that consolidated supervision is "based on control, taking into account risk relevance", and improve the scope of consolidated supervision; improve the requirements for information disclosure, crisis response and disposal capabilities of insurance groups; clarify foreign insurance groups Supervision shall be governed by the "Measures".
In the next step, the China Banking and Insurance Regulatory Commission will extensively listen to opinions and suggestions from all walks of life, and based on feedback from all walks of life, further revise and improve the "Measures" and publish and implement them in a timely manner.