Beijing, April 4 (Reporter Wen Yuan) In order to promote the insurance industry to give play to its professional capabilities, enrich the supply of insurance products, accelerate the development of commercial long-term care insurance, and meet the long-term care protection needs of the people, especially the disabled elderly, the China Banking and Insurance Regulatory Commission issued a notice on the 1st, deciding to carry out the pilot of life insurance and long-term care insurance liability conversion business (hereinafter referred to as "conversion business") from May 31, 2023, and the pilot period is tentatively set for two years.
Conversion business means that the life insurance company converts the liability such as death or maturity benefit in the life insurance policy in a valid state into the nursing benefit liability through a scientific and reasonable liability conversion method according to the voluntary application of the policyholder, and supports the insured to obtain insurance benefits in advance when entering the nursing state due to specific diseases or accidental disabilities. From the perspective of international experience, the use of the stock reserve of life insurance to carry out the conversion business can not only meet the differentiated and personalized long-term care protection needs of the people, but also an effective way to increase the supply of commercial long-term care insurance in a short period of time, innovate the content and form of insurance services, and help enhance the people's understanding and awareness of long-term care insurance.
The CBIRC organized industry forces to fully demonstrate the feasibility of business conversion, and studied and clarified a series of requirements in terms of liability conversion methods, applicable product scope, nursing status judgment conditions, business operation procedures, etc., specifically: First, according to whether the insured enters the nursing state, the policy discount method and actuarial equivalence method are designed respectively to meet the diversified nursing protection needs. The second is to choose individual ordinary life insurance to carry out the pilot, which is easy for the insured and the insured to understand, and the amount of nursing benefits is convenient to calculate. The third is to take specific diseases and accidental disabilities as the basic judgment conditions for the state of nursing, which not only takes into account the unified standards of the industry, but also can effectively cover the disabled and is easy to operate. At the same time, life insurance companies are encouraged to expand the above basic judgment conditions in combination with their own risk control capabilities. The fourth is to encourage life insurance companies to add the content of using the policy discount method for liability conversion in insurance clauses when developing new products of ordinary life insurance, so as to improve the supply capacity of long-term care protection. (Guangming Daily)