People's Daily Online, Beijing, September 17 (Reporter Du Yanfei) Recently, the State Administration of Financial Supervision and Administration issued the Notice on Optimizing the Regulatory Standards for the Solvency of Insurance Companies (hereinafter referred to as the Notice). On the basis of keeping the regulatory standards for comprehensive solvency adequacy ratio of 100% and core solvency adequacy ratio of 50% unchanged, We optimized the solvency regulatory standards of insurance companies.

The Notice requires that for property insurance companies and reinsurance companies with total assets of more than 10 billion yuan and less than 200 billion yuan, and life insurance companies with total assets of more than 50 billion yuan and less than 500 billion yuan, the solvency adequacy ratio shall be calculated at 95% of the minimum capital; For property insurance companies and reinsurance companies with total assets of less than 10 billion yuan and life insurance companies with total assets of less than 50 billion yuan, the solvency adequacy ratio is calculated at 90% of the minimum capital.

The Notice also actively guides insurance companies to return to the source of security, and increases the proportion of future surplus of insurance policies with a residual maturity of more than 10 years to core capital from 35% to 40%, encouraging insurance companies to develop long-term security products.

According to the Joint Credit Research Report, the Notice adopts the minimum capital discount measurement method to improve the solvency adequacy ratio of insurance companies to a certain extent. At the same time, it stipulates different discount ratios for insurance companies of different types and sizes, reflecting the differentiated and refined management model of the supervision of insurance companies, As well as the state's support for the business development and steady operation of small and medium-sized insurance companies, it is conducive to small and medium-sized insurance companies to better participate in market competition and the steady and balanced development of the insurance industry.

It is worth mentioning that the Notice guides insurance companies to support the steady and healthy development of the capital market and scientific and technological innovation by optimizing risk factors.

Specifically, for insurance companies investing in CSI 300 index constituent stocks, the risk factor in the Notice is adjusted from 0.35 to 0.3; For investment in common stocks listed on the Science and Technology Innovation Board, the risk factor is adjusted from 0.45 to 0.4. For investment in publicly offered infrastructure securities investment funds (REITS) that are not penetrated, the risk factor is adjusted from 0.6 to 0.5. The Notice clearly states that the equity of unlisted companies in national strategic emerging industries invested by insurance companies is assigned a risk factor of 0.4. The science and technology insurance operated by the insurance company is applicable to the property insurance risk factor to measure the minimum capital, and the solvency adequacy ratio is calculated at 90%.

Experts said that insurance risk factors are related to the capital occupation of insurance companies' investment and business operations. The higher the risk factor, the more minimum capital required, and the more capital occupation and consumption. The Notice will invest insurance companies in CSI 300 index constituent stocks, common stocks listed on the science and technology innovation board REITS、 The risk factors of unlisted companies' equity in national strategic emerging industries are lowered, which can give play to the role of insurance institutions as important institutional investors in the capital market, release the equity investment space of insurance companies, guide insurance funds to support scientific and technological innovation and strategic emerging industries, give play to the long-term, stable and large-scale advantages of insurance funds, and better serve the real economy.

Zhang Xiaolei, executive vice president and secretary-general of the China Association of Actuaries, said that the Notice improved the solvency regulatory standards, strengthened differentiated and refined solvency regulation, and was conducive to guiding insurance companies to return to their roots, continuously enhancing the quality and efficiency of the insurance industry in serving the real economy, and achieving high-quality development.

The insurance industry has always played an important role in economic and social development as a "ballast" and "stabilizer". According to the data previously released by the State Administration of Financial Supervision and Administration, the total assets of insurance companies reached 29.2 trillion yuan in the first half of this year, up 9.6% year on year. The balance of insurance fund utilization was 26.8 trillion yuan, up 9.7% year on year.

The State Administration of Financial Supervision and Administration said that it would strengthen institutional supervision, behavior supervision, functional supervision, penetration supervision, and continuous supervision, guide insurance companies to earnestly implement the Notice, strengthen solvency management, and further improve the quality and efficiency of serving the real economy and the people.

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