The CBIRC has launched a second round of consultations on proposed changes to life actuarial rules, after receiving feedback from the industry and incorporating suggestions obtained therefrom into a second draft.
The current regulations, issued in 1999, can no longer meet the needs of the rapid development of the life insurance sector, reported Shanghai Securities News. The first round of consultations took place in September.
Insiders point out that changes are needed to provisions for risk guarantee determination, cash value calculation, predetermined surcharge rate determination, and statutory liability reserves.
The revised regulations, when finalised, will help guide insurance companies in adjusting their business structure and developing more affordable personal life insurance products.