June 12, 2018

CBIRC issues revisions to the rules for compilation of actuarial reports by life insurance companies. The rules state that "all personal insurance companies shall strictly implement the relevant actuarial regulations and the requirements of the notice of the China Council, extract liability reserves, and increase liability management according to regulations; implement the asset and liability matching reporting system to promote effective linkage between liabilities and assets; and strengthen cash flow pressure."

The main content of the new version of the "Accountability Report" includes the overall description and eight sub-reports, including liability reserve and policy-related liability reports, business statistics reports, liability and asset match management reports, and cash flow stress test reports. A company shall submit its "Accrual Report" before April 30 of each year. The annual "Accrual Report" should be reviewed and approved by the board of directors. The 2017 Actuarial Report should be submitted before September 30, 2018.

 

Related Links (in Chinese)

Keywords: Asia Pacific, China, Insurance, Reporting, Actuarial Reports, Life Insurance, CBIRC

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