Caixin Financial News, September 11th (Reporter Xia Shuyuan) The insurance industry's third "Ten Articles" have arrived. On September 11, the State Council issued the "Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-quality Development of the Insurance Industry" (hereinafter referred to as "Several Opinions").

One of the more eye-catching points is that in the field of pension finance, the "Several Opinions" propose actively developing the third pillar of pension insurance, vigorously developing commercial insurance pensions to meet the diversified retirement security and long-term financial planning needs of the people. Encourage the development of new products and exclusive products that adapt to the individual pension system. Support retirement insurance companies to carry out commercial pension business. Promote the development of exclusive commercial retirement insurance. Enrich insurance products, services, and insurance fund support methods that are suitable for the aging economy. Promote the coordinated development of the insurance industry and the elderly care service industry in accordance with the law and regulations.

Industry experts have stated that the aging population is a basic national condition of China, and the development of pension finance is the response to this issue. The introduction of the "Several Opinions" has outlined a new blueprint for the active development of the third pillar of pension insurance in the insurance industry's top-level planning. It is not difficult to predict that with the detailed implementation of the policies in the "Several Opinions", China's insurance industry will usher in an unprecedented institutional dividend, and insurance companies must profoundly grasp the fundamental requirements for promoting the high-quality development of commercial retirement insurance.

Encourage vigorous development of commercial insurance pensions to meet the diversified retirement security and long-term financial planning needs of the people

By the end of 2023, the population of people aged 60 and above in China will exceed 290 million, and the growth rate of the elderly population is further accelerating. The aging of the population is becoming the most prominent development issue facing China, and will pose significant challenges to economic and social development for a considerable period of time in the future.

In response, from the Central Financial Work Conference in October last year, to the State Council's No. 1 document released in January, and now the issuance of the "Several Opinions", all have placed pension finance in an important position.

One of the points in the field of pension finance in the "Several Opinions" is to encourage the vigorous development of commercial insurance pensions to meet the diversified retirement security and long-term financial planning needs of the people.

It is reported that on August 21, at the press conference of the State Council Information Office on the theme of "promoting high-quality development", Xiao Yuanqi, Deputy Director of the China Banking and Insurance Regulatory Commission, introduced that in the field of retirement finance, we are working together with relevant departments to promote the development of the individual retirement pension system, and have now opened more than 60 million accounts, with over 500 types of savings deposits, bank wealth management, and commercial retirement insurance products. At the same time, we are also vigorously developing commercial retirement insurance, with a pension fund size of over 6 trillion yuan, covering nearly 100 million people.

"In addition, we have developed products for specific retirement savings, retirement wealth management, and retirement insurance. We started with pilot projects in some cities and financial institutions, and now they are being promoted nationwide." Xiao Yuanqi said.

Policy dividends will activate a trillion-dollar retirement finance market, and insurance institutions should play the role of market entities to solidify the overall social retirement reserve.

In addition, the "Opinions" also propose to encourage the development of new products and exclusive products that are suitable for the individual retirement pension system. Support pension insurance companies in conducting commercial pension insurance business. Promote the development of exclusive commercial pension insurance. Enrich insurance products, services, and insurance fund support methods that are suitable for the silver economy. Promote the coordinated development of the insurance industry and the elderly care service industry in accordance with laws and regulations.

Wang Junhui, Chairman of China Life Pension Company, said that according to domestic and international theories and practical experience, sufficient retirement reserves are the key to addressing the aging problem.

In his opinion, with the strengthening of China's aging population structure and the trend of fewer children, the current pay-as-you-go pension system will gradually bring challenges to the sustainability of the system and fiscal payment capacity. In order to improve the construction of the three pillars, it is necessary to continue to promote reforms, use the investment operation of the financial market, and expand the ability to accumulate pension funds and serve the development of the real economy.

Fu Fan, Chairman of China Pacific Insurance, said that as an important part of the silver economy, retirement finance not only has the function of raising funds for retirement and managing them, but also aims to improve the efficiency of retirement services and promote the development of the retirement industry.

In terms of promoting financial product innovation and connecting product, service, and investment loops, Fu Fan suggested that, first, in terms of products and services, expand the scope of personal retirement insurance products based on the actual needs of the elderly, from pensions and life insurance to protective products such as critical illness, care, disability, and lifetime life insurance; appropriately relax the range restriction on service-connected products, such as insurance products included in the personal retirement insurance product catalog, allowing the provision of health management services.

Second, in terms of investment, encourage long-term funds such as insurance to invest in pension REITS and provide financial and tax preferential support; broaden the exit channels in pension industry investment policies and enhance the enthusiasm of social capital investment; for enterprises investing in pension with heavy assets, during the ramp-up period before reaching a certain occupancy rate, alleviate operational pressure through tax reductions or deferments.

Third, in terms of platforms and standards, develop a unified elderly service system and embed it into urban public service platforms; research and introduce industry standards that connect insurance products with elderly services, starting with some cities as a pilot and gradually promote them nationwide, to better regulate and promote the innovative cross-border business model of "insurance products + elderly services".