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The Eighth Phase Of China's Insurance Dialogue Was Held In Beijing. Fang Bin Made Relevant Suggestions.

2013/10/26 17:05:00 31

The Eighth Issue China Insurance Hot Spots Dialogue Fang Bin

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 October 23, 2013, the eighth phase of China's a href= "//www.sjfzxm.com/news/index_cj.asp" > Insurance > /a > Hot dialogue was held in Beijing. The theme of this issue is the new trend of asset liability management of insurance companies. In the thematic dialogues, Fang Bin, an investigator of the China Insurance Regulatory Commission's insurance fund management department, said that in March this year, the asset liability matching supervision committee was set up, and the next step is to focus on promoting this work. 
 the main ideas are four aspects: .
 first, starting from the idea leading and coordinating mechanism, we urge the company to establish the organizational structure and operation mechanism that meet the requirements of asset liability management. 
 another starting point, from the starting point of insurance products, the implementation of assets and liabilities sub account management. 
 third starting points to promote the establishment of internal asset allocation policies that meet the core of asset liability management. 
 Fourth grasps, establish a technical system that meets the requirements of asset liability management, and monitor the risk of matching mismatch between assets and liabilities. This is our main idea in regulatory thinking. 
 below is a record of Fang Bin's statement: 
 I talk about some personal views and understanding of asset liability management from the angle of supervision. 
 first, asset liability management, from the time of historical development, assets < a href= "//www.sjfzxm.com/news/index_cj.asp" > liabilities < /a > management is a product jointly promoted by insurance industry and regulatory agencies. We know that asset liability management originated in the 60s of last century. 
 in the 80s of last century, some insurance companies in the United States and Japan failed to properly manage interest rate risk and led to bankruptcy. Some regulators began to require companies to provide reports on the assessment of interest rate risks, and then each country managed to integrate other risk management step by step on the basis of managing interest rate risks. For example, underwriting risk, market risk and product risk eventually develop into a tool to integrate the risk of the whole company. I think this is a result of the joint development of regulators and insurance industry from a historical perspective. 
 Second, asset liability management, the current condition of our country in the insurance industry has been fully implemented, and it is urgent and realistic. Now that interest rates are being gradually marketed, the implementation of accounting standard two interpretation has a significant impact on the valuation of reserves. The reserve requirement fluctuates with the fluctuation of market interest rates, and puts forward higher requirements for asset liability management. 
 the products we are implementing now are mainly interest rate sensitive dividends and omnipotent products, as well as the gradual advance of our traditional exchange rate marketization, all of which put forward higher requirements for asset liability management, and also urgently need to strengthen management in this area. 
 Third, from the perspective of assets, our assets have gradually expanded the investment channels over the past 03 years, and gradually provide a good foundation for debt management. Next, how to comprehensively play the utility of these investment tools, I think it is also an important topic of asset liability management. This is the institutional environment. 
 from the market environment, we found in the market just a few CEOs mentioned, one is the problem of cost income upside down. The second problem is the contradiction between long money and short money. Third from the perspective of asset allocation, the phenomenon of asset return characteristics characterized by low return and high volatility can not be alleviated for a while. These problems are urgently needed to strengthen asset liability management. Since the beginning of 03 years, we have been making and promoting the whole asset liability management through various systems. For example, in our capital utilization method, the asset allocation method clearly stipulates the important principles of asset allocation management. 
 below I will talk about the difficulties in the whole process of asset liability management, because asset liability management is being mentioned. I mentioned it in the system, but in the actual process, we found that this technology is very technical, and there are many aspects that need coordination and coordination. There are several main points: first, from a conceptual point of view, most insurance companies still lack the concept of asset liability management, and have not put these ideas into the mechanism. This is the biggest and most important point. 
 another point of view, from the perspective of internal coordination, because asset liability management requires coordination between asset management departments, product development and sales, and wind control departments, from these perspectives, we can see that the existing organizational structure and the organizational structure of insurance companies can not meet the requirements of the whole asset liability management, so we must integrate the organizational structure. 
 Third, from a technical point of view, because the technical requirements of asset liability management are very strong, we feel that whether it is accumulated from experience and whether parameters are in line with market conditions, these require long-term process. I think from the shallow to the deep, there are easy to difficult long-term process. {page_break} in March this year, with the support of the leaders, the asset liability matching supervision committee was set up. The next step is to focus on advancing the work. The specific ideas may be from four aspects: first, start with the idea and coordination mechanism to promote the company's establishment of the organizational structure and operation mechanism that meet the requirements of asset liability management. This is a starting point. 
 another starting point. From the starting point of insurance products, we implement the sub account management of assets and liabilities, that is to say, we classify insurance funds into two types of accounts: one is an ordinary account, the other is an independent account. Ordinary accounts are invested in accordance with the principle of asset liability management and in accordance with certain proportion requirements. The principle of independent account is to decide the scope of investment and the proportion of investment according to the contract, which is a classified management measure in investment policy. 
 third grasps to promote the establishment of the internal asset allocation policy which is in line with asset liability management. When we formulate the strategy of asset allocation, we should fully consider the requirements of < a href= "//www.sjfzxm.com/news/index_cj.asp" > assets < /a > configuration requirements and liabilities characteristics. We embodied these elements in the asset allocation approach. 
 Fourth grasps, establish a technical system that meets the requirements of asset liability management, and monitor the risk of matching mismatch between assets and liabilities. This is our main idea in regulatory thinking. Next, the main task of the supervisory committee is to investigate the situation and find out the assets and liabilities and good practices of the industry from the market to publicize and demonstrate. 
 Training and inviting foreign experts to solve some hot and difficult problems combined with the reality of our country. This is our initial idea. 
"P", as mentioned by General Li just now, we need to build a system. We should adjust the proportion to adjust according to the category, and lay the foundation for future asset liability management. That's all I want to say. Thank you.