General Office of the State Council, Several Opinions on Accelerating the Development of Commercial Old-age Insurance

Issued: June 29 2017

Main contents: The development by commercial insurance institutions of diverse commercial old-age insurance products to satisfy the demand of individuals and households with respect to risk security, wealth management, etc. is supported. The active participation by qualified commercial insurance institutions in the pilot project for individual tax deferred commercial old-age insurance is supported. With respect to the old-age security demands of certain special groups, such as single child households, childless households and “empty nest” households, the development of comprehensive old-age security plans covering several insurance products and services will be explored. Commercial old-age insurance institutions are permitted to lawfully and compliantly develop personal old-age security management business with long-term senior care functions and that satisfies the particularities of life cycle management (Item Four).

Commercial insurance institutions are encouraged to develop commercial insurance business that dovetails with the receipt of corporate (occupational) pensions to strengthen the senior care functions of funds. The application for relevant qualifications by qualified commercial insurance institutions, their active participation in the management of corporate pension funds and occupational pension funds and their provision of quality and highly effective services in terms of fund custody, account management, investment management, etc. is supported. Commercial insurance institutions are encouraged to address the market demand of persons employed in innovative and start-up enterprises (Item Five).