China Banking and Insurance Regulatory Commission, Tentative Measures for the Oversight of Insurance Asset and Liability Management

The term "independent account" means a fund account that is independent of the general account and all the investment returns of which are directly enjoyed and all the investment risks of which are directly borne by the proposer or beneficiary (Article 10).

An insurance company shall establish an asset and liability management committee (or other committee with the pertinent functions) under its board of directors and an asset and liability management executive committee under its senior management, expressly specify the functions of its board of directors, asset and liability management committee and asset and liability management executive committee, and establish or designate a department charged with leading the asset and liability management work to serve as the secretariat of the asset and liability management executive committee.

A property insurance company with total assets of less than Rmb100 billion is not required to establish an asset and liability management committee, with the relevant duties to be performed and relevant responsibilities borne by the asset and liability management executive committee (Article 11).

If a foreign insurance company branch has not established a board of directors, the relevant board duties shall be performed and responsibilities borne by the senior management (Article 12).

The China Banking and Insurance Regulatory Commission shall implement differentiated oversight based on the results of assessments of asset and liability management capabilities and quantitative assessments thereof (Article 29).