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| Notice by the China Banking and Insurance Regulatory Commission of Issues Concerning Implementing the Solvency Regulatory Rules for Insurance Companies (II) | | 中国银保监会关于实施保险公司偿付能力监管规则（Ⅱ）有关事项的通知 |
| (No. 52 [2021] of the China Banking and Insurance Regulatory Commission) | | （银保监发〔2021〕52号） |
| All local offices of the China Banking and Insurance Regulatory Commission (“CBIRC”); and insurance group (holding) companies, insurance companies, and insurance asset management companies: | | 各银保监局，各保险集团（控股）公司、保险公司、保险资产管理公司： |
| Upon research, it is decided to implement the Solvency Regulatory Rules for Insurance Companies (II) (hereinafter referred to as “Rules II”) in the insurance industry starting from the compilation and reporting of the quarterly report on solvency in Q1 of 2022. You are hereby notified of the relevant issues as follows: | | 经研究，决定自编报2022年第1季度偿付能力季度报告起，保险业执行《保险公司偿付能力监管规则（Ⅱ）》（以下简称规则Ⅱ）。现将有关事项通知如下： |
| I. Detailed provisions of some regulatory rules | | 一、部分监管规则的明细规定 |
| 1. Article 24 of Solvency Regulatory Rules for Insurance Companies No. 1: Actual Capital regarding the recognition and measurement standards for income tax reserves, is as follows: | | （一）《保险公司偿付能力监管规则第1号：实际资本》第二十四条关于所得税准备的确认和计量标准，明确如下： |
| If the taxable income of an insurance company has been positive for any three consecutive years since its formation, the provision for income tax shall be confirmed; only when there is sufficient evidence to show that there has been a fundamental and long-term reversal of the trend of the continuous positive taxable income of the insurance company, recognition of provision for income tax may be terminated. | | 保险公司成立以来任意连续三年的应纳税所得额为正的，应当确认所得税准备；只有当存在充分的证据显示其应纳税所得额持续为正的趋势发生根本性、长期性逆转时，方可终止确认所得税准备。 |
| The provision for income tax is recognized at 10% of the remaining marginal amount of the life insurance contract liability in the financial statements. | | 所得税准备以财务报表寿险合同负债剩余边际金额的10%作为其认可价值。 |
| 2. For the provisions of Article 13 of the Solvency Regulatory Rules for Insurance Companies No. 1: Actual Capital concerning the amount of investment real estate subject to uniform measurement by the cost model as its recognized value, the provisions on the date of switching between the former and new rules are as follows: for investment real estate measured by the fair value model, insurance companies shall regard January 1, 2022 as the initial measurement date, regard its book value as the initial cost, and measure its recognized value by the cost model. The acquisition cost of investment real estate shall be regarded as the core tier 1 capital, and the evaluation increment shall be regarded as the subsidiary tier 1 capital. If there is any sign of impairment of investment real estate, the insurance company shall accrue provision for impairment in full in a timely manner. The impairment accrued by an insurance company and the depreciation accrued by the cost model shall be apportioned proportionally between the acquisition cost and the evaluation increment, and the core tier 1 capital or auxiliary tier 1 capital shall be reduced accordingly. | | （二）《保险公司偿付能力监管规则第1号：实际资本》第十三条关于投资性房地产统一按成本模式计量金额作为其认可价值的规定，在新旧规则切换日的规定如下：对于以公允价值模式计量的投资性房地产，保险公司以2022年1月1日作为初始计量日，将其账面价值作为初始成本，按成本模式计量其认可价值。其中，投资性房地产的购置成本作为核心一级资本，评估增值作为附属一级资本。投资性房地产存在减值迹象的，保险公司应当及时足额计提减值。保险公司计提的减值和按照成本模式计提的折旧，应当在购置成本、评估增值间按比例分摊，相应减少核心一级资本或附属一级资本。 |
| 3. In Article 36 of Solvency Regulatory Rules for Insurance Companies No. 1: Actual Capital, the rate of return on capital used for the classification of capital instruments for future surplus of insurance policies is prescribed as follows: If the remaining term of an insurance policy is 30 years (including) or more, and if the remaining term of an insurance policy is more than 10 years (including) but less than 30 years, the return on capital shall be 13%; and if the remaining term of an insurance policy is more than five years (including) but less than 10 years, the return on capital shall be 10%. | | （三）《保险公司偿付能力监管规则第1号：实际资本》第三十六条关于保单未来盈余进行资本工具分级所使用的资本报酬率如下：保单剩余期限30年（含）以上的，以及保单剩余期限10年（含）以上、30年以内的，资本报酬率为13%；保单剩余期限5年（含）以上、10年以内的，资本报酬率为10%。 |
| 4. The assigned value of K in the formula for calculating the loss absorption effect of participating insurance and universal insurance contracts in Article 19 of the Solvency Regulatory Rules for Insurance Companies No. 2: Minimum Capital shall be 0. | | （四）《保险公司偿付能力监管规则第2号：最低资本》第十九条关于分红保险和万能保险合同损失吸收效应计算公式中的K，赋值为0。 |
| 5. See Annex 1 for the specific parameters of the discount rate curve used in the measurement of life insurance contract liability in Article 19 of the Solvency Regulatory Rules for Insurance Companies No. 3: Assessment of Life Insurance Contract Liability. | | （五）《保险公司偿付能力监管规则第3号：寿险合同负债评估》第十九条关于寿险合同负债计量所采用的折现率曲线的具体参数见附件1。 |
| 6. The relevant data on the cumulative original premium income of the entire industry of auto insurance as specified in Article 10 of the Solvency Regulatory Rules for Insurance Companies No. 4: Minimum Capital for Insurance Risks (Non-Life Insurance Business) and the relevant data on the industry-wide self-retained financing credit guarantee insurance premiums as specified in Article 36 shall be issued by the China Banking and Insurance Regulatory Commission (CBIRC) in the Solvency Supervision Information System within eight days after the end of each quarter; and see Annex 2 for the factor table and the minimum capital calculation template used by insurance companies to measure the minimum capital of catastrophe risk in Chapter VI. | | （六）《保险公司偿付能力监管规则第4号：保险风险最低资本（非寿险业务）》第十条关于全行业车险累计原保费收入的有关数据，以及第三十六条关于全行业融资性信用保证险自留保费的有关数据，由银保监会每季度结束后8日内在偿付能力监管信息系统发布；第六章关于保险公司计量巨灾风险最低资本所采用的因子表和最低资本计算模板见附件2。 |
| 7. See Annex 3 for the specific parameters of the discount rate curve used by life insurance companies to measure the minimum capital for interest rate risk in Article 18 of the Solvency Regulatory Rules for Insurance Companies No. 8: Minimum Capital for Market Risk. | | （七）《保险公司偿付能力监管规则第8号：市场风险最低资本》第十八条关于人身保险公司计量利率风险最低资本所采用的折现率曲线的具体参数见附件3。 |
| For the unlisted equity investment of the China Insurance Investment Fund Phase II that supports the national strategy, the basic factor applicable to the minimum capital for measuring its equity price risk is 0.15. Investments supporting the national strategy include: national special funds and industries listed in the National Strategic Emerging Industries (2018) (Order No. 23 of the National Bureau of Statistics); and major infrastructure in Beijing-Tianjin-Hebei urban agglomeration, Yangtze River Economic Belt, Guangdong-Hong Kong-Macao Greater Bay Area and other national strategic development areas. | | 对于中国保险投资基金二期支持国家战略的未上市股权投资，计量其权益价格风险最低资本适用的基础因子为0.15。支持国家战略的投资包括：国家级专项基金及《国家战略性新兴行业（2018）》（国家统计局令第23号）列明的行业；京津冀城市群、长江经济带、粤港澳大湾区等国家战略性发展区域的重大基础设施。 |
| 8. During the transitional period of the Framework Agreement between the China Insurance Regulatory Commission and the Office of the Commissioner of Insurance of the Government of the Hong Kong Special Administrative Region on Solvency Regulatory Regime, the relevant reinsurance counterparty default risk factors shall be governed by Solvency Regulatory Rules for Insurance Companies No. 9: Minimum Capital for Credit Risks: | | （八）在《中国保险监督管理委员会和香港特别行政区政府保险业监督关于开展偿付能力监管制度等效评估工作的框架协议》过渡期内，相关再保险交易对手违约风险因子适用《保险公司偿付能力监管规则第9号：信用风险最低资本》相关规定： |
| (a) Reinsurance business. Ceding receivables and ceding reserves receivable arising from insurance business ceded by direct insurance companies in mainland China to qualified reinsurance institutions in Hong Kong shall be governed by the provisions of Solvency Regulatory Rules for Insurance Companies No. 9: Minimum Capital for Credit Risks, under which the basic factor of default risk of reinsurance counterparties shall be 0.077; and for those with guarantee measures, the characteristic coefficient k5 shall be set and the assigned value shall be -0.1. The characteristic coefficients k2, k3 and k4 specified in Articles 24 and 25 shall not apply. | | 1.再保险业务。中国内地直接保险公司向合格的香港再保险机构分出保险业务形成的应收分保款项和应收分保准备金，适用《保险公司偿付能力监管规则第9号：信用风险最低资本》第二十二条规定，再保险交易对手违约风险基础因子为0.077；对于有担保措施的，设置特征系数k5，赋值为－0.1。第二十四条、第二十五条规定的特征系数k2、k3和k4不适用。 |
| ．．．．．． | | 合格的香港再保险机构应符合以下条件：一是经香港保监局授权在香港营业的专业再保险机构；二是自愿按要求每季度向香港保监局报送按香港监管标准计算的偿付能力信息；三是信用评级不低于A－；四是偿付能力充足率达标。偿付能力充足率达标是指：对于从事非寿险业务的再保险机构，偿付能力充足率应不低于200%；对于从事寿险业务的再保险机构，偿付能力充足率应不低于150%；对于既从事非寿险业务，又从事寿险业务的再保险机构，非寿险业务和寿险业务的偿付能力充足率应分别不低于200%和150%。 |
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