On September 16, 2008, the China Insurance Regulatory Commission announced that China Insurance Protection Fund Co., Ltd. was formally established according to the Measures for the Administration of Insurance Protection Funds jointly issued and implemented by the China Insurance Regulatory Commission, the Ministry of Finance and the Central Bank on September10/2008. According to the above measures, the channels for the use of funds of the insurance protection fund have been broadened, and central bank bills, central corporate bonds and financial bonds issued by central financial institutions have been increased. According to industry insiders, this means that the insurance protection fund with a scale of over 654.38+0 billion has begun to embark on the road of market-oriented operation. The relaxation of capital utilization channels is conducive to improving the income from capital utilization and enhancing the guarantee ability of insurance guarantee funds.
The nine members of the board of directors of China Insurance Protection Fund Co., Ltd. are from the China Insurance Regulatory Commission, the Ministry of Finance, the Central Bank, the Legislative Affairs Offices of State Taxation Administration of The People's Republic of China and the State Council, and three insurance companies. With the approval of relevant departments, Wei, vice chairman of the CIRC, also serves as the chairman of the company. The company held the first meeting of the first board of directors on June 5th, 2005, and the board of directors decided to hire the former inspector of the accounting department of China Insurance Regulatory Commission as the president of the company. The business scope of the company is to raise, manage and operate insurance guarantee funds; Monitoring and evaluating insurance risks; Participate in the risk disposal of insurance industry; Management and disposal of paid assets; Other businesses approved by the State Council. The company will take over all the assets of the insurance protection fund according to law. The equity of Xinhua Life Insurance held by the original insurance protection fund was also undertaken by the company.
Compared with before the revision, the Insurance Protection Fund Management Law has adjusted the fund payment base and highlighted the principle of protecting the insured. The Insurance Protection Fund Management Law takes the gross premium income as the payment base of the insurance protection fund, and the insurance protection fund is no longer paid by separate and professional reinsurance companies. This adjustment better embodies the basic principle that the object of insurance protection fund assistance is the insured, not the insurance company. In addition, the Insurance Protection Fund Management Law has also adjusted the scope and proportion of fund contributions, and clearly excluded the policy business that the national finance bears the ultimate risk as determined by the State Council, the enterprise annuity management business such as enterprise annuity trustees and account managers hired by insurance companies from the scope of insurance protection fund assistance; Incorporate investment-type non-life insurance businesses such as investment-type property insurance and investment-type accident insurance into the scope of assistance; Reduce the proportion of non-investment property insurance, accident insurance and short-term health insurance from 1% to 0.8%; The payment ratio of life insurance business and long-term health insurance business remains unchanged.