刊物论著

1. 银行保险机构资产管理产品信息披露管理办法

Management Measures for Information Disclosure of Asset Management Products of Banking and Insurance Institutions

2. 保险公司资产负债管理办法（征求意见稿）

Draft Measures for the Asset and Liability Management of Insurance Companies

3. 关于加强非车险业务监管有关事项的通知

Notice on Strengthening the Regulation of Non-Auto Insurance Business

4.  关于境内保险公司在香港市场发行有关保险连接证券事项的通知

Notice on the Issuance of Insurance-Linked Securities by Domestic Insurance Companies in Hong Kong Market

5. 银行业保险业数字金融高质量发展实施方案

Implementation Plan for the High-quality Development of Digital Finance in the Banking and Insurance Sectors

6. 关于授权调整部分行政许可及报告事项监管层级的通知

Notice on Authorizing Adjustment to Hierarchical Regulatory Powers on Certain Administrative Licensing and Reporting Matters

7. 行政许可实施程序规定（征求意见稿）

Draft Provisions on Administrative Licensing Implementation Procedures

8. 银行保险机构许可证管理办法（征求意见稿）

Draft Revised Measures for the Management of the Licenses of Banking and Insurance Institutions

2025年12月22日，金监总局发布《银行保险机构资产管理产品信息披露管理办法》，自2026年9月1日起施行。《办法》所称资产管理产品是指银行保险机构依法在中国境内发行和管理的资产管理信托产品、理财产品、保险资产管理产品。

《办法》规定，信息披露义务人包括产品管理人、销售机构、托管机构以及法律法规或金融监管部门指定的其他主体，信息披露必须真实、准确、完整。公募产品信息应当至少通过行业统一信息披露渠道进行披露，同时按照与投资者的约定通过全国性金融类主流媒体或者其他信息披露渠道进行披露；私募产品信息应当按照监管要求通过与投资者约定的信息披露渠道进行披露。

禁止性行为。《办法》规定资产管理产品信息披露不得有以下行为：（1）虚假记载、误导性陈述或者重大遗漏；（2）违规承诺收益或者承担损失；（3）对实际投资业绩进行预测；（4）采用不具有可比性、公平性、准确性的数据来源和方法进行业绩比较；（5）对私募产品信息进行公开披露或者变相公开披露，法律法规以及监管规定另有规定的除外；（6）诋毁其他资产管理产品、产品管理人、托管机构或者销售机构；（7）登载任何自然人、法人和非法人组织的祝贺性、恭维性或推荐性文字；（8）禁止的其他行为。

产品定期信息披露。《办法》规定，产品期限超过九十个自然日的资产管理产品应当在存续期内至少披露一次定期报告。公募产品应在季度结束后十五个工作日内披露季度报告，于每年8月31日前披露半年度报告，并于每年4月30日前披露年度报告；私募产品应按法律法规、监管规定及合同约定定期披露。对于产品剩余存续期不足完整报告期，且到期公告或清算报告已包含对应内容的，可以不编制剩余存续期所对应的季度、半年和年度报告。

产品临时及终止信息披露。针对更换产品管理人或产品管理人变更实际控制人，或涉及产品类型、投资范围等合同约定事项的重大变更等情形，信息披露义务人应在知悉后五个工作日内履行临时披露义务。产品终止后应及时发布到期公告或清算报告。到期公告应当至少包括产品的存续期限、终止日期、收费情况、收益分配情况等信息；清算报告应当至少包括产品的存续期限、终止日期、财产处置变现情况、剩余财产分配情况等。

内部治理。《办法》要求信息披露义务人建立健全信息披露管理制度和流程，产品管理人董事会对本机构信息披露工作承担最终责任，并指定高管及部门具体负责信息披露事务。同时，相关文件资料及工作底稿至少保存至产品合同终止后十五年。

On December 22, 2025, NFRA published the Management Measures for Information Disclosure of Asset Management Products of Banking and Insurance Institutions, which will take effect on September 1, 2026.  Asset management products include asset management trust products, wealth management products and insurance asset management products issued and managed by banking and insurance institutions within China.

According to the Measures, the product managers, sales institutions, custodian institutions, and other entities designated by laws, regulations or financial regulatory authorities have the information disclosure obligations. Information disclosure should be truthful, accurate and complete.  Information of publicly offered products should be disclosed at least through the unified industry information disclosure channels, and, as agreed with investors, through national financial mainstream media or other information disclosure channels. Information of privately placed products should be disclosed through channels as agreed with investors in accordance with regulatory requirements.

Prohibited behaviors. According to the Measures, the following behaviors should be prohibited in the information disclosure of asset management products: (1) false or misleading statements, or material omissions; (2) promising returns or bearing losses in violation of regulatory rules; (3) predicting actual investment performance; (4) comparing performance by using data sources and methods that are not comparable, fair or accurate; (5) disclosing information of privately placed products through public channels or in a disguised public manner, except as otherwise provided by laws, regulations and regulatory rules; (6) defaming other asset management products, product managers, custodian institutions or sales institutions; (7) posting congratulatory, complimentary or recommendatory comments from any natural person, legal entity or unincorporated organization; (8) other prohibited behaviors.

Regular information disclosure of products. According to the Measures, asset management products with a term exceeding 90 natural days should disclose at least one regular report during their duration.  For publicly offered products, quarterly reports should be disclosed within 15 working days after the end of each quarter, semi-annual reports should be disclosed by August 31 each year, and annual reports should be disclosed by April 30 each year. Regular reports for privately placed products should be disclosed in such frequency as required by laws and regulations, regulatory provisions and contracts. For a product with a remaining term of less than a full reporting period, if the expiration announcement or liquidation report includes the corresponding contents, the quarterly, semi-annual and annual reports for the remaining term may be omitted.

Interim and expiration information disclosure. The information disclosure obligor should fulfill the interim disclosure obligation within 5 working days after becoming aware of the replacement of the product manager, a change of the actual controller of the product manager, or a significant change to contractual terms involving product type, investment scope and etc. After the expiration of a product, an expiration announcement or liquidation report should be released timely. The expiration announcement should at least include information such as the product duration, expiration date, fee charges and income distribution; and the liquidation report should at least include information such as the product duration, expiration date, asset disposition and realization, and distribution of remaining assets.

Internal governance. According to the Measures, the information disclosure obligors should establish and improve an information disclosure management system and process.  The board of directors of the product manager should bear the ultimate responsibility for the manager’s information disclosure work and designate senior executives and departments to be specifically responsible for information disclosure.  In addition, relevant documents, materials and working papers should be retained for at least 15 years after the expiration of the product contract.

2025年12月19日，金监总局发布了《保险公司资产负债管理办法（征求意见稿）》，拟于2026年7月1日起施行。

实现制度整合与框架统一。现行资产负债管理监管体系主要由原中国银保监会发布的《保险资产负债管理监管暂行办法》（银保监发〔2019〕32号）及配套《保险资产负债管理监管规则（1-5号）》组成。《征求意见稿》将相关规定提炼、整合并重述为一部部门规章，监管框架更为完整统一。《征求意见稿》定稿发布生效后，《暂行办法》及配套监管规则将同时废止。

明确层级责任。《征求意见稿》建立了由董事会负最终责任、高级管理层直接领导、资产负债管理部门统筹协调、职能部门相互协作、内部审计部门检查监督的分工明确、报告路线清晰、高效执行的资产负债管理组织体系。值得注意的是，董事会的资产负债管理职责由四项增加至七项，包括审批业务规划以及对公司资产负债匹配状况造成重大影响的产品；审批年度资产负债管理报告；审批资产负债管理绩效评估体系。

设置独立部门。《征求意见稿》首次明确要求保险公司应当设置资产负债管理部门，并保证其履职独立，不受保险业务和投资管理部门干预。

实施长周期考核。《征求意见稿》要求保险公司明确资产负债管理绩效考核部门，实施“长周期考核评价”，防止因过度追求业务扩张和短期利润而放松资产负债管理。

明确原则和目标。《征求意见稿》明确，保险公司应当承担资产负债管理主体责任，并坚持全面覆盖、合理匹配、稳健审慎和统筹协调的原则。同时，资产负债管理的目标应当包括期限结构匹配、成本收益匹配、流动性匹配。

明确监管指标。《征求意见稿》将指标划分为“监管指标”（设置最低标准、实施限额管理）和“监测指标”（用于风险预警）两类，并将监管方式从现行的评分分类调整为清晰的指标管理。例如，对人身险公司引入“有效久期缺口”指标，并将成本收益指标评价周期拉长至3-5年，引导保险公司长期经营。财产保险公司资产负债管理监管指标包括沉淀资金覆盖率、收入覆盖率、压力情景下流动性覆盖率。人身保险公司资产负债管理监管指标包括有效久期缺口，综合投资收益覆盖率、净投资收益覆盖率、压力情景下流动性覆盖率。

完善监管措施。《征求意见稿》实现监管措施分级，针对指标不达标或资产负债管理存在缺陷的保险公司，以及到期整改不到位的保险公司，区分可采取的不同的监管措施。同时，《征求意见稿》明确，监管可以视情形采取监管谈话、下发监管意见书、专项压力测试、扩大检查范围、依法要求调整保险业务结构或资产配置结构，以及法律法规规定的其他措施。

On December 19, 2025, NFRA released the draft Measures for the Asset and Liability Management of Insurance Companies for public comment, which is scheduled to be adopted and take effect on July 1, 2026.  

Unifying ALM Regulatory Framework. The existing AML regulatory framework consists mainly of the Interim Measures for the Supervision of Insurance Asset and Liability Management issued by the former CBIRC and the corresponding Rules for the Supervision of Insurance Asset and Liability Management (Nos. 1-5). The Draft refines, integrates and restates the relevant provisions, resulting in a single ministerial-level regulatory rule and a more complete and unified ALM regulatory framework.  Upon the adoption and effectiveness of the Draft, the existing Interim Measures and the corresponding regulatory rules will be abolished simultaneously.

Clarifying ALM Responsibilities. The Draft establishes an ALM organizational system, under which the board of directors assumes ultimate responsibility, the senior management assumes direct leadership, the ALM department coordinates overall efforts, functional departments collaborate with each other, and the internal audit department conducts inspection and supervision, to ensure a clear allocation of responsibilities, a well-defined reporting route and the efficient execution of the ALM work. It is worth noting that, the ALM responsibilities of the board of directors have been expanded from four items to include three additional items, including the approval of business plans and products that have a significant impact on the company’s asset liability matching status; the approval of the annual ALM report; and the approval of the ALM performance evaluation system.

Establishing a Specialized ALM Department. The Draft, for the first time, explicitly requires insurance companies to establish an ALM department and ensure its independent performance of duties, free from interference by insurance business and investment management departments.

Implementing Long-Term Performance Evaluation. The Draft requires  insurance companies to designate a department responsible for the ALM performance evaluation and implement a long-term performance evaluation, to prevent lax ALM driven by an excessive pursuit of business expansion and short-term profits.

Clarifying ALM Principles and Objectives. The Draft clarifies that insurance companies should be the subjects of the ALM responsibilities and should adhere to the ALM principles of comprehensive coverage, reasonable matching, and prudent, cautious and coordinated management. In addition, the ALM objectives should include the duration matching, cost and benefit matching, and liquidity matching.

Clarifying ALM Indicators. The Draft divides ALM indicators into “Regulatory Indicators” (setting minimum standards and implementing quota management) and “Monitoring Indicators” (for risk pre-warning), and shifts the regulatory approach from the existing category-based scoring system to a clear quota management system.  For example, the Draft introduces the “Effective Duration Gap” indicator for life insurance companies and extends the evaluation period for cost-benefit indicators to 3-5 years, guiding insurance companies toward long-term operations. The regulatory indicators for ALM of property insurance companies include retained investable funds coverage ratio, revenue coverage ratio and liquidity coverage ratio under stress scenarios. The regulatory indicators for ALM of life insurance companies include effective duration gap, comprehensive investment income coverage ratio, net investment income coverage ratio and liquidity coverage ratio under stress scenarios.

2025年9月30日，金监总局发布《关于加强非车险业务监管有关事项的通知》，于2025年11月1日起实施。

适用范围。《通知》适用于机动车辆保险以外的其他财产保险业务。农业保险、出口信用保险另有规定的，从其规定。

优化考核机制。《通知》要求财产保险公司合理降低保费规模、业务增速、市场份额的考核权重，提高合规经营、质量效益、消费者权益保护的考核权重，加快向质量效益型发展转变。

加强费率与条款管理。《通知》要求财产保险公司科学厘定费率，明确列示预定附加费率、平均手续费率及逐单手续费率上限。《通知》要求财产保险公司建立费率定期回溯和动态调整机制；精算假设与实际经营偏差过大时，应及时调整并重新备案，必要时停售相关产品。《通知》规定，财产保险公司不得通过特别约定、批单、协议等方式实质改变经备案的保险条款责任，不得通过拆分保险标的、更改标的使用性质等形式变相调整费率。

规范保险中介费用和经营管理费用。《通知》规定，财产保险公司不得委托不具备合法资质的机构从事保险销售活动或支付手续费，中介费用不得超过产品报备的手续费率上限。财产保险公司应据实列支各项经营管理费用，不得通过宣传费、技术支持费、防预费等方式变相支付手续费，不得通过虚挂中介业务、虚列费用等方式套取费用。

加强保费收入与批单退费管理。《通知》要求财产保险公司在收取保费后签发保单并开具发票。互联网非车险业务应及时、准确、完整收集客户信息。批改业务审核权限原则上集中于总公司或省级分公司，明确审核流程和标准。对虚假批单退费、虚列费用等行为严肃处理。财产保险机构不得以压降费用等为名，降低正常保险服务标准。

On September 30, 2025, NFRA issued the Notice on Strengthening the Regulation of Non-Auto Insurance Business, effective from November 1, 2025.

Scope of Application. The Notice applies to property insurance business other than auto insurance. Where there are separate provisions for agricultural insurance and export credit insurance, those provisions should prevail.

Optimizing Performance Evaluation. The Notice requires property insurance companies to reduce the weights of performance indicators such as premium scale, business growth rate and market share, and increase the weights of performance indicators such as business compliance, quality and efficiency, and consumer protection, to accelerate the shift toward a development model driven by quality and efficiency.

Strengthening Management of Premium Rates and Policy Terms. The Notice requires property insurance companies to set premium rates scientifically and clearly specify the predetermined additional expense rate, average commission rate, and per-policy upper limit on commission rates. The Notice further requires them to establish a mechanism for the periodic review and dynamic adjustment of premium rates; where the actuarial assumptions deviate materially from actual operations, they should promptly make adjustments and the re-file the premium rates and policy terms, suspending the sale of relevant products if necessary. The Notice provides that property insurance companies should not substantively alter the liabilities under the insurance terms as field with regulators by means of special agreements, endorsements, or contracts, and should not adjust premium rates in a disguised manner by splitting the insured subjects or changing the nature of their use.

Regulation of Insurance Intermediary Fees and Operating and Administrative Fees. The Notice provides that property insurance companies should not entrust institutions without lawful qualifications to engage in insurance sales activities or pay commissions to them.  Intermediary fees should not exceed the upper limit of the commission rates filed for the products. Property insurance companies should truthfully record all operating and administrative expenses. They are prohibited from indirectly paying commissions under the guise of publicity fees, technical support fees or risk prevention fees, nor are they allowed to extracting fees by fabricating intermediary business transactions or falsifying expense entries.

Strengthening Management of Premium Income and Endorsement Refund. The Notice requires property insurance companies to issue policies and invoices upon premium collection.  For internet-based non-auto insurance business, customer information should be collected promptly, accurately and completely. Endorsement transactions should, in principle, be approved in a centralized manner at the head office or provincial-level branch, according to clearly-specified review procedures and standards.  Violations such as fraudulent endorsement refunds and falsified expense entries should be dealt with strictly.  Property insurance companies should not lower the standards of normal insurance services under the pretext of cost reduction.

2025年9月2日，金监总局发布《关于境内保险公司在香港市场发行有关保险连接证券事项的通知》。《通知》旨在丰富巨灾保险风险分散渠道，并持续支持有意愿的境内保险公司在香港市场发行“侧挂车”保险连接证券。

明确定义“侧挂车”保险连接证券。《通知》明确，“侧挂车”保险连接证券是指保险公司将地震、台风、洪水等自然灾害事件或突发公共卫生事件的巨灾风险，比例分保给专门设立的特殊目的保险公司，特殊目的保险公司为募集全额履行上述赔偿责任的资金而发行的股权或债权型保险连接证券。

发行与管理要求。境内保险公司在香港发行“侧挂车”保险连接证券时，有关特殊目的保险公司设立与管理、再保险安排、证券发行等要求，按照《中国银保监会办公厅关于境内保险公司在香港市场发行巨灾债券有关事项的通知》（银保监办发〔2021〕102号）的规定执行。

偿付能力要求。境内保险公司在香港发行“侧挂车”保险连接证券形成的再保险应收分保款项和应收分保准备金，适用的再保险交易对手违约风险基础因子按照偿付能力监管相关规定执行。

On September 2, 2025, NFRA issued the Notice on the Issuance of Insurance-Linked Securities by Domestic Insurance Companies in Hong Kong Market. The Notice aims to enrich the channels for risk dispersion in catastrophe insurance, and to consistently support domestic insurance companies that are willing to issue “sidecar” insurance-linked securities (the“ILS”) in Hong Kong.

Clarifying the Definition of “Sidecar” ILS. The Notice clarifies that “sidecar” ILS refers to equity or debt-type ILS issued by a special purpose insurer (an“SPI”) specially established to raise funds to fully cover compensation liabilities, ceded by an insurance company to such SPI by way of proportional reinsurance, for the catastrophe risks arising from natural disasters (such as earthquakes, typhoons and floods) or public health emergencies.

Offering and Management Requirements. When domestic insurance companies offer “sidecar” ILS in Hong Kong, the provisions of the Notice of the CBIRC Office on Matters Concerning the Issuance of Catastrophe Bonds by Domestic Insurance Companies in the Hong Kong Market (Yin Bao Jian Ban Fa [2021] No.102) should be followed in respect of establishment and management of the SPI, reinsurance arrangements and securities offering.

Solvency Requirements. For reinsurance receivables and reinsurance reserve receivables arising from the issuance of “sidecar” ILS by domestic insurance companies in Hong Kong, the risk base factor for reinsurance counterparties should be determined in accordance with relevant insurance solvency regulatory rules.

2025年12月22日，金监总局发布《银行业保险业数字金融高质量发展实施方案》，旨在鼓励和引导银行业保险业加快发展数字金融。《方案》在延续《关于银行业保险业数字化转型的指导意见》（2022年）框架基础上，新增“人工智能+”、“数据要素×”等工作内容，从健全治理机制、赋能金融服务、发挥新技术引领作用、激发数据要素潜能、强化风险防控、监管数字化智能化转型等六个方面提出具体工作要求。

明确在数字金融工作中需着重加强关注和管理的风险和挑战。一是要求金融机构加强数字化转型中的战略风险管理，确保数字化转型战略和实施进程与自身发展战略、技术实力、风控能力相匹配。强调创新业务的合规性管理，加强数字化环境中的流动性风险、操作风险及外包风险管理等。二是推动金融机构建设智能风控体系，打造企业级数字化风险管理平台，利用机器学习、图数据等技术提升风险监测、分析和预警能力。三是提升人工智能安全应用能力，倡导构建人工智能应用分类分级管理框架流程，建立覆盖重要业务流程和关键节点的人工干预机制。四是加强网络安全和数据安全防护，对金融消费者个人信息实施全流程管理，持续通过员工培训和金融消费者教育双轨提升数据安全意识；建立覆盖境内外及总分支机构的网络安全综合防御体系，常态化开展攻防演练，提升威胁感知和应急处置能力。五是防范数字生态合作风险，加强对第三方合作机构的管理，明确责任和管理要求，防止外部第三方风险向金融机构传导。

发挥人工智能等新技术在数字金融工作中的创新引领作用。一是加快发展“人工智能+金融”。《方案》鼓励有条件的金融机构构建企业级人工智能平台，通过集中管理模型开发、部署与评估流程，提升人工智能建模及安全应用能力。同时积极探索量子计算、区块链、隐私计算等前沿技术在金融场景的融合应用。 二是加强科技研发能力建设。《方案》要求金融机构提升科技自主可控能力，全面提升对多技术栈、复杂架构的管理水平。同时，鼓励科技领先的大型金融机构及其科技子公司按照市场化、法治化原则，向中小机构输出技术产品和服务，鼓励金融同业共建共享数字基础设施。三是优化科技资源配置。《方案》提出推进适应数字金融发展的新型基础设施建设，包括多层级数据中心、智能算力网络和绿色数据中心建设，为新技术应用提供安全、高效、稳定的基础设施保障。

监管流程数字化。《方案》提出大力提升市场准入、非现场监管、现场检查和行政处罚等关键监管环节的数字化、智能化水平，运用数据技术充分发挥数据要素价值。通过监管报表“一表通”建设实现监管数据的统一标准、统一采集和统一管理，提升监管数据完整性、准确性与及时性。

On December 22, 2025, NFRA issued the Implementation Plan for the High-quality Development of Digital Finance in the Banking and Insurance Sectors, which aims to encourage and guide the banking and insurance sectors to accelerate the development of digital finance.  Building upon the framework of the Guiding Opinions on the Digital Transformation of the Banking and Insurance Sectors (2022), the Plan introduces new focal areas such as “AI +” and “Data Element×”.  The Plan outlines specific work requirements across six key aspects: improving governance mechanisms, empowering financial services, leveraging the leading role of new technologies, unleashing the potential of data elements, strengthening risk prevention and control, and advancing the digital and intelligent transformation of regulation.

Addressing risks and challenges in digital finance. Firstly, financial institutions are required to enhance strategic risk management during digital transformation, ensuring alignment between their digital transformation strategy, implementation progress, and their own development strategy, technical capabilities, and risk control capacity.  Emphasis is placed on compliance management for innovative business activities and on strengthening the management of liquidity risk, operational risk, and outsourcing risk in the digital environment.  Secondly, efforts are made to promote the development of intelligent risk control systems within financial institutions, aiming to build enterprise-level digital risk management platforms.  These platforms should leverage technologies such as machine learning and graph data to enhance capabilities in risk monitoring, analysis, and early warning.  Thirdly, the ability to safely apply AI should be improved.  Financial institutions are encouraged to establish a classification and hierarchical management framework and processes for AI applications, and to implement human intervention mechanisms covering critical business processes and key nodes.  Fourthly, cybersecurity and data security protection should be strengthened.  Full-process management of financial consumers’ personal information should be implemented.  Data security awareness should be continuously raised through a dual-track approach of employee training and financial consumer education.  A comprehensive cybersecurity defense system covering domestic and overseas operations as well as headquarters and branches should be established, with regular cybersecurity attack and defense drills conducted to enhance threat perception and emergency response capabilities.  Fifthly, risks arising from collaboration within the digital ecosystem should be mitigated.  Management of third-party partners should be strengthened, with clear responsibilities and management requirements defined to prevent the transfer of external third-party risks to financial institutions.

Leveraging AI and other new technologies in digital finance. Firstly, the development of “AI + Finance” should be accelerated.  The Plan encourages eligible financial institutions to build enterprise-level AI platforms, enhancing their AI modeling and secure application capabilities through centralized management of model development, deployment, and evaluation processes. It also encourages active exploration into the integrated application of cutting-edge technologies, including quantum computing, blockchain, and privacy-preserving computation, in financial scenarios. Secondly, technology R&D capability should be strengthened.  The Plan requires financial institutions to improve their technological self-reliance and controllability, comprehensively enhancing their management capabilities for multi-technology stacks and complex architectures. Leading large financial institutions and their technology subsidiaries are encouraged to provide technological products and services to small and medium-sized institutions based on market-oriented and law-based principles. The Plans also encourages collaboration among financial industry peers to jointly build and share digital infrastructure. Thirdly, the allocation of technology resources should be optimized.  The Plan proposes advancing the construction of new infrastructure adapted to the development of digital finance. This includes multi-tier data centers, intelligent computing networks, and green data centers, providing secure, efficient, and stable infrastructure support for the application of new technologies.

Digitalizing Regulatory Processes. The Plan proposes vigorously enhancing the digitalization and intelligence level of key regulatory processes, including market access, off-site supervision, on-site inspections, and administrative penalties. It emphasizes leveraging data technologies to fully realize the value of data elements. Through the development of a “unified regulatory reporting system” (One-Form System), the Plan aims to achieve unified standards, unified collection and unified management of regulatory data, thereby improving its completeness, accuracy and timeliness.

2025年10月24日，金监总局发布《关于授权调整部分行政许可及报告事项监管层级的通知》。《通知》明确，各金融监管局可结合辖区实际情况，经过充分评估，将辖内辖内保险公司分支机构变更营业场所行政许可事项，辖内保险公司分支机构以及保险兼业代理机构部分变更及人员任职报告事项的监管层级下放至金融监管支局。各金融监管局原则上应在2027年年底前完成上述行政许可和报告事项下放。

On October 24, 2025, NFRA issued the Notice on Authorizing Adjustment to Hierarchical Regulatory Powers on Certain Administrative Licensing and Reporting Matters. According to the Notice, NFRA local bureaus should, based on the actual circumstances within their respective jurisdictions and following a thorough evaluation, delegate to NFRA sub-bureaus the regulatory powers over, among other things, the administrative licensing for the business premise changes of insurance company branches within their jurisdictions, and the administrative reporting on certain changes and personnel appointments of insurance company branches and part-time insurance agencies within their jurisdictions. In principle, the regulatory power delegation should be completed by the end of 2027.