Agenda
A quick review of insurance financial reporting regulation in China
Recent discussion/updates of financial reporting
Projection of the development
Review of the history
Before 1994 No specific requirement since advanced insurance just appeared
1996 Little difference with the general industry, liability = revenue – cost & expenses, no profit, neither loss
Before 1999 No specific requirements on reserve calculation
1999 First identify calculation method of life insurance liability
1999 First China Mortality table
2002 Financial report on par and unit-liked business
2002 Specific detailed requirements on annual financial report
2003 Solvency requirement
2003 Valuation of non-traditional products (Par, unit-linked, * UL)
2004 Insurance Guaranteed fund regulation
2004 Solvency report detailed requirements
2004 Broker financial reporting
2005 Annual actuarial report--Comprehensive financial reporting for life insurance companies
2006 Updated financial reporting & accounting principle generally by MOF
Current Implementation
Liability valuation – Life Insurance
Regulation
1999 (Jun) Notification of Actuarial regulation
2003 (May) Notification of Actuarial regulation on non-traditional products
2004 (Dec) Insurance Companies Non-life business reserve regulation
2005 (Jan) Notification of Actuarial Report Regulation
Implementation
Prospective method (1999)
Policy basis (1999)
Calculation method
A&H reserve similar to P&C (2004)
Long-term life policy: FPT & revised net level premium (1999)
Deficiency reserve requirement (1999)
Valuation should not be less than CSV (1999)
Claim reserve (2004)
Assumption
Max valuation interest rate (1999)
mortality & morbidity requirements (2005)
Dividend booking and reserve (2003)
Assets valuation on unit-linked products (2003)
Current Implementation
Liability Valuation – P&C
Regulation
2004 (Dec) Insurance Companies Non-life business reserve regulation
Implementation
Un-earned premium: 1/24 method or 1/365 method
Deficiency reserve should be considered
Claim reserve:
Reported claims: case basis
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