BEIJING, Dec. 2 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC) decided to grant pilot commercial pension business in 10 provinces and cities in China from January 1, 2023, reported Xinhua Finance on Thursday.
CBIRC took the move to foster development of China's third pillar pension insurance system and better satisfy the diversified pension security demand of people.
The pilot commercial pension business will kick off in Beijing, Shanghai, Jiangsu Province, Zhejiang Province, Fujian Province, Shandong Province, Henan Province, Guangdong Province, Sichuan Province and Shaanxi Province.
With the pilot period temporarily set at one year, insurers such as PICC Pension Co., Ltd., China Life Pension Co., Ltd., Taiping Pension Co., Ltd. and Guomin Pension Co., Ltd. will take part in the pilot commercial pension business in 2023.
Apart from these, a related circular released by CBIRC on Thursday requires the insurer participants to provide services including pension account management, pension planning, fund management and risk management to gratify the diversified pension demand of clients.
The circular also requires them to utilize multiple channels to carry out commercial pension business and broaden the coverage of the pilot commercial pension business.
Moreover, exploring establishment of long-term sales incentive mechanisms, risk control mechanisms and investment management mechanisms is also highlighted in the circular so as to facilitate the long-term, value and prudent investment and long-cycle pension capital management of the insurer participants. (Edited by Duan Jing with Xinhua Silk Road, email@example.com)