Press Releases
Ten Insurers Recognized at the Review Meeting of Insurance Security Fund Collection Management

 

July 30, 2018

 

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To better perform the duty of collecting the China Insurance Security Fund tasked by the Measures for the Administration of the Insurance Security Fund and create an environment that encourages voluntary contribution to the Fund, on July 26, China Insurance Security Fund Co., Ltd. held the Review Meeting for the Work of Insurance Security Fund Collection Management in Beijing. At the meeting, CISFC recognized ten insurers for their diligence and performance in recent years, gave a systematic review and training on Fund payment and reconciliation in 2017, and invited industry experts to share their views on pertinent industry topics and their experiences in financial works.

 

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After a comprehensive assessment of 174 insurers for their Fund filing and payment performance over the years, 10 stood out in the timeliness and accuracy of their payment and truthfulness and completeness of their filing, and were recognized as “Leading Insurers in Payment of Insurance Security Fund in 2013-2017.”

 

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According to the Measures for the Administration of the Insurance Security Fund, contribution to the Fund is administered by quarterly prepayment and annual reconciliation. In general, all insurers have duly completed the payment and reconciliation of contributions to the Fund. As of June 2018, the quarterly payment ratio and reconciliation ratio are both at 100%, resulting in a Fund balance of RMB 121.264 billion, comprising RMB 77.112 billion in property insurance and RMB 44.152 billion in life insurance, which respectively accounted for 63.59% and 36.41% of the total.

 

As the next step, CISFC will seek to integrate its practical experiences and achievements in the past decade with the new developments of the insurance industry, in order to establish long-term mechanisms for raising the Fund and to enhance insurers’ awareness for voluntary, compliant contribution to the Fund, so as to duly fulfill its duty and mission as the “last line of defense of the insurance industry” and effectively strengthen the industry’s protection against risks.

 

 

 

中国保险保障基金有限责任公司