February 24, 2020
CISFC 2020 Annual Work Conference Convened
On January 20, 2020, China Insurance Security Fund Co., Ltd. (CISFC) held its 2020 Annual Work Conference. The Conference took Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance and upheld the guiding principles presented at the 19th CPC National Congress, the Second, third, and fourth plenary sessions of the 19th CPC Central Committee, and the Central Economic Work Conference. In accordance with the arrangements made at the Work Meeting on Banking and Insurance Supervision by the China Banking and Insurance Regulatory Commission (CBIRC), the Conference reviewed CISFC’s main programs in 2019, analyzed the new developments and tasks facing the company, and outlined major tasks in 2020. CISFC Party Committee Secretary, Chairwoman and General Manager Yu Hua gave a speech at the presence of Party committee members and the company’s staff; Vice Chairman and Party Committee Member Yi Cheng presided the meeting. Wang Song, Director of the Fund Office under the CBIRC Finance and Accounting Department, and Li Jinhui, Head of the Reform Planning Team of the CBIRC Management Committee, were invited to be present.
In 2019, according to the Conference, CISFC Party Committee has earnestly carried out the decisions from the State Council and tasks assigned by CBIRC Party Committee. While being committed to the Party’s leadership over the state-owned enterprise and to the establishment of a modern corporate system, the CISFC Party Committee the CISFC Party Committee saw the Party's self-governance fully exercised and intensified the campaign on the theme of “remaining true to the Party’s original aspirations.” In doing so, the company made progress on the Party building, corporate governance, core businesses, staff development, and external exchanges. During the year, it has focused on its major responsibilities and businesses, resolved risks according to law, and integrated itself with the regulator’s risks monitoring system. Subject to compliance with laws and regulations, it has also strengthened the raising and management of fund, a move to make effective use of the insurance security fund system.
As of December 31, 2019, the Insurance Security Fund had a balance of RMB 146.082 billion prior to annual reconciliation, including RMB 91.801 billion (62.84%) of property insurance fund and RMB 54.281 billion (37.16%) of life insurance fund. CISFC, throughout the year, allocated RMB 43.616 billion of deposits under its management and entrusted assets worth RMB 4.52 billion, earning RMB 2.992 billion, or a return rate of 4.22% on investments.
The Conference stressed that the year 2020 represents the concluding year as the insurance sector wins the critical battle of forestalling and defusing major financial risks and China secures a victory in building a moderately prosperous society in all respects. It is also the final year of implementing the Outline of the 13th Five-year Plan for China’s Insurance Sector and the Outline of the 13th Five-year Plan for CISFC. The company will uphold and strengthen overall Party leadership and strive to improve the efficacy of Party building; modernize the corporate governance system and capacity while sticking to the development model of modern SOEs with Chinese characteristics; strengthen and excel in the main responsibilities and businesses of monitoring and resolving risks and improve the fund raising and management capabilities; and facilitate the revision of the Measures for the Administration of Insurance Security Fund as a way to ensure better development of the insurance security fund system and contribute to winning the battle to forestall and defuse major financial risks.
Priorities in 2020, as the Conference pointed out, would be given to the following aspects. First, CISFC will consolidate the fruits of the ongoing Party education campaign themed “remaining true to the Party’s original aspirations” and strengthen Party building across the board. Second, the company will continue to perform risk resolution responsibilities so as to lay groundwork for the building of the risk resolution platform. Third, it will facilitate the revision of the Measures for the Administration of Insurance Security Fund as a way to modernize the corporate governance system and capacity. Fourth, it will explore more back-up financing options by making fund raising more standardized and refined. Fifth, it will continue improving management of fund assets by ensuring their proper allocation. Sixth, capabilities to monitor risks will be enhanced, so that the company can contribute more to the building of the regulator’s risk monitoring system. Seventh, external exchanges and cooperation will deepen, making the insurance security fund system and the company itself better known. Eighth, internal management will be strengthened to ensure orderly operation of the company’s core businesses. Ninth, a long-term, comprehensive planning will be taken to see IT applications further develop. Lastly, the accountability of the Party Committee and Discipline Committee in improving Party conduct will be reinforced with an emphasis on clean governance and supervision and inspection.
The Conference called for all-out efforts of the staff, under the unified leadership of CBIRC Party Committee and guided by Xi Jinping Thought, to consolidate the fruits of the ongoing campaign themed “remaining true to the Party’s original aspirations,” to be enterprising and surmount difficulties, and to make contributions to a decisive victory in the battle against major financial risks and the centennial goal of building of a moderately prosperous society in all respects.