In order to adhere to the development concept of putting the people at the center, safeguard the fundamental interests of the people, and effectively protect the legitimate rights and interests of policyholders, insured persons, and beneficiaries, the China Banking and Insurance Regulatory Commission has recently formulated and released the "Rules for Information Disclosure of Life Insurance Products with a Term of One Year or More" (hereinafter referred to as the "Rules").

As a supporting document of the "Management Measures for Information Disclosure of Personal Insurance Products", the "Rules" comprehensively regulate the disclosure behavior of insurance companies' product information by clarifying the specific requirements for information disclosure of various types of personal insurance products, increasing the intensity of company information disclosure, continuously improving the transparency of insurance products, and protecting the legitimate rights and interests of consumers.

Specifically, the "Rules" clearly require that all life insurance products with a term of one year or more should develop product manuals, and detailed disclosure of product promotional materials, protection levels, and benefit demonstrations should be made according to the design type of the insurance product, fully revealing the long-term attributes and various risk characteristics of the product, and clarifying key product content such as payment methods and surrender losses.

The "Rules" also require insurance companies to disclose dividend achievement rate indicators, and to cancel the expression of high, medium, and low demonstration interest rates, and lower the level of demonstration interest rates. At the same time, provide insurance companies with appropriate business adjustment time to effectively prevent business risks.

Editor in charge: Yuan Hao