Recently, the China Insurance Regulatory Commission has issued the Guidelines for the Internal Control of the Utilization of Insurance Funds and the Application Guidelines for the Internal Control of the Utilization of Insurance Funds (No.1-3) (collectively the "Guidelines") for implementation as of January 1, 2016.
The Guidelines, adopting the general-branch framework which is reflected as the form of "general guidelines + supporting application guidelines", mainly include the following content: 1. the general guidelines clarify the targets, principles and basic components on the internal control of the utilization of insurance funds and clearly refine the key control points and main control activities based on the components of such control including the internal environment, risk evaluation, control activities, information and communication and internal supervision. 2. the supporting application guidelines focus mainly on the internal control construction of the fields where insurance funds are specifically invested, which mainly includes the internal control standards and requirements in such major areas as the responsibility division and authorization and approval, control of investment research and decision-making, control of investment execution and post-investment management.