On February 4-5, CISFC held the 7th meeting of the Risk Assessment Expert Committee for Insurance Industry, and discussed in depth hotspot issues, including remediation of intermediaries, reform of vehicle insurance premium and interest rate liberalization etc., while listening to the special report on risk monitoring.
Based on opinions and comments expressed by the experts attending the 7th meeting of the Risk Assessment Expert Committee for Insurance Industry on the hotspot issues in 2014, CISFC prepared and completed the 2014 Annual Risk Monitoring Report in mid-March.
On April 10-16, General Manager Ren Jianguo paid a visit to America and Canada, and held a talk with foreign parties about the equity transfer of China Insurance, as well as joining of the International Forum of Insurance Guarantee Schemes, etc.
On May 11-15, CISFC sent representatives to visit Taiwan Insurance Guaranty Fund, Taiwan Insurance Institute and other institutions of Chinese Taiwan, and to investigate the legal system and takeover practices relating to the insurance exit mechanism in the region.
On May 26-27, CISFC attended the Third International Forum of Insurance Guarantee Schemes (IFIGS) in Spain and delivered a key-note speech upon invitation.
Taking the form of online declaration, CISFC smoothly completed the 2014 fund settlement and payment with 142 insurance companies by the end of May, assessed and determined a total settlement amount of RMB8.9 billion, and cumulatively collected missed fund payable of RMB1.34 billion.
At the end of May, CISFC won the “Grade-A Credible Tax Payer” award granted by the Beijing Municipal Office of State Taxation Bureau and Beijing Local Taxation Bureau, indicating CISFC has won the award for three consecutive years.
CISFC held the 8th meeting of the Risk Assessment Expert Committee for Insurance Industry and the press release for the 2015 Risk Assessment Report on Chinese Insurance Industry on June 30.
CISFC Party Committee held a concentrated learning and seminar campaign for the special education of “Three Stricts and Three Steadies” on July 9.
CISFC held the 1st meeting of the Second Board of Directors on September 14. Chen Wenhui, Vice Chairman of CIRC attended the reelection meeting of the Board of Directors and delivered an important speech.
CISFC held the “2015 Insurance Security Fund (Beijing) Forum” on September 17 in Beijing. Chen Wenhui, Vice Chairman of CIRC and representatives of the International Forum of Insurance Guarantee Schemes (IFIGS) attended and addressed the forum.
On September 24, CISFC formally launched the Insurance Security Fund 110 Portfolio, which was the tenth portfolio that had been launched.
On October 14-16, CISFC held the 2015 work meeting on entrusted asset management, while published the White Book on Risk Management of Entrusted assets of Insurance Security Fund for the first time, which systemically reviews the risk management system for entrusted assets of CISF.
CISFC smoothly embarked on the work to select institutions for the survey of the 2015 Insurance Consumer Confidence Index by holding an on-site review meeting on October 21.
On November 3-4, CISFC held the 9th meeting of the Risk Assessment Expert Committee for Insurance Industry, and discussed hot issues in the industry including operating mode of life insurance companies, reform of vehicle insurance premium, investment risk of insurance fund and its response strategy.
On November 27, CISFC organized the middle-level and above leaders to participate in the concentrated learning of Clean Practice and Self-discipline.
At the end of November, CISFC launched the bond credit rating system of insurance security fund, which basically satisfied the Company’s need to perform independent credit rating for bonds investment, and also intensified the line of defense against credit risk management for CISF’s trust investment business.
CISFC held a staff conference on December 9, to discuss the work to accelerate the implementation of CISFC’s “Four-in-One” development strategy and realize its sustainable, healthy development through the 13th Five-year Plan period.
With approval of the Trade Union of CIRC and the Party Committee of CISFC, the Company established its Second Trade Union Council on December 10.
On December 11, CISFC newly qualified three insurance institutions as investment managers to further propel the professional and market-oriented asset management of the insurance security fund as well as to adapt to new business needs.
To assess the entrusted asset management business performed by investment managers and custodians and to prevent investment risk, CISFC initiated the 2015 annual inspection over the entrusted asset management business in mid-December.
At the end of December, CISFC publicly listed and transferred the 6 billion shares it holds in China United Insurance Holding Company Limited at Beijing Financial Assets Exchange at the end of December, and successfully transferred the shares for a total price of RMB14,405 million, realizing a premium of 99.97% over the appraised asset value, to Liaoning Chengda, CRRC and Fubon, which successfully bade for 3 billion, 2 billion and 1 billion shares respectively and accordingly became the second to the fourth largest shareholders of the target company. This indicates CISFC has exited from the China Insurance safe and sound, and succeeded in risk resolution of China Insurance.