February 28, 2019

February 23 – CISFC revised its Articles of Association to incorporate party-building provisions as required by the former China Insurance Regulatory Commission (CIRC). The revision was approved by the Ministry of Finance (MOF).

March 20 – CISFC received official approval from the CIRC, in response to the Request of the China United Insurance Group Company Limited to Change Shareholders, to transfer its 862 million shares in China United Insurance to Fubon Life Insurance Co., Ltd.

April 4 – CISFC entered into a Capital Injection Agreement with Anbang Insurance Group Co., Ltd., whereby CISFC directed RMB 60.804 billion from the Insurance Security Fund into Anbang Insurance to address its capital shortage from disposal of non-compliant equity, in exchange for a 98.23% equity interest.

April 27 – CISFC was granted an extension on the exemption of corporate income tax and stamp duty for Insurance Security Fund-related businesses, now running from 2018 to 2020.

May 31 – CISFC completed settlement of Insurance Security Fund in 2017.

June 29 – CISFC officially launched its financial management cost control system.

July – CISFC released the Risk Assessment Report on China Insurance Industry in 2018 in Beijing. The report notes that the insurance industry faces significant challenges ahead despite accelerating return to its essence, stable progress and positive development, more effective products in terms of level of protection to the insured, improving service capacity, and generally manageable industry risks in 2017.

August 2 – Yu Hua was appointed the Secretary of the Party Committee, Chairwoman of the Board, and General Manager of CISFC.

August 23 – CISFC welcomed field visit by Chen Weihui, the former Vice Chairman of the China Banking and Insurance Regulatory Commission.

September – CISFC and Sunshine Insurance formed and dispatched a survey team to Wusutu, Chayouzhong, Ulanqab, Inner Mongolia, the town for their joint assistance program, and drafted the Assistance Plan for Wusutu, Chayouzhong, Ulanqab, Inner Mongolia.

October 15 – CISFC held the 4th Insurance Security Fund Forum themed “Guard Insurance Origin and Strengthen Risk Prevention”, where insurance experts delivered reports on the state and development of China’s insurance industry, the establishment of various internal mechanisms within insurers, and the control and prevention of industry risks, among others.

October 16 – CISFC held the 2018 Innovation and Development Seminar for the Internal Journal Observation of Insurance Risk in Beijing.

October 18 – Shanghai United Assets and Equity Exchange separately transferred the payment and interest for the 862 million shares of China United Insurance to the accounts designated by CISFC, marking the completion of delivery of the shares and CISFC’s successful resolution of the risks associated with the China United Insurance.

October 25 – Wang Yi, Director of the MOF Finance Department, led a delegation to CISFC for field survey.

November 8 – CISFC held the 2018 Meeting on Entrusted Asset Management.

November 20 – Zhang Zhongliang, Secretary of the CISFC Discipline Inspection Committee, delivered a Party lecture on implementing the directives of the 19th CPC National Congress and of the second plenary session of the 19th Central Commission for Discipline Inspection, and intensifying Party conduct, clean governance, and anti-corruption programs.

December 6 – CISFC held the 2018 Strategic Seminar.

December 12 – CISFC held the “Risk Prevention and Innovative Development” roundtable to discuss risk resolution plan.

December 17 – CISFC welcomed a delegation led by CBIRC Vice Chairman Cao Yu for field survey.