February 25, 2021
January 20 – CISFC convened the 2020 Annual Work Conference themed “Remain True to Original Aspirations and Keep Mission Firmly in Mind – Contributing to the Critical Battle to Forestall and Defuse Major Financial Risks.”
March 20 – In accordance with the directives of the China Banking and Insurance Regulatory Commission (CBIRC), CISFC held the 20th meeting of the Second Board of Directors, which approved the appointment of Shan Yi as the General Manager.
March 25 – CISFC published the 2019 China Insurance Consumer Confidence Index Report. The Report indicates that the China Insurance Consumer Confidence Index went up from 71.9 in 2018 to 72.1 in 2019, reflecting consumers’ continuing strong confidence in the insurance industry.
April 13 – CBIRC Vice Chairman Liang Tao visited the CISFC to be briefed about the difficulties and recommendations in resolving the risks of the Anbang Insurance Group, and gave specific directions on how CISFC can play a greater role in risk resolution and monitoring.
April 29 – CISFC held the 21st (ad hoc) meeting of the Second Board of Directors, which approved proposals relating to risk resolution.
May 18 – Zheng Haiyang was appointed a member of the CPC CISFC Committee in accordance with CBIRC’s directives. He was then approved as a Deputy General Manager of CISFC on June 19 at the 22nd meeting of the Second Board of Directors.
May 27 – CBIRC Vice Chairman Cao Yu visited CISFC. He affirmed CISFC’s achievements and set the objectives for its Party building programs and next phase of reform and development. During his trip, Mr. Cao toured functional departments of CISFC and thanked the managers and staff there.
May 28 – CISFC held the 20th meeting of the Risk Assessment Expert Committee for Insurance Industry.
June 11 – A delegation led by Wang Ning, member of the Standing Committee of the CPC Beijing Committee and Secretary of the Education Committee of the CPC Beijing Committee, visited CISFC. Mr. Wang praised CISFC for its accomplishments in preventing and mitigating financial risks and fulfilling corporate social responsibilities, and expected the company to continue to be rooted in Beijing to promote the city’s economic and social development.
June 12 – The CPC CISFC Committee organized a workshop on news release and response to public sentiment. Zhang Zhongning, Deputy Director of the General Office of CBIRC, attended the workshop and delivered a keynote speech.
June 18 – Zheng Lei was appointed a member of the CPC CISFC Committee and the Secretary of the Discipline Inspection Committee at the direction of CBIRC.
June 19 – The 22nd meeting of the Second Board of Directors was held through video conferencing. The Board adopted five proposals, including the Proposal on the Final Accounts of 2019 and (Draft) Budget of 2020 of China Insurance Security Fund Co., Ltd.
June – In line with CBIRC’s Notice on Waiving Insurance Security Fund Contributions for Insurance Legal Entities and Branches in Hubei Province for 2020 to Support Insurers in Hubei, CISFC reduced the quarterly advanced contributions in 2020 by a total of RMB 736 million.
June – CISFC completed the annual account reconciliation for the Fund for 2019. The audited contribution amount for 2019 was RMB 14.19 billion. A total of 18 insurance companies were exempted from RMB 596 million of contribution to the Critical Illness Insurance Fund; 9 were eligible for contribution suspension; 3 applied for refund of RMB 85 million of excess contribution.
July 8 – The CPC CISFC Committee approved Dajia Insurance Group to form an interim CPC Committee and nominated its members.
July 17 – The CPC CISFC Committee organized a Party lecture on understanding, promoting, and implementing the visions of the Fourth Plenary Session of the 19th CPC Central Committee. Yu Hua, Secretary of the CPC CISFC Committee, gave a lecture titled “Take a Clear Political Stand and Win the Critical Battle to Forestall and Defuse Major Risks in the Insurance Industry” to all Party and non-Party employees of CISFC.
July 17 – CBIRC took over Tianan Property Insurance Co., Ltd., Huaxia Life Insurance Co., Ltd., Tianan Life Insurance Co., Ltd., and E AN Property & Casualty Insurance Co., Ltd. (1an.com), placing them under its administration. In accordance with the regulatory requirements, CISFC assigned staff members to the administrator to offer assistance.
July 24 – Yu Hua, Secretary of the CPC CISFC Committee and Chairwoman of the Board of CISFC, attended the first extraordinary general meeting of Dajia Insurance Group Co., Ltd. in 2020. CISFC leaders Yi Cheng and Zhang Qiang attended the first meeting of the first board of directors of Dajia Insurance Group as its assigned directors.
July 30 – CISFC held the 23rd (ad hoc) meeting of the Second Board of Directors, which approved the appointment of Zhang Zhongliang as Deputy General Manager.
August – CISFC contributed to the amendment of the PRC Insurance Law by conducting theoretical research and legislative surveys and soliciting comments from inside and outside the industry. These efforts formed CISFC’s recommendations and research reports on the amendment which have been submitted to relevant government departments.
August – The CPC CISFC Committee restructured its Party branches to promote greater uniformity and more effective management. Elections were held for the secretaries and members of the resulting 11 Party branches.
August 28 – CISFC held the first general meeting of the Third Trade Union, electing members of the new Trade Union Committee, the Trade Union Expenses Review Committee, and the Female Employees Committee.
September 8 to 9 – The CPC CISFC Committee held a meeting to mobilize, plan for, and start the Party inspection program for 2020 and to expand it into a full-coverage program.
September 14 – Anbang Insurance Group held a shareholders meeting, announcing the company’s dissolution and the formation of a (preparatory) liquidation group. In accordance with CBIRC’s overall risk resolution plan, CISFC has played a leading role in Anbang’s dissolution and liquidation procedures as its major shareholder.
September 23 – The CPC CISFC Committee held the Lecture on the Xi Jinping: The Governance of China Vol. III & (Expanded) Meeting for Collective Theoretical Study of the CPC CISFC Committee. An invited professor from the Party School of the CPC Central Committee gave a lecture to all CISFC employees.
September 28 – CISFC released the Risk Assessment Report on China Insurance Industry 2020. The report offers an in-depth analysis of the risks faced by the insurance industry in 2019 and today, covering insurance, market, credit, operational, strategic, corporate governance, and emerging risks. It marked the sixth consecutive year that the CISFC has prepared and released this annual report.
September – CISFC led the engagement of strategic investors for Dajia Insurance Group at the direction of industry regulators.
September – In line with CBIRC’s Letter on Re-Evaluating the Advance Contribution of Certain Insurance Companies to the Insurance Security Fund for Q3 and Q4 2020, CISFC recalculated the contribution payable for the last two quarters of 2020 by the 11 insurance companies whose premium income had dropped by 20% or more in the first half, saving them RMB 93 million in advanced contribution.
September – The CPC CISFC Committee organized all Party branches to hold an Organizational Life Meeting themed “Practicing Thrift and Opposing Food Waste,” in response to President Xi Jinping’s call on ending the food waste.
October 21 to 22 – Yu Hua, Secretary of the CPC CISFC Committee and Chairwoman of the Board, led a team to Wusutu, Qahar Right Middle Banner, Ulanqab, Inner Mongolia (the town assigned to CISFC for poverty alleviation) for visit and planning with the local officials.
November 9 to 10 – Yu Hua, Secretary of the CPC CISFC Committee, went to Lanzhou, Gansu, to attend lectures on the Fifth Plenary Session of the 19th CPC Central Committee given by Guo Shuqing, member of the Central Policy Communication Team, Secretary of the CPC Committee of the People’s Bank of China, and Chairman of CBIRC.
November 9 to December 16 – CISFC held a walking competition to kindle employees’ enthusiasm for exercise and fitness and promote a healthy lifestyle.
November 12 – The CPC CISFC Committee held the Lecture on the Fifth Plenary Session of the 19th CPC Central Committee & (Expanded) Meeting for Collective Theoretical Study of the CPC CISFC Committee. An invited professor from the Party School of the CPC Central Committee gave a lecture to all CISFC employees.
November 25 – CISFC held the 2020 meeting on management of entrusted assets, with the theme of “Understand the New Landscape and Grasp Emerging Opportunities.”
December – To further promote financial rule-of-law and build an authoritative and efficient institutional framework for risk resolution, CISFC drafted the Measures for the Administration of the Insurance Security Fund (Proposed Amendment) and (on behalf of other agencies) the Measures for the Administration of Risk Resolution by Insurance Companies (Proposed Draft) and Measures for Administrative Takeover of Insurance Companies (Proposed Draft) based on empirical and theoretical studies. These rules have been submitted to industry regulators for review.
December 5 to 6 – CISFC held the 21st Meeting of the Risk Assessment Expert Committee for Insurance Industry.
December 10 – CISFC held the 1st Meeting of the Third Board of Directors to elect a new Board of Directors. Nine people (Yu Hua, Yi Cheng, Zhang Qiang, Shan Yi, Miao Huipin, Shen Dong, Jia Yuzeng, Li Lisong, and Yin Xiaobei) were elected as CISFC’s directors. Yu Hua was named the Chairwoman of the Board, Yi Cheng and Zhang Qiang the Vice Chairmen, and Yin Xiaobei the Independent Director.
December 11 – CISFC held the 2020 Strategic Seminar, during which representatives from regulators and financial institutions, industry experts, and scholars shared their views on the company’s development plan during the 14th Five-Year Plan period.
December 17 – The CPC CISFC Committee organized a Party lecture on the directives of the Fifth Plenary Session of the 19th CPC Central Committee. Yu Hua, Secretary of the CPC CISFC Committee, delivered to Party and non-Party employees of CISFC a speech titled “Understand the Visions of the Fifth Plenary Session of the 19th CPC Central Committee and Ensure the Sustainable and Sound Development of the Insurance Industry in the 14th Five-Year Plan Period.”
December 22 – CISFC held a general meeting of CISFC Youth League to elect a new Youth League Committee.
In 2020, facing the sudden outbreak of COVID-19, the CPC CISFC Committee shouldered its political responsibility of containing the pandemic with a strong sense of urgency and mission. It swiftly developed a response plan, established a leading team to oversee relevant programs, and duly implemented the anti-COVID policies of the CPC CBIRC Committee and the Beijing Municipal Government. The Committee took decisive actions to prevent the spread of the virus, mobilized Party and non-Party staff members to donate to the affected areas, facilitated business reopening, and implemented effective, ongoing pandemic prevention and control measures, making a meaningful contribution to China’s overall success in overcoming the virus.
In 2020, CISFC took various actions to support the national anti-poverty campaign, including offering aid to the assigned area-in-need and helping locals sell produce. In particular, the Secretary of CPC CISFC Committee personally visited the town of Wusutu in the Qahar Right Middle Banner, Inner Mongolia, to coordinate poverty alleviation efforts. CISFC donated RMB 1 million to the Banner and over RMB 10,000 worth of books to its Second Middle School to build on existing progress to eliminate poverty. CISFC’s Trade Union and employees also purchased RMB 115,800 worth of unsold agricultural products from Hubei Province and nationally designated poverty-stricken counties, helping the company to fulfill its social responsibility as a state-owned financial enterprise.