January 28, 2019

CISFC 2019 Annual Work Conference Convened

In the morning of January 25, China Insurance Security Fund Co., Ltd. (CISFC) held the 2019 Annual Work Conference. Drawing on key points from the Conference on Regulation of Banking and Insurance Industries and the Conference on Party Conduct, Clean Governance and Discipline Inspection, this year’s Conference reviewed CISFC’s programs in the past year, surveyed the current industry landscape, and made arrangements for 2019. CISFC Party Secretary and Chairwoman Yu Hua and Discipline Secretary Zhang Zhongliang spoke at the event; CISFC Vice Chairman Yi Cheng presided the meeting.

It was noted at the Conference that 2018 marked the 10th anniversary of CISFC. Over the past year and under the leadership of the Party committee of China Banking and Insurance Regulatory Commission (CBIRC), CISFC assimilated and implemented the directives of the 19th CPC National Congress and of the second and third plenary sessions of the 19th CPC Central Committee, made an all-out effort to enforce strict Party discipline, and strengthened the insurance security fund system. As of December 31, 2018, the Insurance Security Fund had a balance of RMB 126.735 billion, about 8.5 times the amount when CISFC took over. This total was composed of RMB 80.437 billion (63.47%) of property insurance fund and RMB 46.298 billion (36.53%) life insurance fund; return on investment was 4.04% excluding risk disposal factors. The functions of the insurance security fund system was on full display in April, when CISFC injected RMB 60.804 billion of the pool into Anbang Insurance Group.

However, the insurance industry still faces serious risks; the insurance security fund system is confronted with great challenges; and CISFC is shouldering an increasingly important mission. CISFC employees need to gain a clearer understanding of the new situation, circumstances, and challenges to enhance the foresightedness and relevance of their efforts. In 2019, CISFC must use the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the directives of the 19th CPC National Congress as guidance, to ensure the tasks assigned at the Central Economic Work Conference are fully carried out, and, as directed by CBIRC, to firmly uphold the leadership of the Party in managing the Insurance Security Fund and implement comprehensive strict Party self-governance. Focusing on developing the frameworks for emergency Fund financing, risk-based contribution rates, liquidity assistance, and coordinated risk responses, CISFC will continue to strengthen the insurance security fund system, actively integrate with regulators’ maturing risk surveillance systems, defend against industry risks, and protect the interests of insurance consumers.

In 2019, CISFC will seek progress in party conduct, clean governance, and discipline inspection while ensuring stability. “Ensuring stability” means to maintain political orientation through undiminished work intensity and cadence; while “seeking progress” means to advance discipline inspection programs and implement the plans and requirements of the Party committee and discipline inspection team of CBIRC in an innovative way. Specifically, CISFC should create a sound political ecosystem by enhancing political consciousness, focusing on the “big picture” and priorities, and ensuring tasks are duly completed, in order to maintain a healthy growth of the company.

The Conference called upon all CISFC employees – Party members and non-members alike – to arm themselves with the Xi Jinping Thought and follow it in their daily work, and, united under the leadership of the CPC CBIRC Committee, to be the last and unyielding line of defense against risks that may threaten the health of the insurance industry and the interest of consumers, and welcome the 70th anniversary of China with outstanding work performance.

CISFC Vice Chairman Zhang Qiang, Deputy General Manager Wei Zhuyong, and Assistant General Manager Zhou Fuping attended the Conference. Wang Song, Director of the Insurance Security Fund Regulatory Office under the CBIRC Finance and Accounting Department, and Li Jinhui, Head of the Reform Planning Team of the CBIRC Management Committee, also attended the event at CISFC’s invitation.