Notice of the China Insurance Regulatory Commission on Issues Relating to the Implementation of the "Interpretation (II) of Enterprise Accounting Standards" in the Insurance Industry

中国保险监督管理委员会关于保险业实施《企业会计准则解释第2号》有关事项的通知

Promulgating Institution: China Insurance Regulatory Commission

Document Number: Bao Jian Fa [2009] No. 1

Promulgating Date: 01/05/2009

Effective Date: 01/05/2009

颁布机关: 中国保险监督管理委员会

文   号: 保监发[2009]1号

颁布时间: 01/05/2009

实施时间: 01/05/2009

To all insurance companies:

The Ministry of Finance printed and distributed the Interpretation (II) of Enterprise Accounting Standards (hereinafter referred to as "Interpretation (II)") on August 7, 2008, which requires that domestic and overseas listed insurance companies shall adopt the same accounting policy and accounting evaluation for one transaction when conducting the determination, measurement, and report. After discussing with the Ministry of Finance, we hereby notify the issues relating to the implementation of the Interpretation (II) in the insurance industry as follows:

  各保险公司:

  2008年8月7日,财政部印发了《企业会计准则解释第2号》(以下简称“《2号解释》”),要求境内外上市保险公司对同一交易事项采用相同的会计政策和会计估计进行确认、计量和报告。经商财政部,现就保险业执行《2号解释》的有关事项通知如下:

1. General Requirements for Implementation of the Interpretation (II)

(1) The general plan for the implementation of the Interpretation (II) is "uniform implementation and concerted action". "Uniform execution" shall mean that all insurance companies, whether listed in or outside China, shall implement the new and uniform accounting policies; "concerted action" shall mean that the insurance companies shall simultaneously modify each accounting policy that currently leads to differences between the domestic and overseas accounting statements when preparing the financial reports for 2009.

(2) All insurance companies including domestic and overseas listed insurance companies shall comply with the following accounting policies when preparing the domestic and overseas financial reports for 2009:

(a) Determination and measurement of premium earnings shall be subject to major insurance risk test and partition;

(b) Cost for obtaining insurance policies shall not be deferred and calculated in the benefit and loss of current term;

(c) New reserve evaluation standards based on the best estimate principle shall be adopted;

Major insurance risk test standards, premium partition standards, and new reserve evaluation standards shall be issued otherwise. Each company shall temporarily conduct accounting calculation in accordance with the current accounting policies before issuance and implementation of the aforesaid new standards, and adjust the data of the previous years after the implementation of such new standards.

(3) In the case of differences between other statements, in addition to the differences between the aforesaid statements, any insurance company which is listed in China and outside China at the same time shall, in principle, adopt the same accounting policy and accounting estimate for one transaction according to the requirements of the Interpretation (II), in order to eliminate the differences between the domestic and overseas accounting statements.

    一、《2号解释》总体实施要求

  (一)《2号解释》的总体实施方案是“统一执行,一步到位”。“统一执行”是指所有保险公司,无论是否在境内、境外上市,均执行新的统一的会计政策;“一步到位”是指保险公司在编制2009年年度财务报告时,对目前导致境内外会计报表差异的各项会计政策同时进行变更。

  (二)包括境内、境外上市保险公司在内的所有保险公司,编制2009年年度境内、境外财务报告时应遵循以下会计政策:

  1、保费收入的确认和计量引入重大保险风险测试和分拆处理;

  2、保单获取成本不递延,计入当期损益;

  3、采用新的基于最佳估计原则下的准备金评估标准。

  重大保险风险测试标准、保费分拆标准、新准备金评估标准另行发布。在上述新标准发布实施前,各公司暂按目前会计政策核算,待新标准实施后,再对以前年度数据进行追溯调整。

  (三)在境内外同时上市的保险公司,除上述报表差异外,其它报表项目存在的差异,原则上也应按《2号解释》的要求,对同一交易事项采用相同的会计政策和会计估计,消除境内外会计报表的差异。

2. Organizational Structure

In order to ensure the successful implementation of the Interpretation (II), the China Insurance Regulatory Commission ("CIRC") takes the lead to set up a leadership group for the implementation of the Interpretation (II) in the insurance industry (hereinafter referred to as "leadership group") which is responsible for general guidance and coordination of the implementation of the Interpretation (II) and for review of the specific plan and technology standards. The office of the leadership group is established in the financial and accounting department of the CIRC and is responsible for daily work. Two executive working teams are established under the leadership group, which are the accounting team and actuarial team. The actuarial team is responsible for drafting new insurance policy reserve liabilities evaluation standards based on the best estimate principle.

The members of the leadership group are listed as below:

Group leader: Wei Yingning (Vice Chairman, CIRC)

Vice-group leaders: Wang Xinli (Director, Financial and Accounting Department, CIRC)

Ying Wei (Deputy Director General, Accounting Regulatory Department, Ministry of Finance)

Members: persons in charge of the Development and Reform Department, the Property Insurance Department, the Life Insurance Department, and the Statistics and IT Department of the CIRC

Lu Jianqiao (Director, Department of Accounting Regulation, Ministry of Finance)

Zhuang Zuojin (Vice President, China Life Insurance (Group) Company)

Wu Dachuan (Chief Financial Officer, China Pacific Insurance (Group) Co., Ltd.)

Yao Bo (Assistant General Manager and Chief Actuary, Ping An Insurance (Group) Company of China, Ltd.)

    二、组织保证

  为保证《2号解释》顺利实施,保监会牵头成立“保险业贯彻实施《2号解释》领导小组”(以下简称“领导小组”),负责对《2号解释》实施进行总体指导和协调,审议具体方案和技术标准。领导小组办公室设在保监会财会部,负责日常工作。领导小组下设两个执行层面的工作小组:会计小组和精算小组,其中,精算小组负责起草新的基于最佳估计原则下的保单责任准备金负债评估标准。

  领导小组人员构成如下:

  组长:魏迎宁(保监会副主席)

  副组长:王新棣(保监会财务会计部主任)

  应唯(财政部会计司副司长)

  成员:保监会发改部、产险部、寿险部、统信部部门负责人

  陆建桥(财政部会计司准则一处处长)

  庄作瑾(中国人寿保险集团副总裁)

  吴达川(中国太平洋保险集团首席财务官)

  姚波(中国平安保险集团总经理助理兼总精算师)

3. Specific Requirements for the Implementation

(1) Enhance the ideological understanding. Insurance companies shall attach great importance to the implementation of the Interpretation (II) and take the same as a key work of implementation of scientific outlook on development, take the implementation of the Interpretation (II) as a turning point to adjust business structure, enhance risk management level, and facilitate the development of the insurance industry.

(2) Strengthen the organization and leadership. The implementation of the Interpretation (II) involves the links of company finance, actuarial calculation, investment, information technology, risk management, etc., so the company shall set up a working team for implementation of the Interpretation (II), in which the company leaders act as the responsible persons, conduct the organization and coordination in a unified manner, the specific responsibilities shall be assigned to the specific persons, and ensure the smooth implementation of the Interpretation (II).

(3) Make overall arrangement. Since the implementation of the Interpretation (II) is an important task to be accomplished within a tight schedule, you are all required to formulate the plan for each work as soon as possible pursuant to the relevant requirements, determine the key point of the work, make overall arrangement, pay attention to the implementation, enhance the efficiency, and also guarantee the quality, and finally ensure the smooth implementation of the Interpretation (II) on schedule.

In the case of encountering any problem during the implementation thereof, please contact the financial supervision division of the financial and accounting department of the CIRC in a timely manner.

Contact Persons: Huang Yang and Guo Jing

Telephone: 010-66286125/66286182

Fax: 010-66288102

E-mail: ac_jgc@circ.gov.cn

    三、具体实施要求

  （一）提高思想认识。保险公司应当高度重视，把《2号解释》的实施作为贯彻落实科学发展观的一项重点工作来抓，以实施《2号解释》为契机，调整业务结构，提高风险管理水平，促进保险业又好又快地发展。

  （二）加强组织领导。《2号解释》的实施涉及到公司财务、精算、投资、信息技术、风险管理等各个环节，各公司应当成立以公司领导为负责人的《2号解释》实施工作小组，统一组织和协调，责任落实到人，确保《2号解释》实施工作的顺利进行。

  （三）做好统筹安排。《2号解释》实施工作时间紧，任务重，各项工作应按照有关要求，尽早制定工作计划，确定工作重点，统筹安排，狠抓落实，既要提高实施效率，也要保证工作质量，确保《2号解释》按期顺利实施。

  如在《2号解释》实施过程中遇到问题，请及时与我会财务会计部财务监管处联系。

  联系人:黄洋、郭菁

  电话:010-6628612566286182

  传真:010-66288102

  邮箱:ac_jgc@circ.gov.cn

China Insurance Regulatory Commission

January 5, 2009

  中国保险监督管理委员会

  二○○九年一月五日