China Banking and Insurance Regulatory Commission: Insurance companies should establish an asset-liability management department and perform duties without interference from insurance business and investment management departments.

On December 19th, the China Banking and Insurance Regulatory Commission issued an announcement stating that it has formulated the "Regulations on Asset-Liability Management for Insurance Companies (Draft for Solicitation of Comments)" and is officially seeking public opinions on it. The opinion points out that insurance companies should establish an asset-liability management department, equip it with the necessary human and material resources to carry out asset-liability management responsibilities, maintain independence in carrying out their duties, and not be subject to interference from insurance business and investment management departments. The asset-liability management department should perform the following responsibilities: (1) develop asset-liability management related systems and methods; (2) formulate and coordinate the implementation of asset-liability management policies and procedures; (3) track and monitor the asset-liability matching situation, study problems and solutions in asset-liability management work; (4) provide professional opinions on business plans, asset allocation policies, and products and major investments that have a significant impact on the asset-liability matching situation, and provide decision-making support to senior management; (5) coordinate the development of asset-liability management model tools, monitor the effectiveness of the asset-liability management model; (6) timely provide asset-liability management reports to the board of directors and senior management; (7) other related responsibilities. The original text is lengthy and continues to detail regulations, setting guidelines for insurance companies to adhere to in managing their assets and liabilities effectively.