China's National Financial Regulatory Administration has issued the draft Measures for Asset-Liability Management of Insurance Companies for public consultation, aiming to strengthen insurers’ asset-liability management capabilities and tighten supervisory oversight of asset-liability risks. The draft sets out asset-liability management objectives and principles, standardises governance arrangements and related policies and procedures, and specifies requirements for model systems and data management. It also introduces regulatory and monitoring indicators and updates supervisory measures, with a focus on improving asset-liability coordination and reducing mismatch risks. Provisions also seek to drive changes to insurers’ performance assessment frameworks, including extending the evaluation horizon for indicators. Consultation is open from 19 December 2025, after which the authority plans to revise and finalise the measures based on feedback and industry testing results before issuing and implementing the final rules.
China Banking and Insurance Regulatory Commission 2025-12-19
China's National Financial Regulatory Administration launches consultation on draft asset-liability management measures for insurance companies
China's National Financial Regulatory Administration has released draft Measures for Asset-Liability Management of Insurance Companies for consultation, aiming to enhance insurers' management and oversight. The draft outlines objectives, governance standards, model system requirements, and introduces regulatory indicators to improve coordination and reduce mismatch risks. It also proposes changes to performance assessment frameworks, including extending evaluation horizons.