The reporter confirmed that Ren Jianguo, the current party secretary, chairman and general manager of the China Insurance Fund (hereinafter referred to as China Insurance Fund), resigned from his post, and retired from the bureau level to the deputy bureau level.

Ren Jianguo's relegation was related to the disciplinary action carried out by the Disciplinary Committee of the China Banking and Insurance Regulatory Commission a few days ago.According to the reporter's understanding, about 40 cadres in the insurance supervision system were punished for violating the spirit of the eight central regulations, and Ren Jianguo was among them.

According to public information, Ren Jianguo was born in 1957 and worked in the Hunan Branch of the People's Bank of China, China Minsheng Bank, and China Pacific Insurance Company.

In 2000, Ren Jianguo joined the insurance regulatory department and served as the director of the Hubei Insurance Regulatory Bureau and the Shandong Insurance Regulatory Bureau. In 2012, he came to Beijing from Shandong to serve as the general manager of China Insurance Fund.

After Xiang Junbo, the former chairman of the China Insurance Regulatory Commission, was sacked, all personnel in the insurance supervision system were frozen, and Ren Jianguo served one year overdue.

Ren Jianguo's successor this time is the current party secretary, vice chairman and executive vice president of China Insurance Information Technology Management Co., Ltd. (hereinafter referred to as CITIC) Yu Hua.

According to the Caixin reporter, Yu Hua had worked in the personnel and education department of the China Insurance Regulatory Commission for a long time before, and was later transferred from the position of director of the personnel and education department to CITIC.

At present, neither China Insurance Fund nor China Insurance Credit has announced this personnel change, and the leadership column on the official websites of the two companies has not been adjusted.

The China Insurance Fund was established by the Ministry of Finance in 2008 with an injection of 100 million yuan. It is the ultimate relief fund for insurance companies.The so-called final relief means that in the event that an insurance company goes bankrupt or risks appear due to poor management, the China Insurance Regulatory Commission can use the China Insurance Fund to repay insurance company customers’ policy compensation costs, or maintain stability.

After the establishment of China Insurance Fund, more than 10 billion yuan of insurance protection funds originally managed by the Finance Department of the China Insurance Regulatory Commission were handed over to China Insurance Fund for market-oriented operations. Zhou Yanli, the former vice chairman of the China Insurance Regulatory Commission, served as the first chairman of China Insurance Fund.

According to the series of supporting documents of the insurance protection fund, the insurance company shall withdraw the protection fund from the insurance premiums of various types of insurance according to a ratio ranging from 0.05-0.8% and pay it to the China Insurance Fund.According to data recently released by China Insurance Fund, as of June 2018, the balance of the insurance protection fund was 121.264 billion yuan.

The use of this huge amount of funds follows the principle of safety first, and its investment can only be limited to bank deposits, buying and selling government bonds, central bank bills, central enterprise bonds, and financial bonds issued by central financial institutions.In 2011, China Insurance Fund selected seven insurance asset management companies, including Ping An, China Life, CPIC, Taikang, Taiping, Huatai, and PICC, as entrusted investors to manage the use of their funds.

Although the relevant documents have made framework regulations on the qualifications of banks and bond issuers and the use of funds, in terms of specific operations, there is still room for manipulation in the investment of this huge amount of funds.

Since its establishment, China Insurance Fund has been used three times, including the takeover of New China Life Insurance Company (hereinafter referred to as New China Life Insurance), China United Insurance Holdings Co., Ltd. (hereinafter referred to as China United), Anbang Insurance Group Co., Ltd. (hereinafter referred to asAnbang Insurance Group).

Except for Anbang Insurance Group, which was taken over by Fang in April this year, China Insurance Fund’s shares in New China Life Insurance and China United have withdrawn at a premium, and have gained a lot.

The risk event of New China Life Insurance occurred at the beginning of the preparation of China Insurance Fund.In September 2006, Guan Guoliang, the former chairman of New China Life Insurance, was investigated for misappropriating about 13 billion yuan in insurance premiums, and the insurance protection fund used a total of 2.9 billion yuan to hold 460 million shares of New China Life Insurance.Afterwards, as New China Life Insurance promoted its listing, Central Huijin Company acquired all the equity held by the Insurance Security Fund at a price of 8.7 yuan per share, at a price of more than 4 billion yuan.Under one entry and one exit, the insurance protection fund made a net profit of about 1.2 billion yuan.

China United was taken over in 2009.China United, which suffered huge losses due to improper management, received a capital injection of 6 billion yuan from China Insurance Fund in March 2012, and China Insurance Fund became its major shareholder with a 91.5% stake.

In November 2015, China Insurance Fund listed and sold the 6 billion shares of China United held by Beijing Gold Exchange. Four months later, the China Insurance Regulatory Commission approved the approval of Liaoning Chengda Co., Ltd., China CRRC Co., Ltd., and Taiwan Fubon Co., Ltd.Life Insurance Co., Ltd. acquired this part of the shares at a total price of 14.405 billion yuan.This price represents a premium of 99.97% over the corresponding appraised value of the asset.

After Ren Jianguo retires, Yu Hua, the current secretary of the party committee, vice chairman and executive vice president of CITIC, will go to replace him.

China Insurance Trust, like China Insurance Fund, is a unit directly managed by the China Banking and Insurance Regulatory Commission and is a data information sharing platform for the insurance industry.Compared with the banking and securities industries, the development of the big data system in the insurance industry is relatively lagging behind. It was not until July 2013 that China Insurance Credit was officially established under the push of the then chairman of the China Insurance Regulatory Commission, with a registered capital of 2 billion yuan. China Insurance Fund100% holding.According to industry insiders, CITIC is operating well and has realized the paid sharing of data in the industry.

At the beginning of its establishment, most of CITIC's staff were transferred from the China Insurance Regulatory Commission, and Yu Hua was one of them.Yu Hua had worked in the Personnel and Education Department of the China Insurance Regulatory Commission for a long time before, and was later transferred from the position of director of the Personnel and Education Department to CITIC.

For Yu Hua, the new position of China Insurance Fund will not be easy. One of the challenges is the development of China Insurance Fund after it injects capital into Anbang Group.

On April 4 this year, the China Banking and Insurance Regulatory Commission announced that some shareholders of Anbang Insurance Group had used non-self-owned funds to contribute capital, compiled and provided false materials in the application for establishment and capital increase.In order to ensure sufficient solvency of Anbang Insurance Group, maintain the stable operation of the company, and effectively protect the interests of policyholders, Anbang Insurance Group will simultaneously introduce capital injection from the insurance protection fund, with a capital injection of 60.804 billion yuan, and China Insurance Fund will become its 98.23% stake.shareholder.

According to the data cited by Ren Jianguo in an article on China Finance in July, as of the end of April 2018, the scale of the insurance protection fund was 119.5 billion yuan.This means that after the capital injection into Anbang Insurance Group, the size of the China Insurance Fund will shrink significantly.

The second challenge is the selection of new shareholders of Anbang Insurance Group.When the China Banking and Insurance Regulatory Commission took over Anbang Insurance Group, it stated that in synchronization with the introduction of China Insurance Fund's capital injection, Anbang Insurance Group will start the selection of strategic shareholders, and introduce high-quality private capital as the company's strategic shareholders as soon as possible, so as to realize the orderly security of insurance protection funds.Exit, and keep the private nature of Anbang Insurance Group unchanged.

However, as the barriers to entry for shareholders of insurance companies have increased, and regulations have emphasized that new shareholders must contribute capital with their own funds, there are very few private capital that can become new shareholders of Anbang Insurance Group.So far, Anbang Insurance Group has not made much progress in the selection of strategic investors. How to realize the safe exit of China Insurance Fund is one of the issues that Yu Hua has to consider after taking office.

In addition, the revision of the insurance protection fund management measures is also a major task.In 2017, the former China Insurance Regulatory Commission took the lead in launching the revision of the Measures for the Administration of Insurance Guarantee Funds (hereinafter referred to as the Measures), planning to incorporate the implementation of risk premium rates into the scope of the amendment.Chen Wenhui, vice chairman of the China Banking and Insurance Regulatory Commission, delivered a speech at the third insurance protection fund forum, saying that my country's insurance protection fund system needs to improve the whole set of mechanisms before and after the event, establish diversified risk management methods and tools, and realize the transformation from a fixed rate system to a differential rate system. System transformation and other aspects of reform.How to promote the improvement and implementation of these systems is a question for the new chairman of China Insurance Fund to think about.■