China Banking and Insurance Regulatory Commission: Insurance companies should select two or more commercial banks (including) as the banks to deposit capital reserves.

On September 5th, the China Banking and Insurance Regulatory Commission issued a notice on the issuance of the "Insurance Company Capital Guarantee Management Measures". The management measures state that insurance companies should follow the principles of "adequacy, safety, and stability" when depositing capital guarantee deposits. Insurance companies should select two or more commercial banks as the deposit banks for capital guarantee deposits. Deposit banks should have a net asset value of no less than 30 billion yuan at the end of the previous year; the main risk supervision indicators such as the capital adequacy ratio, non-performing loan ratio, provision coverage ratio, and liquidity ratio at the end of the previous year should comply with the relevant regulations of the financial regulatory authorities; they should have a sound corporate governance structure, internal control system, and risk management system; and should not have related party relationships with the company. At the same time, the deposit period for capital guarantee deposits should not be less than one year. The amount of each capital guarantee deposit should not be less than 20 million yuan (or equivalent foreign currency). If an insurance company increases its registered capital (operating funds) by less than 100 million yuan (or equivalent foreign currency), it should deposit capital guarantee deposits equal to 20% of the actual increase in capital in one installment. The full text can be found in the official announcement by the National Financial Regulatory Commission.