万能险新业务允许最低保证利率可调，利差损风险继续下降

Investment Rating - The report suggests a positive outlook for the industry, indicating a favorable investment environment for large insurance companies that comply with the new regulations [5]. Core Insights - The new regulations allow for adjustable minimum guaranteed interest rates for universal life insurance products, which helps mitigate interest rate risk and enhances the linkage between insurance products and market rates [5]. - The regulations emphasize product management, account management, fund utilization, and sales management, aiming to standardize market practices and improve orderliness in the industry [5]. Summary by Sections Product Management - New business can have adjustable minimum guaranteed interest rates, allowing for a guarantee period after which rates can be reasonably adjusted without affecting existing policies [2]. - Only whole life insurance, endowment insurance, and annuity insurance can be designed as universal types, with a minimum insurance term of five years [2]. Account Management - Full-process standardization from account establishment to cancellation is mandated, including regular reviews of asset-liability status and clear mechanisms for account cancellation [3]. - A smoothing mechanism for settlement rates is established, requiring a special reserve based on the difference between investment returns and actual settlement rates [3]. Sales Management - A negative list for sales practices is introduced, which includes restrictions on promoting the insurance products' guaranteed benefits and improper comparisons with other financial products [4]. - The regulations aim to reduce the emphasis on the insurance protection aspect of universal life insurance [4]. Fund Utilization - Strict regulations on non-standard investments are enforced, limiting the total balance of unlisted equity and real estate investments to 45% of account asset value, with non-standard assets capped at 40% [4]. - Concentration and related party transaction regulations are strengthened to prevent improper transactions [4].