Measures for the Administration of Pension Insurance Business of Insurance Firms (Pension Insurance Measures) were issued on November 2, 2007, and became effective as of January 1, 2008. The Regulation promulgated that life insurance and pension insurance firms may operate pension insurance businesses in China with approval of the China Insurance Regulatory Commissions, providing individual pension annuity insurance, group pension annuity insurance, and annuity management for enterprises. The Regulation for the first time clarifies the ownership of rights and interests in group pension insurance: “In the case of a group pension annuity insurance premium, shared by the applicant (group) and an insured individual, the rights and interests vested in the insured shall be completely owned by the insured”. The Pension Insurance Measures also impose a number of requirements on both insurance firms and their pension insurance operations.