At present, pension insurance is becoming the realistic demand of more and more Chinese people. Standardizing pension services and preventing industry risks have naturally become an important content of supervision. Recently, the China Banking and Insurance Regulatory Commission issued the notice on standardizing and promoting the development of pension insurance institutions, which will play an important role in promoting pension insurance companies and pension management companies to take the road of professional development and better serve the construction of the third pillar of pension insurance. How to promote the standardized development of pension insurance institutions? The first path given by the CIRC is specialization. The notice clearly states that pension insurance institutions should be positioned as professional pension financial institutions, further highlight the characteristics of pension, and optimize pension financial planning, fund management, risk guarantee and other services. Endowment insurance should be a long-term investment planned by a person from a young age, which means that insurance companies need to establish a long-term management system suitable for the characteristics and development requirements of endowment financial business, as well as high-quality long-term service ability. To achieve this, specialization is the only way. In terms of specific operation, the notice has defined three main business directions for pension insurance institutions, namely, focusing on promoting the development of commercial pension insurance Pension security management, enterprise (occupational) annuity fund management and other businesses that reflect the pension attribute, and support qualified pension insurance companies to participate in the pilot of exclusive commercial pension insurance. As early as June this year, the cbcirc approved six family life insurance companies to carry out the pilot of exclusive commercial pension insurance in Zhejiang Province (including Ningbo City) and Chongqing for a tentative period of one year. Compared with ordinary commercial insurance products, the payment form of exclusive endowment insurance is more flexible. During the insurance accumulation period, the "guaranteed + floating" income model can be adopted, and the policyholder can convert during the insurance period, which means a lot of innovation. After a lapse of half a year, the regulators again proposed to support qualified pension insurance companies to participate in the pilot of exclusive commercial pension insurance. First, it shows that the pilot of exclusive commercial pension insurance is smooth. Second, it shows that the regulators intend to further accelerate the pilot of exclusive commercial endowment insurance and expand the coverage of endowment insurance. This is highly consistent with the spirit of the important decision and deployment of the CPC Central Committee and the State Council on standardizing the development of the third pillar old-age insurance. In addition to the main line of specialization and the three major business directions, another important feature of the notice is that it has issued a negative list for the development of pension insurance business, including clearing up businesses with unclear pension characteristics, terminating or stripping insurance asset management businesses unrelated to pension, and clearing up the existing short-term personal pension security management businesses, It also gives the termination schedule of the negative list items: the existing pension insurance companies operating insurance asset management business should, in principle, complete the rectification work such as terminating operations or stripping related businesses in accordance with the law before the end of 2022. Before June 30, 2022, new customers of relevant products shall be stopped in due time, and the stock business shall be cleared before the end of 2023 in principle. As the boundary of the endowment insurance business has been further clarified and the filter screen for eliminating the false and preserving the true has been added to the market through the measures of maintaining pressure, this will help the endowment insurance institutions to clarify the development orientation, focus their human, material and financial resources on the real endowment insurance business, deepen the innovation of products and services, and meet the diversified endowment security needs of the people in the continuous and standardized development. (outlook new era)