| Notice by the China Banking and Insurance Regulatory Commission of Issues Concerning Optimizing the Regulation of the Investment Management Capabilities of Insurance Institutions | | 中国银保监会关于优化保险机构投资管理能力监管有关事项的通知 |
| (No. 45 [2020] of the China Banking and Insurance Regulatory Commission) | | （银保监发〔2020〕45号） |
| All insurance group (holding) companies, insurance companies, and insurance asset management companies: | | 各保险集团（控股）公司、保险公司、保险资产管理公司： |
| For the purposes of continuously promoting simplification of administrative procedures and delegation of powers to lower levels and further deepening the market-oriented reform in the use of insurance funds, in accordance with the Measures for the Administration of the Utilization of Insurance Funds (Order No. 1 [2018], CIRC) and relevant provisions, you are hereby notified of the issues concerning regulating the investment management capabilities of insurance group (holding) companies, insurance companies and insurance asset management companies (hereinafter collectively referred to as “insurance institutions”) as follows: | | 为持续推进简政放权，进一步深化保险资金运用市场化改革，根据《保险资金运用管理办法》（中国保险监督管理委员会令2018年第1号）及相关规定，现就优化保险集团（控股）公司、保险公司和保险资产管理公司（以下统称保险机构）投资管理能力监管有关事项通知如下： |
| I. Investment management capabilities are the premise and basis for insurance institutions to carry out bond, stock, equity, immovable property and other investment management business. Insurance institutions carrying out various kinds of investment management business on their own or as entrusted shall have corresponding investment management capabilities. | | 一、投资管理能力是保险机构开展债券、股票、股权、不动产等投资管理业务的前提和基础。保险机构自行或受托开展各类投资管理业务，应具备相应的投资管理能力。 |
| II. Investment management capabilities of insurance institutions include the following seven categories: 1. credit risk management capabilities; 2. stock investment management capabilities; 3. equity investment management capabilities; 4. management capabilities for investment in immovable property; 5. management capabilities for the utilization of derivatives; 6. management capabilities for debt investment plan products; and 7. management capabilities for equity investment plan products. | | 二、保险机构投资管理能力包括以下七类：（1）信用风险管理能力；（2）股票投资管理能力；（3）股权投资管理能力；（4）不动产投资管理能力；（5）衍生品运用管理能力；（6）债权投资计划产品管理能力；（7）股权投资计划产品管理能力。 |
| Items 1 to 5 shall apply to insurance group (holding) companies and insurance companies, and items 1, 2, 5, 6 and 7 shall apply to insurance asset management institutions. | | 其中，（1）至（5）项适用于保险集团（控股）公司和保险公司，（1）、（2）、（5）、（6）、（7）项适用于保险资产管理机构。 |
| Insurance asset management institutions with management capabilities for debt investment plan products may provide consulting services and technical support for investment in immovable property; and institutions with management capabilities for equity investment plan products may provide equity investment consulting services and technical support. | | 保险资产管理机构具备债权投资计划产品管理能力的，可以提供不动产投资咨询服务和技术支持；具备股权投资计划产品管理能力的，可以提供股权投资咨询服务和技术支持。 |
| To purchase self-use immovable property, invest in corporate equity of insurance type or form a subsidiary specializing in asset management business, an insurance institution shall undergo the corresponding procedures in accordance with the relevant regulatory provisions, and not be subject to the requirements for investment management capabilities. | | 保险机构购置自用性不动产、投资保险类企业股权、设立从事专项资产管理业务的子公司，应当按照有关监管规定履行相应程序，不作投资管理能力要求。 |
| III. The investment management capabilities of an insurance institution shall be managed and supervised by the method of combining self-assessment, information disclosure and continuous regulation. | | 三、保险机构投资管理能力的管理监督，以公司自评估、信息披露和持续监管相结合的方式实施。 |
| IV. Before carrying out relevant investment management business, an insurance institution shall, according to the standards for the investment management capabilities as prescribed in this Notice, effectively conduct investigation and demonstration, self-assessment and information disclosure, to ensure that the qualifications of its personnel, institutional construction, and system construction, among others, meet the standards for capabilities. | | 四、保险机构开展相关投资管理业务前，应当对照本通知规定的投资管理能力标准，做好调研论证、自评估和信息披露工作，确保人员资质、制度建设、系统建设等符合能力标准。 |
| V. The professional committees performing audit duties under the board of directors of an insurance institution shall review the building of its investment management capabilities on an annual basis at a minimum, and offer opinions and improvement suggestions to the board of directors. The compliance management department of the insurance institution shall be specifically responsible for the compliance assessment of its investment management capabilities. | | 五、保险机构董事会履行审计职责的专业委员会应至少每年就保险机构投资管理能力建设情况进行审核，并向董事会提出意见和改进建议。保险机构的合规管理部门具体负责投资管理能力的合规评估工作。 |
| VI. An insurance institution shall continuously strengthen the building of investment management capabilities, dynamically assess the standards reaching and compliance status of various investment management capabilities, and be strictly prohibited from increasing relevant investment management business without reaching the standards for investment management capabilities. | | 六、保险机构应当持续加强投资管理能力建设，动态评估各项投资管理能力达标及合规情况，严禁在不符合投资管理能力标准的情况下新增相关投资管理业务。 |
| For circumstances under which the investment management capabilities fail to continuously satisfy the regulatory requirements, an insurance institution shall develop a plan for response to changes in major matters of investment management capabilities. | | 对于投资管理能力不能持续满足监管要求等情形，保险机构应当制定投资管理能力重大事项变动应对预案。 |
| VII. For each investment management capability, an insurance institution shall, at a minimum, specify two risk owners including one administrative responsible person and one professional responsible person. The qualification conditions and management requirements, among others, of risk owners shall be governed by the relevant regulatory provisions. | | 七、对于每一项投资管理能力，保险机构均应当明确至少2名风险责任人，其中包括1名行政责任人和1名专业责任人。风险责任人的资质条件、管理要求等按照有关监管规定执行。 |
| VIII. An insurance group (holding) company or an insurance company shall, on the official websites of the company and the Insurance Association of China, disclose the building and self-assessment of its investment management capabilities in a proactive and timely manner. | | 八、保险集团（控股）公司、保险公司应当在公司及中国保险行业协会官方网站上主动、及时披露投资管理能力建设及自评估情况。 |
| An insurance asset management institution shall, on the official websites of the company and the Insurance Asset Management Association of China, disclose the building and self-assessment of its investment management capabilities in a proactive and timely manner. | | 保险资产管理机构应当在公司及中国保险资产管理业协会官方网站上主动、及时披露投资管理能力建设及自评估情况。 |
| IX. The content of building and self-assessment of investment management capabilities publicly disclosed by insurance institutions shall cover various elements of relevant capability standards. Where the qualifications of personnel are involved, the specific qualifications and working experience of professionals shall be specified one by one; where institutional development is involved, the names and document numbers of corresponding systems shall be listed one by one; where process mechanism is involved, the overall framework, the division of responsibilities for all links, the names of management rules, and the information on responsible persons shall be specifically specified; and where the construction of information systems is involved, such information as the system name and main functions shall be specified. | | 九、保险机构公开披露的投资管理能力建设及自评估内容，应涵盖相关能力标准的各项要素。涉及人员资质的，应逐一列明专业人员的具体资质、从业经历等；涉及制度建设的，应逐条列出相应制度名称、发文字号；涉及流程机制的，应清晰列明总体框架及各环节分工、管理规则名称及责任人信息；涉及信息系统建设的，应列明系统名称、主要功能等信息。 |
| An insurance institution shall, according to the requirements for the format and content of the relevant guidelines for the disclosure of information on the utilization of insurance funds, effectively disclose information on risk owners of various investment management capabilities, and satisfy the requirements for disclosure of information on investment management capabilities in terms of disclosure frequency and methods, among others. | | 保险机构应当按照保险资金运用信息披露相关准则的格式和内容要求，做好各项投资管理能力风险责任人的信息披露，披露频次、方式等按照投资管理能力信息披露要求执行。 |
| X. Disclosure of information on an insurance institution's investment management capabilities shall include the first disclosure, semi-annual disclosure and disclosure of major matters. | | 十、保险机构投资管理能力信息披露包括首次披露、半年度披露和重大事项披露。 |
| XI. An insurance institution conducting relevant investment management business for the first time shall publicly disclose the building and self-assessment of corresponding investment management capabilities 10 days in advance at a minimum. For transaction of relevant derivatives for the first time, the self-assessment situation shall be reported to the China Banking and Insurance Regulatory Commission (“CBIRC”) 15 days in advance at a minimum. | | 十一、保险机构首次开展相关投资管理业务的，应当至少提前10日公开披露相应投资管理能力建设及自评估情况。首次开展相关衍生品交易的，还应当至少提前15日将自评估情况报告银保监会。 |
| XII. An insurance institution shall conduct self-assessment of compliance of the building of various investment management capabilities semi-annually at a minimum, and publicly disclose the building and self-assessment of investment management capabilities respectively before January 31 and July 31 each year. | | 十二、保险机构应当至少每半年对各项投资管理能力建设合规情况进行自评估，并分别于每年1月31日和7月31日前公开披露投资管理能力建设及自评估情况。 |
| XIII. An insurance institution whose investment management capabilities fail to meet the standards for capabilities in the event of changes in the major members of the investment team, changes in the major system and procedures, major system failure and abnormality, other emergencies or force majeure circumstances shall, within 10 days after the occurrence of the changes, report the relevant situation to the CBIRC and make public disclosure. | | 十三、保险机构出现投资团队主要人员变动、主要制度流程变更、系统重大故障异常、其他突发事件或不可抗力情形，导致投资管理能力不符合能力标准的，应当于发生变动后10日内将相关情况报告银保监会，并进行公开披露。 |
| XIV. An insurance institution retaining an independent third-party audit institution to carry out external audit work shall incorporate the building, self-assessment and information disclosure, among others, of its investment management capabilities into the audit, and report the audit situation as a part of the annual special audit report on internal control over the utilization of insurance funds to the CBIRC according to the provisions. | | 十四、保险机构聘请独立第三方审计机构开展外部审计工作时，应当将投资管理能力建设、自评估及信息披露等情况纳入审计，并将审计情况作为保险资金运用内部控制年度专项审计报告的部分内容，按规定报告银保监会。 |
| XV. The CBIRC shall, through off-site minotoring, on-site investigation and inspection, and other methods, conduct continuous follow-up regulation of the construction and self-assessment of the investment management capabilities of insurance institutions. | | 十五、银保监会通过非现场监测和现场调查、检查等方式，对保险机构投资管理能力建设和自评估情况进行持续跟踪监管。 |
| XVI. The Insurance Association of China and the Insurance Asset Management Association of China shall, under the guidance of the CBIRC, strengthen the self-regulatory management of the disclosure of information on the investment management capabilities of insurance institutions and report to the CBIRC in a timely manner upon discovery of untimely and incomplete information disclosure by insurance institutions. | | 十六、中国保险行业协会、中国保险资产管理业协会应当在银保监会指导下，加强保险机构投资管理能力信息披露自律管理，发现保险机构信息披露不及时、内容不完整等问题的，应及时上报银保监会。 |
| XVII. Where an insurance institution falls under the circumstance of untimely, unauthentic, inaccurate, and incomplete information disclosure, the CBIRC shall hold a regulatory talk, issue a risk warning letter, and take other regulatory measures, and order the violator to take corrective action within a prescribed time limit. Where the insurance institution fails to take corrective action within the prescribed time limit, or falls under such circumstances as fabricating and providing false information, carrying out corresponding investment business without investment management capabilities, carrying out relevant investment business without undergoing the information disclosure and reporting procedures, or increasing relevant investment without continuously satisfactory investment management capabilities, the CBIRC will impose administrative penalties thereupon according to the laws and regulations. | | 十七、保险机构出现信息披露不及时、不真实、不准确、不完整等情形的，银保监会将采取监管谈话、下发风险提示函等监管措施责令限期改正。保险机构逾期未改正，或存在编造提供虚假信息、不具备投资管理能力而开展相应投资业务、未履行信息披露和报告程序开展相关投资业务、在投资管理能力未持续符合要求的情况下新增相关投资等情形的，银保监会将依法依规予以行政处罚。 |
| XVIII. The relevant risk owners of an insurance institution shall proactively perform the management duties, implement the post responsibility system and strengthen the investment risk management. Risk owners failing to effectively perform duties and violate the relevant regulatory provisions shall be held accountable by the CBIRC according to the law. | | 十八、保险机构相关风险责任人应当积极履行管理职责，落实岗位责任制度，加强投资风险管理。对履职不到位且违反有关监管规定的风险责任人，银保监会将依法追究其责任。 |
| XIX. An insurance institution carrying out relevant investment management business shall, besides meeting the capability standards as prescribed in this Notice, comply with other regulatory provisions of the CBIRC. | | 十九、保险机构开展相关投资管理业务，除满足本通知规定的能力标准外，还应当遵守银保监会的其他监管规定。 |
| XX. An insurance institution having had undergone the recordation formalities for relevant investment management capabilities may continue to carry out corresponding investment business and be exempted from undergoing the procedure of the first disclosure of relevant investment management capabilities. Relevant insurance institutions shall, in accordance with this provisions of this Notice, continuously strengthen the building of investment management capabilities, and carry out self-assessment and semi-annual disclosure of investment management capabilities, disclosure of major matters, and other work. | | 二十、本通知发布前已取得相关投资管理能力备案的保险机构，可以继续开展相应投资业务，免于履行相关投资管理能力首次披露程序。相关保险机构应当按照本通知规定持续加强投资管理能力建设，开展投资管理能力自评估、半年度披露和重大事项披露等工作。 |
| XXI. For the purpose of this Notice, “day” means natural day, and “semi-annual” and “annual” means calendar year. | | 二十一、本通知所称的“日”是指自然日，“半年”“年度”均指自然年度。 |
| XXII. The Notice on Strengthening the Building of Asset Management Capabilities (No. 40 [2009], CIRC), the Notice on Matters Concerning Strengthening and Improving the Building of the Investment Management Capacities of Insurance Institutions (No. 10 [2013], CIRC), and subparagraph 2 of Article 1 under the “Specific Matters” in the Notice on Issues Concerning the Investment of Insurance Funds in Equities or Immovable Property (No. 59 [2012], CIRC) shall be repealed on the date of issuance of this Notice. | | 二十二、《关于加强资产管理能力建设的通知》（保监发〔2009〕40号）、《关于加强和改进保险机构投资管理能力建设有关事项的通知》（保监发〔2013〕10号）以及《关于保险资金投资股权和不动产有关问题的通知》（保监发〔2012〕59号）中“明确事项”第1条第二款，自本通知自发布之日起废止。 |
| For any discrepancies between the relevant provisions on investment in equities and immovable property by insurance institutions and this Notice, this Notice shall prevail. | | 保险机构投资股权和不动产有关规定与本通知内容不一致的，以本通知为准。 |
| Annexes: | | 附件： |
| 1. Standards for Credit Risk Management Capabilities | | 1.信用风险管理能力标准 |
| 2. Standards for Stock Investment Management Capabilities | | 2.股票投资管理能力标准 |
| 3. Standards for Equity Investment Management Capabilities | | 3.股权投资管理能力标准 |
| 4. Standards for Immovable Property Investment Management Capabilities | | 4.不动产投资管理能力标准 |
| 5. Standards for Management Capacities for the Utilization of Derivatives | | 5.衍生品运用管理能力标准 |
| 6. Standards for Management Capacities for Debt Investment Planning Products | | 6.债权投资计划产品管理能力标准 |
| 7. Standards for Management Capacities for Equity Investment Plan Products | | 7.股权投资计划产品管理能力标准 |
| China Banking and Insurance Regulatory Commission | | 中国银保监会 |
| September 30, 2020 | | 2020年9月30日 |
| Annex 1 | | 附件1 |
| Standards for Credit Risk Management Capabilities of Insurance Institutions | | 保险机构信用风险管理能力标准 |
| For insurance group (holding) companies, insurance companies, and insurance asset management companies (hereinafter collectively referred to as “insurance institutions”) that invest in unsecured non-financial corporate (corporation) bonds and relevant financial products prescribed by the regulatory system for the utilization of insurance funds, their organizational structures, professional teams, and management rules, system construction and operation management shall meet the basic conditions prescribed in these Standards. | | 保险集团（控股）公司、保险公司、保险资产管理公司（以下统称保险机构）投资无担保非金融企业（公司）债券及保险资金运用监管制度规定的相关金融产品，其组织架构、专业队伍、管理规则、系统建设和运作管理等应当符合本标准规定的基本条件。 |
| I. Organizational structure | | 一、组织架构 |
| An insurance institution shall, under the principle of “clear division of responsibilities and mutual checks and balances,” establish an organizational structure for credit risk management, set up a credit assessment department (or team), and meet the following conditions: | | 保险机构应当按照“分工明确，相互制衡”的原则，建立信用风险管理组织架构，设立信用评估部门（或者团队），且符合下列条件： |
| 1. An insurance institution shall set up professional committees under the board of directors and the operating management to be responsible for credit risk management, and specify the boundaries of powers and responsibilities and performance mechanism for the board of directors, operating management and professional committees in credit risk management. | | （一）保险机构应当在董事会、经营管理层下设专业委员会负责信用风险管理，并明确董事会、经营管理层及各专业委员会在信用风险管理条线的权责界限、履职机制。 |
| 2. An insurance group (holding) company and an insurance company shall set up independent credit assessment teams to be responsible for credit risk management, provide channels for reporting to their risk management departments, and incorporate them into their risk management performance assessment systems. An insurance asset management company shall set up an independent credit assessment department, which is independent of the investment department, and is in the charge of a different senior executive. | | （二）保险集团（控股）公司、保险公司应当设立独立的信用评估团队，负责信用风险管理，并建立向公司风险管理部门的汇报路径，纳入公司风险管理绩效考核体系。保险资产管理公司应当设立独立的信用评估部门，与投资部门相互独立，并由不同高管分管。 |
| 3. An insurance institution shall, in accordance with the industry differences and management procedures, appoint independent full-time credit assessment personnel, and establish firewall mechanisms among the following personnel, including but not limited to, investment personnel, credit assessment personnel, risk management personnel and credit assessment personnel. | | （三）保险机构应当根据行业差别和管理流程，配备独立、专职的信用评估人员，并在下列人员之间建立防火墙机制，包括但不限于：投资人员和信用评估人员、风险管理人员和信用评估人员。 |
| 4. An insurance institution shall issue formal documents to establish credit assessment departments (or teams), and specify the departmental responsibilities, job responsibilities, department heads (or team leaders) and staffing of the credit assessment departments (or teams) in the documents. | | （四）保险机构应当下发正式文件设立信用评估部门（或者团队），并在发文中明确信用评估部门（或者团队）的部门职责、岗位职责、部门（或者团队）负责人及人员配置等。 |
| II. Professional teams | | 二、专业队伍 |
| An insurance institution shall appoint full-time personnel who are familiar with credit analysis and have credit risk management capabilities, and meet the following conditions: | | 保险机构应当配备熟悉信用分析、具备信用风险管理能力的专职人员，且符合下列条件： |
| 1. The credit assessment team of an insurance group (holding) company or an insurance company shall, at a minimum, employ four credit assessment personnel who shall have over two years of experience in credit analysis, of which the team leader shall have over five years of experience in credit analysis. | | （一）保险集团（控股）公司、保险公司的信用评估团队应当配备至少4名信用评估人员，且均应当具有2年以上信用分析经验，其中，团队负责人应当具有5年以上信用分析经验； |
| 2. The credit assessment department of an insurance asset management company shall, at a minimum, employ six credit assessment personnel who shall have over two years of experience in credit analysis, of which the department head shall have over five years of experience in credit analysis. | | （二）保险资产管理公司的信用评估部门应当配备至少6名信用评估人员，且均应当具有2年以上信用分析经验，其中，部门负责人应当具有5年以上信用分析经验。 |
| Experience in credit analysis mainly means the experience in engaging in credit assessment and other relevant work in credit assessment institutions and financial institutions. | | 信用分析经验主要指在信用评级机构、金融机构从事信用评估等相关工作的经验。 |
| III. Management rules | | 三、管理规则 |
| An insurance institution shall establish complete and effective systems of credit risk management rules. The relevant systems shall be approved by the board of directors, operating management or its authorized institution, and be issued in the form of official corporate documents for implementation. | | 保险机构应当建立完善有效的信用风险管理规则体系，相关制度需经董事会、经营管理层或其授权机构批准，以公司正式文件形式下发执行。 |
| 1. Credit risk management systems | | （一）信用风险管理制度 |
| An insurance institution shall develop a credit risk management systems, including the management institution and basic duties and functions, mechanism for management authority and fulfillment of duties, credit rating system, credit management system, counterparty management system, risk tracking and monitoring system, and emergency plans, among others. Various systems shall be connected to each other and have been incorporated into the corporate risk management system. | | 保险机构应当建立信用风险管理制度，包括管理机构和基本职责、管理权限和履职机制、信用评级制度、授信管理制度、交易对手管理制度、风险跟踪与监测制度、应急预案等。各项制度应当相互衔接，并已纳入公司风险管理体系。 |
| 2. Basic credit rating systems | | （二）信用评级基础制度 |
| An insurance institution shall develop basic credit rating systems and procedures, including but not limited to, the rules of procedure, operating procedures, detailed rules of methods, reporting standards, due diligence investigation system, follow-up rating and re-assessment system, and firewall system for credit rating. | | 保险机构应当建立信用评级基础制度与流程，包括但不限于信用评级议事规则、操作流程、方法细则、报告准则、尽职调查制度、跟踪评级和复评制度、防火墙制度。 |
| 3. Basic requirements of the management rules | | （三）管理规则基本要求 |
| The credit risk management rules shall meet the following conditions: | | 信用风险管理规则应当符合下列条件： |
| (1) The rules of procedures for credit rating shall specify the composition of the review team and their relevant duties and functions, the operating procedures of the review meeting, and the procedures for determining credit rating symbols. | | 1.信用评级议事规则应当明确评审小组人员构成和相关职责、评审会议运作流程、信用评级符号确定程序； |
| (2) The detailed rules of methods for credit rating shall require the formation of a credit analysis framework including macro analysis, industry analysis, qualitative and quantitative analysis and other analysis on factors. | | 2.信用评级方法细则应当要求形成包括宏观分析、行业分析、定性定量分析及其他因素分析的信用分析框架； |
| (3) The operating procedures for credit rating shall include information collection, research interview, preliminary assessment, discussion, review, and revision, issuance of reports, and other basic links. | | 3.信用评级操作流程应当包括信息收集、调研访谈、初步评定、讨论审改、报告发布等基本环节； |
| (4) The due diligence investigation system shall specify the participants, working routines, business records, supervision and inspection, among others. | | 4.尽职调查制度应当明确参加人员、工作程序、业务记录、监督检查等内容； |
| (5) The follow-up rating and re-assessment system shall include the scope, content, time and other basic elements of follow-up rating and re-assessment, and specify the rules of procedure and relevant procedures for follow-up rating and re-assessment in the event of credit risks or events with significant impact on credit. | | 5.跟踪评级和复评制度应当包括跟踪评级和复评的范围、内容、时间等基本要素，并明确发生信用风险或对信用产生重大影响的事件时，跟踪评级和复评的议事规则及相关程序； |
| (6) Standards for credit rating reports shall regulate the form and content of credit rating reports, and develop standardized templates of credit rating reports. | | 6.信用评级报告准则应当规范信用评级报告的形式和内容，制定标准化的信用评级报告范本； |
| (7) The credit management system shall specify the credit limit and management methods of each counterparty. | | 7.授信管理制度应当明确每位交易对手的授信额度和管理方法； |
| (8) The risk tracking and monitoring system shall specify the calculation method for credit risk exposure and the reporting rules. | | 8.风险跟踪与监测制度应当明确信用风险敞口计算方法与报告规则； |
| (9) The emergency plan shall specify the corresponding management and control mechanisms and stop-loss measures in the event of credit risk events. | | 9.应急预案应当明确发生信用风险事件时，所采取相应的管控机制和止损措施。 |
| 4. Systems for credit rating symbols | | （四）信用评级符号体系 |
| An insurance institution shall establish a clearly defined system for credit rating symbols and meet the following conditions: | | 保险机构应当建立定义清晰的信用评级符号体系，且符合下列条件： |
| (1) Adopting general international and domestic standards, setting such three grades as investment grade, speculative grade and default grade, and setting several detailed grades for each grade. | | 1.采用国际国内通用标准，分投资级、投机级和违约级三档，并对每一等级分设若干细化等级； |
| (2) Long-term and short-term credit rating symbols shall be clearly defined and stable, and different rating symbols shall correspond to different credit risks or possibilities of default. | | 2.长期和短期信用评级符号，应当具有明确定义且保持稳定，不同评级符号应当对应不同信用风险或者违约可能； |
| (3) The correspondence between long-term and short-term credit rating symbols is clear. | | 3.长期和短期信用评级符号对应关系明确。 |
| 5. Principles for the assessment of credit enhancement measures | | （五）增信措施评估原则 |
| An insurance institution shall establish scientific and reasonable credit enhancement assessment standards and meet the following conditions: | | 保险机构应当建立科学合理的增信评估准则，且符合下列条件： |
| (1) Where credit enhancement by third-party guarantee is adopted, the qualifications of guarantors, the asset liquidity of guarantors, the financial flexibility of guarantors, the guarantee clauses, and the extent of impact on credit enhancement by cross guarantee, among others, shall be specifically prescribed. | | 1.采用第三方保证担保增信方式的，应当明确规定担保人资质、担保人资产流动性、担保人财务弹性、担保条款、交叉担保效力影响增信的程度等。 |
| (2) Where credit enhancement by mortgage or pledge is adopted, the nature of the mortgaged or pledged assets, the adequacy of the mortgage or pledge ratio, the liquidity of the collateral, and the specific mortgage and pledge clauses shall be specified. | | 2.采用抵押、质押增信方式的，应当明确抵押或者质押资产性质、抵押或者质押比例的充足程度、抵押或者质押物的流动性，以及具体的抵押质押条款等。 |
| IV. System construction | | 四、系统建设 |
| An insurance institution shall independently research and develop or externally purchase a credit rating system meeting the following conditions: | | 保险机构应当自主研发或者外部采购符合下列条件的信用评级系统： |
| 1. The credit rating system shall include modules such as information integration and rating result output. | | （一）信用评级系统应当包括信息集成、评级结果输出等模块； |
| 2. The information integration module includes a rating report database, a financial statement database, and an issuer's routine information database, among others, which can continuously accumulate the information and data on default events, default rates, default recovery rates, and credit rating migration, and store them as operating management resources for a long time. | | （二）信息集成模块包括评级报告库、财务报表库、发行人日常信息库等，能够持续累积违约事件、违约率、违约回收率、信用评级迁移等信息和数据，并作为经营管理资源长期保存； |
| 3. The credit rating system can have a substantial impact on credit assessment. | | （三）信用评级系统能对信用评估产生实质影响。 |
| V. Operating management | | 五、运作管理 |
| An insurance institution shall regulate the credit risk management work which shall meet the following conditions: | | 保险机构应当规范信用风险管理工作，信用风险管理工作应当符合下列条件： |
| 1. Setting credit assessment as a necessary part of investment in fixed income assets. | | （一）将信用评估设定为固定收益类资产投资的必经环节； |
| 2. The credit rating system has been used to rate 100% of the corporate (corporation) bonds held. | | （二）已使用信用评级系统对持仓企业（公司）债券进行100%评级； |
| 3. The main original materials, assessment work papers, due diligence investigation reports, review minutes, credit rating reports and other business files are kept intact. | | （三）主要原始资料、评估工作底稿、尽职调查报告、评审会议记录、信用评级报告等业务档案保存完整。 |
| Annex 2 | | 附件2 |
| Standards for Stock Investment Management Capabilities of Insurance Institutions | | 保险机构股票投资管理能力标准 |
| For insurance group (holding) companies, insurance companies, and insurance asset management institutions (hereinafter collectively referred to as “insurance institutions”) directly investing in stocks, their organizational structures, professional teams, investment systems, system construction, and risk control, among others, shall meet the basic conditions specified in these Standards. | | 保险集团（控股）公司、保险公司、保险资产管理机构（以下统称保险机构）直接投资股票，其组织架构、专业队伍、投资制度、系统建设和风险控制等应当符合本标准规定的基本条件。 |
| I. Organizational structure | | 一、组织架构 |
| An insurance institution shall establish an organizational structure for stock investment with clear duties and functions and reasonable division of responsibilities. | | 保险机构应当建立职责明确、分工合理的股票投资组织架构。 |
| 1. Stock investment departments (teams) | | （一）股票投资部门（团队） |
| An insurance group (holding) company and an insurance company shall set up independent asset management departments and independent stock investment departments or teams in the asset management departments; and an insurance asset management institution shall set up an independent stock investment department. | | 保险集团（控股）公司、保险公司应当设有独立的资产管理部门，并在资产管理部门内设置独立的股票投资部门或团队；保险资产管理机构应当设置独立的股票投资部门。 |
| An insurance institution shall issue formal documents to set up stock investment departments (teams), and specify the duties and functions, job responsibilities, department heads (team leaders), and staffing of the departments (teams) in the documents. The aforesaid departments or teams shall meet the following conditions: | | 保险机构应当下发正式文件设立股票投资部门（团队），并在发文中明确部门（团队）职责、岗位职责、部门（团队）负责人及人员配置情况等。前述部门或团队应符合下列条件： |
| (1) Positions for stock investment research, investment, deal, risk control, performance assessment, clearing, accounting, and system support, among others are set. | | 1.设置股票投资的研究、投资、交易、风险控制、绩效评估、清算、核算以及系统支持等岗位； |
| (2) Special personnel are designated for positions of research, investment, and deal and be strictly separated from other investment business. | | 2.研究、投资、交易岗位实行专人专岗，与其他投资业务严格分离。 |
| 2. Investment managers | | （二）投资经理 |
| Independent stock investment managers shall be appointed according to the nature of account/portfolio, and the size of funds under management, among others. | | 应根据账户/组合性质、管理资金规模等，配备独立的股票投资经理。 |
| 3. Firewall mechanism | | （三）防火墙机制 |
| A firewall mechanism shall be established between stock investors, including but not limited to: | | 股票投资人员之间，应当建立防火墙机制，包括但不限于： |
| (1) Between stock investment managers and fund investment managers. | | 1.股票投资经理与基金投资经理之间； |
| (2) Between investment managers and traders. | | 2.投资经理与交易人员之间； |
| (3) Between investment management personnel and risk control and performance assessment personnel. | | 3.投资管理人员与风险控制、绩效评估人员之间； |
| (4) Between clearing officers and accounting personnel. | | 4.清算人员与核算人员之间。 |
| 4. Investment places | | （四）投资场所 |
| There are enough stock investment places to ensure that the centralized transaction office areas are completely isolated. | | 拥有足够的股票投资场所，确保集中交易办公区域完全隔离。 |
| II. Professional teams | | 二、专业队伍 |
An insurance institution shall appoint professionals who are familiar with stock investment business and have stock investment capabilities.
．．．．．． | | 保险机构应当配备熟悉股票投资业务、具备股票投资能力的专业人员。
．．．．．． |
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