| Notice by the China Insurance Regulatory Commission and the State Administration of Foreign Exchange of Matters concerning Regulating Insurance Institutions' Business of Offshore Loans against Onshore Guarantees | | 中国保监会、国家外汇管理局关于规范保险机构开展内保外贷业务有关事项的通知 |
| (No. 5 [2018] of the China Insurance Regulatory Commission) | | （保监发〔2018〕5号） |
| All insurance group (holding) companies, insurance companies, insurance asset management companies and relevant custody institutions: | | 各保险集团（控股）公司、保险公司、保险资产管理公司、有关托管机构： |
| For the purposes of regulating the business of offshore loans against onshore guarantees conducted by insurance group (holding) companies and insurance companies (hereinafter referred to as “insurance institutions”), strengthening the supervision and administration of overseas financing, and preventing overseas financing risks, in accordance with the Interim Measures for the Administration of the Utilization of Insurance Funds, the Interim Measures for the Administration of Overseas Investment with Insurance Funds, the Detailed Implementation Rules for the Interim Measures for the Administration of Overseas Investment with Insurance Funds, the Provisions of the State Administration of Foreign Exchange on the Foreign Exchange Administration of Cross-border Guarantees and other relevant policies, you are hereby notified of the matters as follows: | | 为规范保险集团（控股）公司、保险公司（以下简称保险机构）开展内保外贷业务，加强境外融资业务监管，防范境外融资风险，根据《保险资金运用管理暂行办法》《保险资金境外投资管理暂行办法》《保险资金境外投资管理暂行办法实施细则》及国家外汇局《跨境担保外汇管理规定》等相关政策，现将有关事项通知如下： |
| I. For the purpose of this Notice, “the business of offshore loans against onshore guarantees” means the financing activity in which an insurance institution applies to a domestic bank for opening a letter of guarantee or a standby letter of credit and the domestic bank provides guarantee for a special-purpose company, or an insurance group (holding) company directly provides guarantee for a special-purpose company, to obtain loans granted by an overseas bank to the aforesaid special-purpose company. | | 一、本通知所称“内保外贷业务”是指保险机构向境内银行申请开立保函或备用信用证等，由境内银行为特殊目的公司提供担保，或者保险集团（控股）公司直接向特殊目的公司提供担保，以获得境外银行向上述特殊目的公司发放贷款的融资行为。 |
| For the purpose of this Notice, “special-purpose company” means an overseas company that is directly established by, or indirectly controlled with 95% or more of its share held by, an insurance institution with its legitimate holdings of domestic and overseas assets or equities for the purpose of overseas investment and financing. | | 本通知所称“特殊目的公司”是指保险机构以境外投融资为目的，以其合法持有的境内外资产或权益，在境外直接设立或间接控制的持股比例超过95%的境外企业。 |
| II. Insurance group (holding) companies that conduct the business of offshore loans against onshore guarantees may provide counter guarantee to domestic banks. An insurance company that conducts the business of offshore loans against onshore guarantees may provide counter guarantee to domestic banks through the insurance group (holding) company to which it is subordinate. | | 二、保险集团（控股）公司开展内保外贷业务，可以向境内银行提供反担保。保险公司开展内保外贷业务，可以通过其所属的保险集团（控股）公司向境内银行提供反担保。 |
| III. An insurance group (holding) company may provide guarantee or counter guarantee by surety guarantee or asset mortgage (pledge). Where asset mortgage (pledge) is adopted, the assets mortgaged or pledged shall be obtained from capital fund, capital reserve, undistributed profits and other self-owned funds. | | 三、保险集团（控股）公司提供担保或反担保可以采用保证担保方式或资产抵（质）押方式。采用资产抵（质）押方式的，应当使用资本金、资本公积金和未分配利润等自有资金形成的资产。 |
| IV. An insurance institution shall, under the principle of asset-liability matching management and in comprehensive consideration of the liquidity of asset portfolios, interest rate and exchange rate levels and future change tendencies in the international financial market, financing costs, revenue and other factors, prudently conduct the business of offshore loans against onshore guarantees, improve the risk-control mechanism, regulate the business operating procedures, in order to effectively prevent relevant risks. | | 四、保险机构应当按照资产负债匹配管理原则，综合考虑资产组合的流动性、国际金融市场利率汇率水平和未来变化趋势、融资成本和收益等因素，审慎开展内保外贷业务，完善风险控制机制，规范业务操作流程，切实防范相关风险。 |
| V. Insurance institutions that conduct the business of offshore loans against onshore guarantees shall meet the qualification conditions for overseas investment with insurance funds, be approved to make overseas investment with insurance funds, have relatively strong asset-liability matching management capacity and financing management capacity, have developed sound overseas financing management rules, have employed professional overseas financing managers, and have specified overseas financing decision-making mechanism, division of functions, business flows, risk management and other relevant contents. | | 五、开展内保外贷业务的保险机构应当符合保险资金境外投资的资质条件，获准开展保险资金境外投资业务，具有较强的资产负债匹配管理能力和融资管理能力，且建立完善的境外融资管理制度，配备专业的境外融资管理人员，明确境外融资决策机制、职责分工、业务流程和风险管理等相关内容。 |
| When conducting the business of offshore loans against onshore guarantees, an insurance institution shall have comprehensive solvency adequacy ratio not lower than 150% at the end of the previous quarter and an insurance company shall have comprehensive solvency risk rating not lower than the regulatory category of Class A. The special-purpose company for which an insurance institution conducts the business of offshore loans against onshore guarantees shall assume the liability for repayment of the loans as the first payer, and have expected stable cash flow and relatively strong solvency. | | 开展内保外贷业务时，保险机构上季度末综合偿付能力充足率应当不低于150%，保险公司偿付能力风险综合评级不低于A类监管类别。保险机构开展内保外贷业务的特殊目的公司应当担负第一还款人责任，有预期稳定的现金流收入，具备较强的偿还能力。 |
| VI. Where an insurance institution intends to conduct the business of offshore loans against onshore guarantees, it shall be deliberated and adopted by the general meeting of shareholders or board of directors of the insurance institution, a written resolution shall be formed, the internal operating procedures shall be regulated, and an accountability mechanism shall be established. | | 六、保险机构开展内保外贷业务，应当经股东大会或董事会审议通过，形成书面决议，并规范内部操作程序，建立责任追究机制。 |
VII. Where an insurance institution conducts the business of offshore loans against onshore guarantees and its special-purpose company is to obtain a loan of USD 50 million(or equivalent) or more for a single investment project, it shall report to the Insurance Asset Management Association of China in advance, and may carry out the business only after the Insurance Asset Management Association of China has conducted assessment.
．．．．．． | | 七、保险机构开展内保外贷业务，其特殊目的公司单个投资项目取得贷款资金金额在5000万美元（或等值货币）以上的，需要事前向中国保险资产管理业协会报告，由中国保险资产管理业协会组织评估后方可进行。
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