| Notice by the General Office of the China Banking and Insurance Regulatory Commission of Matters concerning the Investment in Assembled Funds Trusts with Insurance Funds | | 中国银保监会办公厅关于保险资金投资集合资金信托有关事项的通知 |
| (No. 144 [2019] of the General Office of the China Banking and Insurance Regulatory Commission) | | （银保监办发〔2019〕144号） |
| All local offices of the China Banking and Insurance Regulatory Commission; all insurance group (holding) companies, insurance companies and insurance asset management companies: | | 各银保监局，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 further strengthening the administration of investment in assembled funds trusts by insurance group (holding) companies, insurance companies and insurance asset management companies (hereinafter referred to as “insurance institutions”), regulating investment acts, and preventing fund use risks in an effective manner, in accordance with the Measures for the Administration of the Utilization of Insurance Funds and other relevant provisions, the relevant matters are hereby announced as follows: | | 为进一步加强保险集团（控股）公司、保险公司、保险资产管理公司（以下简称保险机构）投资集合资金信托业务管理，规范投资行为，切实防范资金运用风险，根据《保险资金运用管理办法》等规定，现就有关事项通知如下： |
| I. Where an insurance institution invests in an assembled funds trust, it shall, according to regulatory provisions and internal control requirements, improve decision-making procedures and authorization mechanism, and determine the decision-making and approval power of the board of directors or the institution authorized by the board of directors. The board of directors or the institution authorized by it shall make decisions on each investment and form written resolutions. | | 一、保险机构投资集合资金信托，应当按照监管规定和内控要求，完善决策程序和授权机制，确定董事会或董事会授权机构的决策权限及批准权限。各项投资由董事会或者董事会授权机构逐项决策，并形成书面决议。 |
| II. Where an insurance institution invests in an assembled funds trust, it shall assign an independent professional person in charge of trust investment, improve the retrospective accountability mechanism, and report to the China Banking and Insurance Regulatory Commission (hereinafter referred to as the “CBIRC”). The professional person in charge of trust investment shall, according to the professional person in charge with investment management capability of the insurance institution, be included in the system of the person in charge of risks for supervision, and the professional's qualification conditions, rights and obligations, risk responsibility and other requirements shall be governed by the provisions on the person in charge of investment risks of the insurance institution. | | 二、保险机构投资集合资金信托，应当配备独立的信托投资专业责任人，完善可追溯的责任追究机制，并向中国银行保险监督管理委员会（以下简称银保监会）报告。信托投资专业责任人比照保险机构投资管理能力专业责任人，纳入风险责任人体系进行监管，对其资质条件、权利义务和风险责任等要求，执行保险机构投资风险责任人的相关规定。 |
| III. An insurance institution shall specify the standards for the selection of trust companies, improve the continuous evaluation mechanism, and include the implementation information in annual internal control audit. A trust company serving as the trustee shall meet the following conditions: | | 三、保险机构应当明确信托公司选择标准，完善持续评价机制，并将执行情况纳入年度内控审计。担任受托人的信托公司应当具备以下条件： |
| (1) It has sound corporate governance, good market reputation and stable investment performance, and its audited net assets at the end of the last year are not less than three billion yuan. | | （一）具有完善的公司治理、良好的市场信誉和稳定的投资业绩，上年末经审计的净资产不低于30亿元人民币； |
| (2) The company and its senior executives have not been involved in any major criminal case or subject to any major administrative penalty by the regulatory authority in the most recent year. | | （二）近一年公司及高级管理人员未发生重大刑事案件，未受监管机构重大行政处罚。 |
| IV. For any assembled funds trust invested by insurance funds, its underlying assets shall be limited to non-standard credit assets, unlisted equity assets and other assets recognized by the CBIRC, and its investment directions shall be in line with national macro policies, industry policies and regulatory policies. No insurance funds may be invested in the fund trust of which the underlying assets fall under the sector or industry expressly prohibited by the state and regulatory authorities, and the financing entity must undertake that no funds will be invested in any sector or industry expressly prohibited by the state and regulatory authorities. | | 四、保险资金投资的集合资金信托，基础资产限于非标准化债权资产、非上市权益类资产以及银保监会认可的其他资产，投资方向应当符合国家宏观政策、产业政策和监管政策。保险资金不得投资基础资产属于国家及监管部门明令禁止的行业或产业的资金信托，融资主体须承诺资金不用于国家及监管部门明令禁止的行业或产业。 |
| V. For any assembled funds trust of which underlying assets are non-standard credit assets, it shall be subject to an external credit rating, and its credit rating shall not be lower than AA or an equivalent to AA as rated by a qualified domestic credit rating agency. | | 五、对于基础资产为非标准化债权资产的集合资金信托，应进行外部信用评级，且信用等级不得低于符合条件的国内信用评级机构评定的AA级或者相当于AA级的信用级别。 |
| VI. For an assembled funds trust of which underlying assets are non-standard credit assets, effective credit enhancement arrangements shall be made, which shall satisfy the following requirements: | | 六、对于基础资产为非标准化债权资产的集合资金信托，应当确定有效的信用增级安排，并符合下列要求： |
| (1) The means of credit enhancement is mutually independent from the fund repayment source of the financing entity. | | （一）信用增级方式与融资主体还款来源相互独立。 |
| (2) Credit enhancement shall be realized by the following means, or a combination thereof: | | （二）信用增级采用以下方式或其组合： |
(a) Where credit is enhanced by surety guarantee, such guarantee shall be an unconditional and irrevocable joint and several liability guarantee for the full amount of the principal and interest, the guarantor's credit rating shall not be lower than that of the guaranteed person, all legal procedures shall be undergone for the guarantee behavior, and the total amount of external guarantees provided by the same guarantor shall not exceed 50% of its net assets. If guarantee is provided by the parent company or actual controller of the financing entity, the guarantor's net assets shall not be lower than 1.5 times net assets of the financing entity.
．．．．．． | | 1.设置保证担保的，应当为本息全额无条件不可撤销连带责任保证担保，担保人信用等级不低于被担保人信用等级，担保行为履行全部合法程序，且同一担保人全部对外担保金额占其净资产的比例不超过50%。由融资主体母公司或实际控制人提供担保的，担保人净资产不得低于融资主体净资产的1.5倍。
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