| Notice of the China Insurance Regulatory Commission on Enhancing Insurance Regulation, Cracking Down on Violations of Laws and Regulations and Addressing Market Irregularities | | 中国保监会关于强化保险监管 打击违法违规行为 整治市场乱象的通知 |
| (No. 40 [2017] of the China Insurance Regulatory Commission) | | （保监发〔2017〕40号） |
| The China Insurance Regulatory Commission (CIRC) will organize special campaigns soon to implement in depth the spirit of the Central Economic Work Conference, especially the important instructions from General Secretary Xi Jinping and Premier Li Keqiang regarding financial work, strictly crack down on violations of laws and regulations, and regulate the order of the insurance market. You are hereby notified of the relevant matters as follows: | | 为深入贯彻落实中央经济工作会议精神、特别是习近平总书记和李克强总理关于金融工作的重要指示精神，严厉打击违法违规行为，规范保险市场秩序，保监会将于近期组织开展集中整治行动。现就有关工作事项通知如下： |
| I. Objectives and significance | | 一、目的意义 |
| Since the 18th CPC National Congress, under the leadership of the CPC Central Committee and the State Council, sustained and rapid growth of the insurance industry has been achieved, insurance coverage has continued to be enhanced, and so has the industry's capability to serve the real economy. However, there are a few ill-motivated and nearsighted market participants that seek quick profits and impractical growth and coverage. Some staff members of the regulators are not well positioned, have a weak sense of responsibility, and fail to perform their duties effectively. The insurance industry shares the same irregularities in the financial markets, mainly including inflated capital, ineffective governance, runaway investment, dishonest marketing, and distorted data of some insurance institutions, which cause grave damage to the lawful rights and interests of insurance consumers, disrupt the order of the insurance market, and may even trigger major economic and financial risks. The CIRC will neither shy away from nor cover up such market irregularities; instead, with an even stronger sense of responsibility, will conduct rigorous overhauls, address market irregularities at a faster pace, impose heavier punishment on violators, and adamantly guard the red line of non-occurrence of systemic risks to ensure the economic and financial security and stability of the country. | | 党的十八大以来，在党中央国务院的正确领导下，保险业实现了持续较快增长，保障能力不断增强，服务实体经济能力不断提升。但是，由于部分市场主体动机不纯、急功近利、贪快求全，加之一些监管人员位置不正、责任不强、履职不力等原因，金融市场乱象问题在保险业同样存在，集中体现为部分保险机构资本失实、治理失效、投资失控、营销失信、数据失真等方面，严重损害了保险消费者合法权益，扰乱了保险市场秩序，甚至可能引发重大经济金融风险。面对这些市场乱象问题，保监会将坚持不回避、不遮掩，以更强担当精神履职尽责，从严整治、从快处理、从重问责，坚决守住不发生系统性风险底线，确保国家经济金融安全稳定。 |
| II. Work arrangements | | 二、工作部署 |
| 1. Focusing on false contributions to effectively address the problem of inflated capital | | （一）着力整治虚假出资，切实解决资本不实问题。 |
| Self-injection and circular use of insurance funds by shareholders of insurance companies; contribution of capital not using one's own funds through a multilayered stockholding structure to evade regulation; and failure to honestly pay up capital contributed or illegal withdrawal of capital are at the center of overhauls. | | 集中整治保险公司股东利用保险资金自我注资、循环使用；通过增加股权层级规避监管、使用非自有资金出资；入股资金未真实足额到位或抽逃资本金。 |
| All insurance institutions shall carefully check the sources of capital contributed to ensure that such capital is authentic, from an investor's own funds, and lawful. If there is any false information provided or any information intentionally withheld, they shall voluntarily accept dispositive measures taken by the regulators. | | 各保险机构要对入股资金来源认真核查，确保入股资金真实、自有、合法。如存在提供虚假信息或故意隐瞒的情况，自愿接受监管部门的处置措施。 |
| Regulators shall conduct special overhauls on the authenticity of capital, and pay particular attention to whether shareholders have made investment in insurance companies directly or indirectly by: bank loans and debts in other forms; trust capital, entrusted capital, and other funds not owned by them; using the funds invested in trust plans and other financial products by insurance companies; using funds obtained by pledging deposit certificates of insurance companies; and using funds obtained by pledging the equities of insurance companies. Where a shareholder fails to honestly declare the source of investment or shareholder affiliations or prepares or provides any false documents, among other violations of regulations, once discovered, regulatory measures such as restrictions on exercise of voting rights, designation of directors, and other shareholder's rights and even ordered transfer or auction of equities shall be taken against the shareholder in accordance with the law, and the relevant parties shall be put on the blacklist of the insurance industry to restrict their investment activities in the insurance industry. | | 监管部门要开展资本真实性专项整治，重点关注股东是否直接或间接通过以下方式向保险公司投资：银行贷款及其他形式的债务资金；信托资金、委托资金等非自有资金；利用保险公司投资信托计划等金融产品的有关资金；利用保险公司存单质押获取的资金；通过质押保险公司股权获取的资金。对存在入股资金来源或股东关联关系申报不实，以及编制提供虚假材料等违规行为的股东，一经发现，依法采取限制行使表决权、派驻董事等股东权利，直至责令转让或拍卖股权等监管措施，并将有关当事人列入保险业黑名单，限制其在保险业开展投资活动。 |
| 2. Focusing on addressing irregularities in corporate governance to improve the efficacy of governance mechanisms | | （二）着力整治公司治理乱象，提升治理机制有效性。 |
| Impossibility of regular operation of companies caused by struggle for control or major disagreement over interests among shareholders or between shareholders and the management; and an "unchallenged say" of principal shareholders or actual controllers due to a lack of checks and balance in the decision making mechanisms shall be at the center of overhauls. | | 集中整治股东之间或股东与管理层之间，因控制权争夺或重大利益分歧导致公司无法正常经营；决策机制缺乏制衡，形成大股东或实际控制人“一言堂”的情形。 |
| All insurance institutions shall have an improved understanding of the corporate governance philosophy, foster fine corporate governance cultures, enhance corporate governance structures, specify the limits of duties and powers, strictly implement the information disclosure and reporting requirements for corporate governance, voluntarily accept public scrutiny, and address existing problems. | | 各保险机构要提升对公司治理理念的认识，培育优秀的公司治理文化，完善公司治理架构，明确职责和权力边界，严格落实公司治理信息披露和报告要求，主动接受社会监督，并针对存在的问题进行整改。 |
| Regulators shall advance in depth the regulatory assessment of corporate governance of incorporated insurance institutions, strengthen the piecing review of the background, eligibility, and affiliations of investors, and prohibit nominal holding, affiliated shareholding violations, and other non-compliance. Particular attention shall be paid to checking whether companies have established governance structures adapted to their own circumstances and the compliance and effectiveness of their corporate governance mechanisms and screening their corporate governance for potential risks. | | 监管部门要深入推进保险法人机构公司治理监管评估，加强投资人背景、资质和关联关系穿透性审查，禁止代持、违规关联持股等行为。重点核查公司是否建立适合自身情况的治理架构、公司治理机制的合规性和有效性，排查公司治理潜在风险。 |
| 3. Focusing on addressing irregularities in the use of funds to adamantly contain non-compliance of investment and aggressive investment | | （三）着力整治资金运用乱象，坚决遏制违规投资、激进投资行为。 |
Investment of insurance funds in multilayered nested products, obscurity of the true purpose of the investment of funds, and concealment of true risk conditions; irrational stake accumulation, joint takeover with non-insurance parties acting in concert, and frequent scalping of stocks by using insurance funds; illegal conveyance of interests to principal shareholders and actual controllers by related-party transactions in the use of funds; reckless cross-border or cross-field high-value investments, acquisitions and mergers; and investment of short-term funds in a concentrated manner in illiquid high-risk assets on non-public markets shall be at the center of overhauls.
．．．．．． | | 集中整治保险资金投资多层嵌套的产品，模糊资金的真实投向，掩盖风险的真实状况；非理性连续举牌，与非保险一致行动人共同收购，利用保险资金快进快出频繁炒作股票；违规开展资金运用关联交易，向大股东和实际控制人输送利益；盲目跨境跨领域大额投资和并购；将短期资金集中投向非公开市场的低流动性高风险资产。
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