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Measures for the Administration of the Utilization of Insurance Funds [Effective]
保险资金运用管理办法 [现行有效]
【法宝引证码】

Order of the China Insurance Regulatory Commission 

保监会令

(No. 1 [2018]) (〔2018〕1号)

The Measures for the Administration of the Utilization of Insurance Funds, as adopted at the 5th chairman's executive meeting of the China Insurance Regulatory Commission on January 10, 2018, are hereby issued, and shall come into force on April 1, 2018. 《保险资金运用管理办法》已经2018年1月10日中国保险监督管理委员会第5次主席办公会审议通过。现予公布,自2018年4月1日起实施。
Vice Chairman: Chen Wenhui 副主席 陈文辉
January 24, 2018 2018年1月24日
Measures for the Administration of the Utilization of Insurance Funds 保险资金运用管理办法
Chapter I General Provisions 

第一章 总 则

Article 1 These Measures are developed in accordance with the Insurance Law of the People's Republic of China and other laws and administrative regulations for the purposes of regulating the utilization of insurance funds, preventing risks in the utilization of insurance funds, protecting the lawful rights and interests of the parties to insurance, and maintaining the insurance market order.   第一条 为了规范保险资金运用行为,防范保险资金运用风险,保护保险当事人合法权益,维护保险市场秩序,根据《中华人民共和国保险法》等法律、行政法规,制定本办法。
Article 2 These Measures shall apply to the utilization of insurance funds by insurance group (holding) companies and insurance companies legally formed within China.   第二条 在中国境内依法设立的保险集团(控股)公司、保险公司从事保险资金运用活动适用本办法规定。
Article 3 For the purposes of these Measures, “insurance funds” means the capital, additional paid-in capital, undistributed profits, all kinds of reserves, and other funds denominated in Renminbi and foreign currencies of insurance group (holding) companies and insurance companies.   第三条 本办法所称保险资金,是指保险集团(控股)公司、保险公司以本外币计价的资本金、公积金、未分配利润、各项准备金以及其他资金。
Article 4 The utilization of insurance funds must primarily aim at serving the insurance industry, adhere to the principle of stability, prudence and safety, conform to the regulatory requirements for solvency, be included in the asset and liability management and comprehensive risk management according to the nature of insurance funds, and be intensive, specialized, standardized and market-oriented.   第四条 保险资金运用必须以服务保险业为主要目标,坚持稳健审慎和安全性原则,符合偿付能力监管要求,根据保险资金性质实行资产负债管理和全面风险管理,实现集约化、专业化、规范化和市场化。
Insurance funds shall be utilized independently. No shareholder of any insurance group (holding) company or insurance company shall intervene in the utilization of insurance funds in violation of laws or regulations. 保险资金运用应当坚持独立运作。保险集团(控股)公司、保险公司的股东不得违法违规干预保险资金运用工作。
Article 5 The China Insurance Regulatory Commission (“CIRC”) shall regulate the utilization of insurance funds according to the law.   第五条 中国保险监督管理委员会(以下简称中国保监会)依法对保险资金运用活动进行监督管理。
Chapter II Forms of Fund Utilization 

第二章 资金运用形式

Section 1 Scope of Fund Utilization 

第一节 资金运用范围

Article 6 The utilization of insurance funds shall be limited to the following forms:   第六条 保险资金运用限于下列形式:
(1) Bank deposits. (一)银行存款;
(2) Trading in negotiable securities such as bonds, stocks, and shares of securities investment funds. (二)买卖债券、股票、证券投资基金份额等有价证券;
(3) Investment in real estate. (三)投资不动产;
(4) Investment in equity. (四)投资股权;
(5) Other forms of fund utilization as prescribed by the State Council. (五)国务院规定的其他资金运用形式。
Overseas investments with insurance funds shall conform to the relevant provisions issued by the CIRC, the People's Bank of China and the State Administration of Foreign Exchange. 保险资金从事境外投资的,应当符合中国保监会、中国人民银行和国家外汇管理局的相关规定。
Article 7 Where insurance funds are invested in bank deposits, a commercial bank meeting the following conditions shall be selected for such deposits:   第七条 保险资金办理银行存款的,应当选择符合下列条件的商业银行作为存款银行:
(1) The bank's capital adequacy ratio, net assets, and provision coverage, among others, conform to the regulatory requirements. (一)资本充足率、净资产和拨备覆盖率等符合监管要求;
(2) The bank has a standard governance structure, a sound internal control system, and good business performance. (二)治理结构规范、内控体系健全、经营业绩良好;
(3) The bank has no records of gross violation of laws and regulations in the last three years. (三)最近三年未发现重大违法违规行为;
(4) The bank's credit rating reaches the standard as prescribed by the CIRC. (四)信用等级达到中国保监会规定的标准。
Article 8 The bonds in which insurance funds are invested shall reach the credit levels that are assigned by credit rating institutions recognized by the CIRC and meet the prescribed requirements, mainly including government bonds, financial bonds, enterprise (corporate) bonds, non-financial corporate debt financing instruments, and other bonds meeting the relevant provisions.   第八条 保险资金投资的债券,应当达到中国保监会认可的信用评级机构评定的、且符合规定要求的信用级别,主要包括政府债券、金融债券、企业(公司)债券、非金融企业债务融资工具以及符合规定的其他债券。
Article 9 The stocks in which insurance funds are invested shall mainly include the stocks which are publicly offered, listed, and traded and the stocks which are non-publicly offered by listed companies to specific investors.   第九条 保险资金投资的股票,主要包括公开发行并上市交易的股票和上市公司向特定对象非公开发行的股票。
Investment in stocks with insurance funds is divided into general stock investment, major stock investment and acquisition of listed companies. The CIRC shall implement differential supervision in light of the different circumstances. 保险资金开展股票投资,分为一般股票投资、重大股票投资和上市公司收购等,中国保监会根据不同情形实施差别监管。
Investment in stocks of companies listed on the National Equities Exchange and Quotations and stocks to be subscribed for and traded in foreign currencies shall be separately prescribed by the CIRC. 保险资金投资全国中小企业股份转让系统挂牌的公司股票,以及以外币认购及交易的股票,由中国保监会另行规定。
Article 10 Where insurance funds are invested in a securities investment fund, the fund management institution for the securities investment fund shall meet the following conditions:   第十条 保险资金投资证券投资基金的,其基金管理人应当符合下列条件:
(1) It has good corporate governance and a sound risk control mechanism. (一)公司治理良好、风险控制机制健全;
(2) It performs contracts according to the law, and protects the lawful rights and interests of investors. (二)依法履行合同,维护投资者合法权益;
(3) It has been formed for not less than one year. (三)设立时间一年(含)以上;
(4) It has no records of any gross violation of laws and regulations in the last three years; and it has no records of any gross violation of laws and regulations since the date of its formation, where three years have not elapsed since its formation. (四)最近三年没有重大违法违规行为;设立未满三年的,自其成立之日起没有重大违法违规行为;
(5) It has established an effective firewall mechanism between its securities investment fund business and asset management business for specific customers. (五)建立有效的证券投资基金和特定客户资产管理业务之间的防火墙机制;
(6) It has a stable investment team, good historical investment performance, and a relatively stable size of assets or fund shares under its management. (六)投资团队稳定,历史投资业绩良好,管理资产规模或者基金份额相对稳定。
Article 11 The real estate in which insurance funds are invested means land, buildings and other fixtures on land, and the specific measures shall be developed by the CIRC.   第十一条 保险资金投资的不动产,是指土地、建筑物以及其他附着于土地上的定着物,具体办法由中国保监会制定。
Article 12 The equities in which insurance funds are invested shall be the equities of joint stock companies and limited liability companies that are legally formed and registered within China and are not publicly listed on any stock exchange.   第十二条 保险资金投资的股权,应当为境内依法设立和注册登记,且未在证券交易所公开上市的股份有限公司和有限责任公司的股权。
Article 13 An insurance group (holding) company or an insurance company shall use its own funds to purchase self-use real estate, conduct acquisition of listed companies or make equity investment to achieve control over other enterprises.   第十三条 保险集团(控股)公司、保险公司购置自用不动产、开展上市公司收购或者从事对其他企业实现控股的股权投资,应当使用自有资金。
Article 14 The equity investment made by an insurance group (holding) company or an insurance company to achieve control over other enterprises shall meet the relevant regulatory provisions on solvency. If the insurance subsidiary of an insurance group (holding) company does not meet the regulatory requirements for solvency of the CIRC, the insurance group (holding) company shall not invest in non-insurance financial enterprises.   第十四条 保险集团(控股)公司、保险公司对其他企业实现控股的股权投资,应当满足有关偿付能力监管规定。保险集团(控股)公司的保险子公司不符合中国保监会偿付能力监管要求的,该保险集团(控股)公司不得向非保险类金融企业投资。
The equity investment made to achieve control shall be limited to the equity investment in the following enterprises: 实现控股的股权投资应当限于下列企业:
(1) Insurance enterprises, including insurance companies, insurance asset management institutions, full-time insurance agencies, insurance brokerages and insurance adjustment institutions. (一)保险类企业,包括保险公司、保险资产管理机构以及保险专业代理机构、保险经纪机构、保险公估机构;
(2) Non-insurance financial enterprises. (二)非保险类金融企业;
(3) Insurance-related enterprises. (三)与保险业务相关的企业。
For the purpose of these Measures, “insurance asset management institutions” means financial institutions that are registered according to the law with the approval of the CIRC and are authorized to manage insurance funds and other funds, including insurance asset management companies and their subsidiaries, and other specialized insurance asset management institutions. 本办法所称保险资产管理机构,是指经中国保监会同意,依法登记注册,受托管理保险资金等资金的金融机构,包括保险资产管理公司及其子公司、其他专业保险资产管理机构。
Article 15 Insurance funds may be invested in asset securitization products.   第十五条 保险资金可以投资资产证券化产品。
For the purpose of the preceding paragraph, “asset securitization products” means the financial products that are issued by financial institutions on the basis of credit enhancement through structuring and other means and backed by cash flow generated from underlying assets capable of being specialized. 前款所称资产证券化产品,是指金融机构以可特定化的基础资产所产生的现金流为偿付支持,通过结构化等方式进行信用增级,在此基础上发行的金融产品。
Article 16 Insurance funds may be invested in venture capital funds and other privately offered funds.   第十六条 保险资金可以投资创业投资基金等私募基金。
For the purpose of the preceding paragraph, “venture capital funds” means private equity funds established according to the law, managed by qualified funds management institutions, and mainly investing in common shares or preferred shares that can be converted into common shares according to the law, convertible bonds and other equities of venture companies. 前款所称创业投资基金是指依法设立并由符合条件的基金管理机构管理,主要投资创业企业普通股或者依法可转换为普通股的优先股、可转换债券等权益的股权投资基金。
Article 17 Insurance funds may invest in the establishment of specialized insurance asset management institutions in such areas as real estate, infrastructure and pension, and specialized insurance asset management institutions may set up qualified insurance privately offered funds, and the specific measures shall be developed by the CIRC.   第十七条 保险资金可以投资设立不动产、基础设施、养老等专业保险资产管理机构,专业保险资产管理机构可以设立符合条件的保险私募基金,具体办法由中国保监会制定。
Article 18 Except as otherwise prescribed by the CIRC, an insurance group (holding) company or an insurance company shall not commit the following conduct in the utilization of insurance funds:   第十八条 除中国保监会另有规定以外,保险集团(控股)公司、保险公司从事保险资金运用,不得有下列行为:
(1) Depositing insurance funds with non-banking financial institutions. (一)存款于非银行金融机构;
(2) Buying stocks under “special treatment” (ST) or “special treatment with delisting risk warning” (*ST) imposed by stock exchanges. (二)买入被交易所实行“特别处理”“警示存在终止上市风险的特别处理”的股票;
(3) Investing in the equities of an enterprise or real estate not in conformity with the national industrial policies. (三)投资不符合国家产业政策的企业股权和不动产;
(4) Directly engaging in the development and construction of real estate. (四)直接从事房地产开发建设;
(5) Using the investment assets formed from the utilization of insurance funds to provide guarantee or grant loans, exception for granting personal policy-pledged loans. (五)将保险资金运用形成的投资资产用于向他人提供担保或者发放贷款,个人保单质押贷款除外;
(6) Other investments prohibited by the CIRC. (六)中国保监会禁止的其他投资行为。
Article 19 In the utilization of insurance funds, an insurance group (or holding) company or an insurance company shall satisfy the ratio regulatory requirements of the CIRC, and the specific provisions shall be separately developed by the CIRC.   第十九条 保险集团(控股)公司、保险公司从事保险资金运用应当符合中国保监会比例监管要求,具体规定由中国保监会另行制定。
The CIRC may, in light of the actual circumstances of utilization of insurance funds, adjust the classification, varieties and relevant proportions, among others, of insurance assets. 中国保监会根据保险资金运用实际情况,可以对保险资产的分类、品种以及相关比例等进行调整。
Article 20 The utilization of funds of unit-linked insurance products and non-life investment insurance products with variable return shall be independent of the funds of other insurance products in terms of asset segregation, asset allocation and investment management, among others, and the specific measures shall be developed by the CIRC.   第二十条 投资连结保险产品和非寿险非预定收益投资型保险产品的资金运用,应当在资产隔离、资产配置、投资管理等环节,独立于其他保险产品资金,具体办法由中国保监会制定。
Section 2 Modes of Fund Utilization 

第二节 资金运用模式

Article 21 An insurance group (holding) company or an insurance company shall, according to the requirements of “centralized management, unified allocation, and specialized operation,” implement intensive and specialized management of insurance funds.   第二十一条 保险集团(控股)公司、保险公司应当按照“集中管理、统一配置、专业运作”的要求,实行保险资金的集约化、专业化管理。
Insurance funds shall be under the unified management and utilization by the corporate institutions, and the branch offices thereof shall not engage in the utilization of insurance funds. 保险资金应当由法人机构统一管理和运用,分支机构不得从事保险资金运用业务。
Article 22 An insurance group (holding) company or an insurance company shall select an eligible commercial bank or other professional institution to conduct third-party custody and oversight of utilization of insurance funds, and the specific measures shall be developed by the CIRC.   第二十二条 保险集团(控股)公司、保险公司应当选择符合条件的商业银行等专业机构,实施保险资金运用第三方托管和监督,具体办法由中国保监会制定。
The insurance assets under custody shall be independent of the inherent assets of the custodial institution and other assets under custody of the custodial institution. Where a custodial institution is liquidated because it is legally dissolved, revoked, or declared bankrupt or for other reasons, the assets under its custody shall not be included in the liquidation property. 托管的保险资产独立于托管机构固有资产,并独立于托管机构托管的其他资产。托管机构因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的,托管资产不属于其清算财产。
Article 23 The main duties of a custodial institution engaging in the custody of insurance funds shall include:   第二十三条 托管机构从事保险资金托管的,主要职责包括:
(1) Custody, clearing and settlement, and asset valuation of insurance funds. (一)保险资金的保管、清算交割和资产估值;
(2) Oversight of investments. (二)监督投资行为;
(3) Disclosure of information to the relevant parties. (三)向有关当事人披露信息;
(4) Keeping trade secrets according to the law. (四)依法保守商业秘密;
(5) Other duties as prescribed by laws, administrative regulations, the provisions issued by the CIRC, and the provisions of contracts. (五)法律、行政法规、中国保监会规定和合同约定的其他职责。
Article 24 A custodial institution engaging in the custody of insurance funds shall not commit the following conduct:   第二十四条 托管机构从事保险资金托管,不得有下列行为:
(1) Misappropriating the funds under custody. (一)挪用托管资金;
(2) Mixing the management of funds under custody and its own funds or mixing the management of funds in different custody accounts. (二)混合管理托管资金和自有资金或者混合管理不同托管账户资金;
(3) Seeking illegal interests by making use of funds under custody and other relevant information. (三)利用托管资金及其相关信息谋取非法利益;
(4) Other illegal conduct. (四)其他违法行为。
Article 25 To carry out utilization of insurance funds, an insurance group (holding) company, an insurance company or an insurance asset management institution shall have the corresponding investment management capability.   第二十五条 保险集团(控股)公司、保险公司、保险资产管理机构开展保险资金运用业务,应当具备相应的投资管理能力。
Article 26 An insurance group (holding) company or an insurance company may, in light of its investment management capability and risk management capability and according to the relevant regulatory provisions, make investment itself or authorize a qualified investment manager to make investment as trustee.   第二十六条 保险集团(控股)公司、保险公司根据投资管理能力和风险管理能力,可以按照相关监管规定自行投资或者委托符合条件的投资管理人作为受托人进行投资。
For the purpose of these Measures, “investment managers” means the insurance asset management institutions, securities companies, securities asset management companies, securities investment fund management companies and other professional investment management institutions which are legally formed and comply with the provisions issued by the CIRC. 本办法所称投资管理人,是指依法设立的,符合中国保监会规定的保险资产管理机构、证券公司、证券资产管理公司、证券投资基金管理公司等专业投资管理机构。
Article 27 If an insurance group (holding) company or an insurance company authorizes an investment manager to make investment, the two parties shall enter into a written contract to agree upon the rights and obligations of both parties and ensure that the duties of the client, trustee and custodian are independent of one another.   第二十七条 保险集团(控股)公司、保险公司委托投资管理人投资的,应当订立书面合同,约定双方权利与义务,确保委托人、受托人、托管人三方职责各自独立。
An insurance group (holding) company or an insurance company shall perform the duties of developing guidelines for strategic allocation of assets, selecting trustees, overseeing the implementation by trustees, and assessing investment performance of the trustees, among others. 保险集团(控股)公司、保险公司应当履行制定资产战略配置指引、选择受托人、监督受托人执行情况、评估受托人投资绩效等职责。
A trustee shall implement a client's asset allocation guidelines, build portfolios according to the characteristics of insurance funds, and fairly treat different funds. 受托人应当执行委托人资产配置指引,根据保险资金特性构建投资组合,公平对待不同资金。
Article 28 An insurance group (holding) company or an insurance company which authorizes an investment manager to make investment shall not commit the following conduct:   第二十八条 保险集团(控股)公司、保险公司委托投资管理人投资的,不得有下列行为:
(1) Obstructing or interfering with the trustee's normal performance of duties. (一)妨碍、干预受托人正常履行职责;
(2) Requiring the trustee to provide information on other authorizing institutions.
......
 (二)要求受托人提供其他委托机构信息;
......

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