| Order of the China Banking and Insurance Regulatory Commission | | 中国银行保险监督管理委员会令 |
| (No. 5 [2020]) | | （2020年第5号） |
| The Interim Measures for the Administration of Insurance Asset Management Products, as adopted at the 6th executive meeting of the China Banking and Insurance Regulatory Commission on July 19, 2019, are hereby issued, and shall come into force on May 1, 2020. | | 《保险资产管理产品管理暂行办法》已于2019年7月19日经中国银保监会2019年第6次委务会议通过。现予公布，自2020年5月1日起施行。 |
| Chairman: Guo Shuqing | | 主席 郭树清 |
| March 18, 2020 | | 2020年3月18日 |
| Interim Measures for the Administration of Insurance Asset Management Products | | 保险资产管理产品管理暂行办法 |
| 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, the Banking Supervision Law of the People's Republic of China, the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (hereinafter referred to as the “Guiding Opinions”) and other relevant laws and regulations for the purposes of regulating the provision of services on insurance asset management products by insurance asset management institutions (hereinafter referred to as “insurance asset management products” or “products”) and protecting the lawful rights and interests of investors and relevant parties. | | 第一条 为了规范保险资产管理机构开展保险资产管理产品（以下简称保险资管产品或者产品）业务，保护投资者和相关当事人合法权益，根据《中华人民共和国保险法》《中华人民共和国银行业监督管理法》《关于规范金融机构资产管理业务的指导意见》（以下简称《指导意见》）及相关法律法规，制定本办法。 |
| Article 2 These Measures shall apply to the provision of services on insurance asset management products by insurance asset management institutions formed within the territory of the People's Republic of China, except as otherwise provided for by any law, administrative regulation, or the China Banking and Insurance Regulatory Commission (hereinafter referred to as the “CBIRC”). | | 第二条 在中华人民共和国境内设立的保险资产管理机构开展保险资管产品业务，适用本办法。法律、行政法规以及中国银行保险监督管理委员会（以下简称银保监会）另有规定的除外。 |
| Article 3 For the purposes of these Measures, the “services on insurance asset management products” means the financial services that an insurance asset management institution accepts an investor's entrustment to establish an insurance asset management product and serves as the manager to make investment with and manage the entrusted assets of the investor in accordance with laws, regulations and the provisions of the relevant contract. | | 第三条 本办法所称保险资管产品业务，是指保险资产管理机构接受投资者委托，设立保险资管产品并担任管理人，依照法律法规和有关合同约定，对受托的投资者财产进行投资和管理的金融服务。 |
| Insurance asset management products include debt investment plans, equity investment plans, portfolio products and other products set out by the CBIRC. | | 保险资管产品包括债权投资计划、股权投资计划、组合类产品和银保监会规定的其他产品。 |
| Article 4 Insurance asset management products shall be issued to qualified investors in a non-public manner. | | 第四条 保险资管产品应当面向合格投资者通过非公开方式发行。 |
| Article 5 An insurance asset management institution providing services on insurance asset management products shall maximize its advantages of long-term and stable provision of insurance funds so as to serve insurance and guarantee and economic and social development. | | 第五条 保险资产管理机构开展保险资管产品业务，应当发挥保险资金长期、稳定的优势，服务保险保障，服务经济社会发展。 |
| Article 6 An insurance asset management institution providing the services on insurance asset management products shall abide by laws, administrative regulations and the provisions of the CBIRC, follow the principles of fairness and impartiality, protect investors' lawful rights and interests, have good faith, act with due diligence, and prevent conflicts of interest. | | 第六条 保险资产管理机构开展保险资管产品业务，应当遵守法律、行政法规以及银保监会的规定，遵循公平、公正原则，维护投资者合法权益，诚实守信、勤勉尽责，防范利益冲突。 |
| Article 7 An insurance asset management institution providing the services on insurance asset management products shall strengthen investor suitability management, fully disclose information and reveal risks to investors, and shall not promise guaranteed principal or return on investment. | | 第七条 保险资产管理机构开展保险资管产品业务，应当加强投资者适当性管理，向投资者充分披露信息和揭示风险，不得承诺保本保收益。 |
| An investor that invests in any insurance asset management product shall make decisions prudently according to his or her own capability and assume investment risks independently. | | 投资者投资保险资管产品，应当根据自身能力审慎决策，独立承担投资风险。 |
| Article 8 The assets of an insurance asset management product shall be independent of the inherent assets of an insurance asset management institution, a custodian and any natural person, legal person or organization that provides services for product management, as well as other assets under their management. All property and income obtained from managing, utilizing, disposing of product assets or other circumstances shall be incorporated into product assets. If the insurance asset management institution, the custodian or any other institution is liquidated for being dissolved, administratively dissolved or declared bankrupt in accordance with the law or any other reason, product assets are not its liquidating property. | | 第八条 保险资管产品财产独立于保险资产管理机构、托管人和其他为产品管理提供服务的自然人、法人或者组织的固有财产和其管理的其他财产。因产品财产的管理、运用、处分或者其他情形取得的财产和收益，应当归入产品财产。保险资产管理机构、托管人等机构因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的，产品财产不属于其清算财产。 |
| Article 9 The Insurance Asset Management Association of China, Shanghai Insurance Exchange Co., Ltd. and PICC Insurance Asset Registration and Trading System Co., Ltd. shall conduct the self-regulatory management of the services on insurance asset management products provided by insurance asset management institutions in accordance with laws, administrative regulations and the provisions of the CBIRC. | | 第九条 中国保险资产管理业协会、上海保险交易所股份有限公司、中保保险资产登记交易系统有限公司依照法律、行政法规以及银保监会的规定，对保险资产管理机构开展保险资管产品业务实施自律管理。 |
| Article 10 An insurance asset management institution providing the services on insurance asset management products shall conduct issuance, registration, custody, transaction, settlement and information disclosure, among others, on Shanghai Insurance Exchange Co., Ltd., PICC Insurance Asset Registration and Trading System Co., Ltd., or any other asset registration and trading platform recognized by the CBIRC (hereinafter referred to as the “registration and trading platform”). | | 第十条 保险资产管理机构开展保险资管产品业务，应当在上海保险交易所股份有限公司、中保保险资产登记交易系统有限公司等银保监会认可的资产登记交易平台（以下简称登记交易平台）进行发行、登记、托管、交易、结算、信息披露等。 |
| Article 11 The CBIRC shall supervise and administer the services on insurance asset management products in accordance with the law. | | 第十一条 银保监会依法对保险资管产品业务进行监督管理。 |
| The CBIRC shall implement penetrating regulation of the services on insurance asset management products, identify final investors and underlying assets of products, and conduct the comprehensive and dynamic regulation of product operation and management. | | 银保监会对保险资管产品业务实行穿透式监管，向上识别产品的最终投资者，向下识别产品的底层资产，并对产品运作管理实行全面动态监管。 |
| Chapter II Parties to Products | | 第二章 产品当事人 |
| Article 12 For the purposes of these Measures, “qualified investor” means a natural person, legal person or any other organization that has the corresponding risk identification ability and risk tolerance, invests not less than a certain amount in a product, and meets the following conditions: | | 第十二条 本办法所称合格投资者是指具备相应风险识别能力和风险承担能力，投资于单只产品不低于一定金额且符合下列条件的自然人、法人或者其他组织： |
| (1) A natural person having two or more years of investment experience and meeting one of the following conditions: family financial net assets are not less than three million yuan; family financial assets are not less than five million yuan; or the average annual income of the person in the most recent three years is not less than 400,000 yuan. | | （一）具有两年以上投资经历，且满足以下条件之一的自然人：家庭金融净资产不低于300万元人民币，家庭金融资产不低于500万元人民币，或者近三年本人年均收入不低于40万元人民币； |
| (2) A corporate entity, of which the net assets at the end of the most recent year are not less than ten million yuan. | | （二）最近一年末净资产不低于1000万元人民币的法人单位； |
| (3) An institution regulated by the financial regulatory authority and asset management products issued by it. | | （三）接受金融监督管理部门监管的机构及其发行的资产管理产品； |
| (4) Basic pension funds, social security funds, enterprise annuity funds and other pension funds. | | （四）基本养老金、社会保障基金、企业年金等养老基金； |
| (5) Investors otherwise deemed qualified by the CBIRC. | | （五）银保监会视为合格投资者的其他情形。 |
| Article 13 An insurance asset management institution providing the services on insurance asset management products shall meet the following conditions: | | 第十三条 保险资产管理机构开展保险资管产品业务，应当符合下列条件： |
| (1) It has sound corporate governance, a good market reputation and satisfies the requirements of the CBIRC in terms of its investment management capability. | | （一）公司治理完善，市场信誉良好，符合银保监会有关投资管理能力要求； |
| (2) It has sound operating procedures, an internal control mechanism, risk management and auditing rules, and has set up the mechanism for fair trading and risk isolation. | | （二）具有健全的操作流程、内控机制、风险管理和稽核制度，建立公平交易和风险隔离机制； |
| (3) It has set up professional positions such as product development, investment research, investment management, risk control, and performance assessment. | | （三）设置产品开发、投资研究、投资管理、风险控制、绩效评估等专业岗位； |
| (4) It has a stable investment management team and relevant professionals of which the number is not less than that required. | | （四）具有稳定的投资管理团队，拥有不低于规定数量的相关专业人员； |
| (5) It has not committed any serious violations of laws and regulations in the most recent three years, or has not committed any serious violations of laws and regulations from the date of formation if it has been formed for less than three years. | | （五）最近三年无重大违法违规行为，设立未满三年的，自其成立之日起无重大违法违规行为； |
| (6) Other prudential conditions as set out by the CBIRC. | | （六）银保监会规定的其他审慎性条件。 |
| Article 14 An insurance asset management institution providing the services on insurance asset management products shall perform the following duties: | | 第十四条 保险资产管理机构开展保险资管产品业务，应当履行下列职责： |
| (1) Legally undergoing product registration formalities and handling share sales, custody and other matters. | | （一）依法办理产品的注册或者登记手续以及份额销售、托管等事宜； |
| (2) Applying separate management and separate accounts to the entrusted assets of different products under its management and managing product assets as agreed upon in contracts. | | （二）对所管理的不同产品受托财产分别管理、分别记账，按照合同约定管理产品财产； |
| (3) Determining the income distribution plan according to the provisions of product contracts and distributing income to investors in a timely manner. | | （三）按照产品合同约定确定收益分配方案，及时向投资者分配收益； |
| (4) Conducting product accounting and preparing financial accounting reports on products. | | （四）进行产品会计核算并编制产品财务会计报告； |
| (5) Calculating and disclosing the net value or return on investment of products according to the law. | | （五）依法计算并披露产品净值或者投资收益情况； |
| (6) Handling information disclosure matters regarding the management of entrusted assets. | | （六）办理与受托财产管理业务活动有关的信息披露事项； |
| (7) Preserving records, account books, statements and other materials regarding the management of entrusted assets. | | （七）保存受托财产管理业务活动的记录、账册、报表和其他相关资料； |
| (8) Exercising litigation rights or taking other legal actions in the name of the manager for the benefit of investors. | | （八）以管理人名义，代表投资者利益行使诉讼权利或者实施其他法律行为； |
| (9) Other duties as set out by the CBIRC. | | （九）银保监会规定的其他职责。 |
| Article 15 An insurance asset management institution providing the services on insurance asset management products shall retain a commercial bank or any other financial institution in compliance with the provisions of the CBIRC and meeting the conditions for the custody of insurance assets to serve as the custodian. | | 第十五条 保险资产管理机构开展保险资管产品业务，应当聘请符合银保监会规定且已具备保险资产托管业务条件的商业银行或者其他金融机构担任托管人。 |
| Article 16 A custodian shall perform the following duties: | | 第十六条 托管人应当履行下列职责： |
| (1) Faithfully performing custodial duties and properly preserving product assets. | | （一）忠实履行托管职责，妥善保管产品财产； |
| (2) Maintaining separate accounts for different products and ensuring the independence and integrity of product assets. | | （二）根据不同产品，分别设置专门账户，保证产品财产独立和安全完整； |
| (3) Handling fund transfer, liquidation and settlement in a timely manner according to the instructions of the insurance asset management institution. | | （三）根据保险资产管理机构指令，及时办理资金划转和清算交割； |
| (4) Reviewing and examining the value of product assets calculated by the insurance asset management institution. | | （四）复核、审查保险资产管理机构计算的产品财产价值； |
| (5) Knowing about and obtaining the information on product management and operation, issuing custody reports, and handling information disclosure matters regarding the custody business. | | （五）了解并获取产品管理运营的有关信息，办理出具托管报告等与托管业务活动有关的信息披露事项； |
| (6) Supervising the investment operation of the insurance asset management institution, supervising the investment scope, and investment varieties, among others, of entrusted product assets, and if it finds that any investment or liquidation instruction of the insurance asset management institution violates any law, administrative regulation, the provisions of the CBIRC or the provisions of the product contract, it shall refuse to execute such an instruction, and file a report with the CBIRC in a timely manner. | | （六）监督保险资产管理机构的投资运作，对托管产品财产的投资范围、投资品种等进行监督，发现保险资产管理机构的投资或者清算指令违反法律、行政法规、银保监会规定或者产品合同约定的，应当拒绝执行，并及时向银保监会报告； |
| (7) Preserving records, account books, statements, and other relevant materials regarding the product custody business. | | （七）保存产品托管业务活动的记录、账册、报表和其他相关资料； |
| (8) Voluntarily accepting the supervision of investors and the CBIRC, assuming the responsibility for keeping product investment information and relevant materials confidential, and shall not provide any relevant information or materials to any institution or individual, except as otherwise provided for by law, administrative regulation or rule, required in auditing, or agreed upon in a contract. | | （八）主动接受投资者和银保监会的监督，对产品投资信息和相关资料承担保密责任，除法律、行政法规、规章规定或者审计要求、合同约定外，不得向任何机构或者个人提供相关信息和资料； |
| (9) Other duties provided for by laws, administrative regulations, the provisions of the CBIRC and the provisions of product contracts. | | （九）法律、行政法规、银保监会规定以及产品合同约定的其他职责。 |
| Article 17 An insurance asset management institution providing the services on insurance asset management products may, in accordance with the relevant laws, administrative regulations and the provisions of the CBIRC, retain a specialized service provider to provide professional services concerning the products such as independent supervision, credit evaluation, investment consulting, legal services, financial audit and asset appraisal. | | 第十七条 保险资产管理机构开展保险资管产品业务，可以依照有关法律、行政法规以及银保监会规定，聘请专业服务机构，为产品提供独立监督、信用评估、投资顾问、法律服务、财务审计或者资产评估等专业服务。 |
| The insurance asset management institution shall disclose the qualification, charges and other information of the specialized service provider to investors, as well as the conditions for and procedures of replacement and dismissal, and fully reveal the potential risks arising from the recruitment of the specialized service provider. | | 保险资产管理机构应当向投资者披露专业服务机构的资质、收费等情况，以及更换、解聘的条件和程序，充分揭示聘请专业服务机构可能产生的风险。 |
| Article 18 A specialized service provider shall have good faith, act with due diligence, and meet the following conditions: | | 第十八条 专业服务机构应当诚实守信、勤勉尽责，并符合下列条件： |
| (1) It has the business qualification recognized by the relevant department of the state. | | （一）具有经国家有关部门认可的业务资质； |
| (2) It has sound management rules, business flow and an internal control mechanism. | | （二）具有完善的管理制度、业务流程和内控机制； |
| (3) It is familiar with product-related laws, regulations and policies, business flow and transaction structure, has relevant service experience and capability, and has a good business reputation. | | （三）熟悉产品相关法律法规、政策规定、业务流程和交易结构，具有相关服务经验和能力，商业信誉良好； |
| (4) Other prudential conditions as set out by the CBIRC. | | （四）银保监会规定的其他审慎性条件。 |
| An investment advisor retained by an insurance asset management institution shall meet following conditions in addition to the aforesaid conditions: | | 保险资产管理机构聘请的投资顾问，除满足上述条件外，还应当符合下列条件： |
| (1) It has professional qualification and is regulated by the financial regulatory department. | | （一）具有专业资质并受金融监督管理部门监管； |
| (2) Its major personnel have the professional knowledge and skills, and have three or more years of relevant business experience. | | （二）主要人员具备专业知识和技能，从事相关业务三年以上； |
| (3) It has not committed any major violations of laws and regulations regarding the investment consulting business in the most recent three years. | | （三）最近三年无涉及投资顾问业务的违法违规行为； |
| (4) Other conditions as set out by the CBIRC. | | （四）银保监会规定的其他条件。 |
When an insurance asset management institution cooperates with any investment advisor for the first time, it shall file a report on cooperation with the CBIRC ten working days in advance. No investment advisor may assume the duty to make investment decisions, directly execute investment instructions, or promise guaranteed principal or return on investment in any form. No insurance asset management institution may make payment to any investment advisor who fails to provide any substantial service, or make payment not commensurate with the services provided by any investment advisor.
．．．．．． | | 保险资产管理机构与任一投资顾问进行首次合作的，应当提前十个工作日将合作情况报告银保监会。投资顾问不得承担投资决策职责，不得直接执行投资指令，不得以任何方式承诺保本保收益。保险资产管理机构不得向未提供实质服务的投资顾问支付费用或者支付与其提供的服务不相匹配的费用。
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