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Interim Measures for the Administration of Insurance Asset Management Products [Effective]
保险资产管理产品管理暂行办法 [现行有效]
【法宝引证码】

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。
Chapter III Product Issuance, Duration and Termination 

第三章 产品发行、存续与终止法宝

Article 19 Insurance asset management products shall, according to the nature of investment, be divided into fixed-income products, equity products, commodity and financial derivative products, and mixed products.   第十九条 保险资管产品按照投资性质的不同,分为固定收益类产品、权益类产品、商品及金融衍生品类产品和混合类产品。
For a fixed-income product, the proportion of investment in credit assets shall not be less than 80%, for an equity product, the proportion of investment in equity assets shall not be less than 80%, for a commodity or financial derivative product, the proportion of investment in commodities or financial derivatives shall not be less than 80%, and for a mixed product, the investment is made in credit assets, equity assets, and commodity or financial derivative assets, and the proportion of investment in any of the three types of assets shall not reach the standards for the aforesaid three types of products. 固定收益类产品投资于债权类资产的比例不低于80%,权益类产品投资于权益类资产的比例不低于80%,商品及金融衍生品类产品投资于商品及金融衍生品的比例不低于80%,混合类产品投资于债权类资产、权益类资产、商品及金融衍生品类资产且任一资产的投资比例未达到前三类产品标准。
Where the non-compliance with the aforesaid proportion requirement is not caused by the subjective factors of an insurance asset management institution, the insurance asset management institution shall make adjustments to comply with the requirements within 15 trading days from the date when liquidity-restricted assets are available for sale or transfer, or the trading thereof is resumed. 非因保险资产管理机构主观因素导致突破前述比例限制的,保险资产管理机构应当在流动性受限资产可出售、可转让或者恢复交易的十五个交易日内调整至符合要求。
Article 20 The investment made by a qualified investor in a fixed-income product shall not be less than 300,000 yuan, the investment in a mixed product shall not be less than 400,000 yuan, and the investment in an equity product or a commodity or financial derivative product shall not be less than one million yuan. If an insurance asset management product is used for investment in non-standard credit assets, the amount of entrusted funds accepted from a qualified investor shall not be less than one million yuan.   第二十条 合格投资者投资于单只固定收益类产品的金额不低于30万元人民币,投资于单只混合类产品的金额不低于40万元人民币,投资于单只权益类产品、单只商品及金融衍生品类产品的金额不低于100万元人民币。保险资管产品投资于非标准化债权类资产的,接受单个合格投资者委托资金的金额不低于100万元人民币。
Article 21 For an insurance asset management product issued by an insurance asset management institution, registration and other statutory procedures shall be undergone at the institution recognized by the CBIRC.   第二十一条 保险资产管理机构发行的保险资管产品,应当在银保监会认可的机构履行注册或者登记等规定程序。
The insurance asset management institution shall submit product materials as required. Product materials shall be true, complete and standardized. The institution recognized by the CBIRC shall merely examine the completeness and compliance of product materials without any substantial judgment of the investment value and risks of the product. 保险资产管理机构应当按照规定报送产品材料。产品材料应当真实、完备、规范。银保监会认可的机构仅对产品材料的完备性和合规性进行审查,不对产品的投资价值和风险作实质性判断。
Article 22 Within the duration of an insurance asset management product, an insurance asset management institution shall continually register such information as the basic factors of the product, fundraising, income distribution and shares held by investors according to the relevant provisions and business rules of the registration and trading platform.   第二十二条 在保险资管产品存续期,保险资产管理机构应当按照有关规定以及登记交易平台的业务规则,持续登记产品基本要素、募集情况、收益分配、投资者所持份额等信息。
Article 23 For the information concerning shares held by investors in an insurance asset management product, the information registered on the registration and trading platform shall prevail. The beneficiary certificates of relevant products shall be issued and centrally deposited at the registration and trading platform.   第二十三条 投资者持有保险资管产品的份额信息以登记交易平台的登记结果为准。相关产品的受益凭证由登记交易平台出具并集中托管。
Where an investor raises any objection to the registered information, the registration and trading platform shall conduct review and give a reply in a timely manner. If any error in data is caused due to the fault of the registration and trading platform, which causes any loss to the investor, the registration and trading platform shall assume the corresponding liability. 投资者对登记结果有异议的,登记交易平台应当及时复查并予以答复;因登记交易平台工作失误造成数据差错并给投资者造成损失的,登记交易平台应当承担相应责任。
Article 24 The registration and trading platform and a registration agency shall establish a product information sharing mechanism in order to realize system interconnection, and promote the effective connection between the industrial infrastructure system and the regulatory information system, so as to perform the information reporting responsibility in a timely and effective manner.   第二十四条 登记交易平台和注册机构应当建立产品信息共享机制,实现系统互联互通,推进行业基础设施系统与监管信息系统的有效衔接,及时有效履行信息报送责任。
Article 25 An insurance asset management institution, a custodian, investors and a relevant specialized service provider shall submit product materials and data according to the data standards and technical interface specifications issued by the registration and trading platform and registration agency.   第二十五条 保险资产管理机构、托管人、投资者和有关专业服务机构应当按照登记交易平台和注册机构发布的数据标准和技术接口规范,报送产品材料和数据信息。
Article 26 An insurance asset management institution may sell insurance asset management products by itself or entrust a qualified financial institution or any other institution recognized by the CBIRC to sell insurance asset management products as an agent.   第二十六条 保险资产管理机构可以自行销售保险资管产品,也可以委托符合条件的金融机构以及银保监会认可的其他机构代理销售保险资管产品。
The insurance asset management institution and the sales agency as its agent shall have good faith, act with due diligence, prevent conflicts of interest, perform the relevant obligations such as explanation and anti-money laundering, and assume the relevant responsibilities such as investor suitability examination, product recommendation and confirmation of qualified investors. 保险资产管理机构和代理销售机构应当诚实守信、勤勉尽责,防范利益冲突,履行说明义务、反洗钱义务等相关义务,承担投资者适当性审查、产品推介和合格投资者确认等相关责任。
The insurance asset management institution and the sales agency as its agent shall assess the risk tolerance of the investor as a natural person, determine the investor's risk tolerance, and sell to the investor the product matching the risk identification ability and risk tolerance thereof. The specific rules for product sales shall be developed additionally by the CBIRC in accordance with the law. 保险资产管理机构和代理销售机构应当对自然人投资者的风险承受能力进行评估,确定投资者风险承受能力等级,向投资者销售与其风险识别能力和风险承担能力相适应的产品。产品销售的具体规则由银保监会依法另行制定。
Article 27 An insurance asset management institution shall, according to the nature and size of a product, develop special rules, establish and improve the mechanism, set up positions and professionals that are independent of product issuance, and manage the product within the duration thereof. The management within the duration shall cover risk warning, handling of risk incidents, data submission, information disclosure and reporting, among others.   第二十七条 保险资产管理机构应当按照产品的性质、规模,制定专项制度,建立健全机制,设置与产品发行相独立的岗位和专业人员,开展产品存续期管理工作。存续期管理应当涵盖风险预警、风险事件处置、数据报送、信息披露和报告等。
Within the duration of a product, the registration agency and registration and trading platform shall conduct information statistics, risk monitoring and other work in accordance with the law. 在产品存续期,注册机构和登记交易平台依法开展信息统计和风险监测等工作。
Article 28 Under any of the following circumstances, an insurance asset management product shall terminate:   第二十八条 有下列情形之一的,保险资管产品终止:
(1) The term of the insurance asset management product expires. (一)保险资管产品期限届满;
(2) The purpose of the insurance asset management product has been or cannot be realized. (二)保险资管产品目的已经实现或者不能实现;
(3) The parties to the insurance asset management product reach an agreement through consultation. (三)保险资管产品相关当事人协商同意;
(4) Any circumstance requiring termination as agreed upon in the contract on the insurance asset management product occurs. (四)出现保险资管产品合同约定的应当终止的情形;
(5) Any other circumstance as set out by any law or administrative regulation or provided for by the CBIRC. (五)法律、行政法规以及银保监会规定的其他情形。
Article 29 Where an insurance asset management product terminates, the insurance asset management institution shall, in accordance with the requirements of the CBIRC and the provisions of product contracts, organize liquidation and perform the reporting obligation in a timely manner.   第二十九条 保险资管产品终止的,保险资产管理机构应当按照银保监会要求和产品合同约定,组织开展清算工作,并及时履行报告义务。
Chapter IV Product Investment and Management 

第四章 产品投资与管理

Article 30 An insurance asset management product may invest in national debts, local government bonds, central bank bills, bonds of government bodies, financial bonds, bank deposits, certificates of deposit, interbank deposits, corporate credit bonds, securitized products issued on the inter-bank bond market, market of a stock exchange or any trading market formed with the approval of the State Council, publicly offered securities investment funds, other credit assets, equity assets, and other assets recognized by the CBIRC.   第三十条 保险资管产品可以投资于国债、地方政府债券、中央银行票据、政府机构债券、金融债券、银行存款、大额存单、同业存单、公司信用类债券,在银行间债券市场或者证券交易所市场等经国务院同意设立的交易市场发行的证券化产品,公募证券投资基金、其他债权类资产、权益类资产和银保监会认可的其他资产。
The scope of investment of an insurance asset management product made with insurance funds shall comply with the provisions on the supervision and administration of use of insurance funds. 保险资金投资的保险资管产品,其投资范围应当符合保险资金运用的有关监管规定。
Article 31 Grading arrangements, upper limit of debt ratio, investment limit management of non-standard credit assets, and maturity matching requirements regarding an insurance asset management product shall conform to the relevant provisions of the financial administrative department.   第三十一条 保险资管产品的分级安排、负债比例上限、非标准化债权类资产投资限额管理和期限匹配要求应当符合金融管理部门的有关规定。
The balance of investment in non-standard credit assets by all portfolio products managed by a same insurance asset management institution shall at no time exceed 35% of net assets of all portfolio products under its management. 同一保险资产管理机构管理的全部组合类产品投资于非标准化债权类资产的余额,在任何时点不得超过其管理的全部组合类产品净资产的35%。
No insurance asset management product may directly invest in the credit assets of any commercial bank, except for the asset securitization business conducted in accordance with the rules issued by the financial administrative department. 保险资管产品不得直接投资于商业银行信贷资产,依据金融管理部门颁布规则开展的资产证券化业务除外。
No insurance asset management product may invest directly or indirectly in any industry or field in which credit or equity investment is prohibited by any law, regulation or national policy. 保险资管产品不得直接或者间接投资法律法规和国家政策禁止进行债权或者股权投资的行业和领域。
An insurance asset management institution is encouraged to issue insurance asset management products to raise funds and then invest them in the fields conforming to national strategies, industrial policies and national policies on supply-side structural reform under the premises of compliance with laws and regulations and commercial sustainability. An insurance asset management institution is encouraged to issue insurance asset management products to raise funds, so as to support the transformation of the economic structure, support market-oriented and lawful debt-for-equity swaps, and reduce the leverage ratios of enterprises. 鼓励保险资产管理机构在依法合规、商业可持续的前提下,通过发行保险资管产品募集资金投向符合国家战略和产业政策要求、符合国家供给侧结构性改革政策要求的领域。鼓励保险资产管理机构通过发行保险资管产品募集资金支持经济结构转型,支持市场化、法治化债转股,降低企业杠杆率。
Article 32 The number of investors of an insurance asset management product shall comply with laws, administrative regulations and the provisions of the CBIRC. If an insurance asset management product accepts the investment of any other asset management product, the number of investors of the other asset management product shall not be calculated on a consolidated basis; however, the actual investors and final sources of funds regarding the insurance asset management product shall be effectively identified.   第三十二条 单只保险资管产品的投资者人数应当符合法律、行政法规以及银保监会的规定。保险资管产品接受其他资产管理产品投资的,不合并计算其他资产管理产品的投资者人数,但应当有效识别保险资管产品的实际投资者与最终资金来源。
An insurance asset management institution shall not, in violation of the relevant provisions, violate the provisions on the maximum number of investors or other regulatory requirements in a disguised form by establishing several products for a single financing project. 保险资产管理机构不得违反相关规定,通过为单一融资项目设立多只产品的方式,变相突破投资者人数限制或者其他监管要求。
Article 33 An insurance asset management institution shall practically perform the responsibility for active management, and shall not assign management duties, or provide channel services for any asset management product of any other financial institution to evade the regulatory requirements for investment scope and leverage restrictions, among others.   第三十三条 保险资产管理机构应当切实履行主动管理责任,不得让渡管理职责,不得为其他金融机构的资产管理产品提供规避投资范围、杠杆约束等监管要求的通道服务。
Article 34 Where an insurance asset management product invests in any other asset management product, it shall be explicitly specified that the invested asset management product shall not reinvest in any asset management product other than publicly offered securities investment funds, except as otherwise provided for any law, administrative regulation or the financial administrative department.   第三十四条 保险资管产品投资其他资产管理产品的,应当明确约定所投资的资产管理产品不得再投资公募证券投资基金以外的资产管理产品,法律、行政法规以及金融管理部门另有规定的除外。
An insurance asset management institution shall fully disclose such information as fund investment, investment scope and transaction structure when undergoing product registration and other procedures. 保险资产管理机构在履行产品注册或者登记等程序时,应当充分披露资金投向、投资范围和交易结构等信息。
Article 35 No insurance asset management institution may pledge the shares of any insurance asset management product under its entrusted management for financing. If an insurance group (or holding) company or an insurance company, as the investor, pledges the shares of an insurance asset management product held by it for financing, it shall pledge the shares on the registration and trading platform in accordance with the law.   第三十五条 保险资产管理机构不得以受托管理的保险资管产品份额进行质押融资。保险集团(控股)公司、保险公司作为投资者,以其持有的保险资管产品份额进行质押融资的,应当在登记交易平台依法开展。
Article 36 The net value of an insurance asset management product shall be recognized and measured in accordance with the Accounting Standards for Business Enterprises, the Guiding Opinions and other provisions on the accounting and valuation of financial instruments.   第三十六条 保险资管产品应当按照《企业会计准则》和《指导意见》等关于金融工具核算与估值的相关规定,确认和计量产品净值。
Article 37 An insurance asset management institution shall specify the standards for setting aside management fees in product contracts under the principle of marketization according to such factors as product size, investment scope and risk characteristics.   第三十七条 保险资产管理机构应当根据产品规模、投资范围、风险特征等因素,按照市场化原则,在产品合同中约定管理费的计提标准。
Article 38 An insurance asset management institution shall reasonably determine the term of investment made by an insurance asset management product in assets, and strengthen the management of liquidity risk of maturity mismatch.   第三十八条 保险资产管理机构应当合理确定保险资管产品所投资资产的期限,加强对期限错配的流动性风险管理。
Article 39 An insurance asset management institution shall ensure the clear composition of assets invested in by each product and identifiable risks. 卡在了奇怪的地方  第三十九条 保险资产管理机构应当做到每只产品所投资资产构成清晰,风险可识别。
An insurance asset management institution shall separately manage, set up separate accounting books of, and conduct separate accounting of the funds of each product and may not conduct or participate in the cash pooling business characterized by rolling issuance, aggregate operation, and separate pricing. 保险资产管理机构应当做到每只产品的资金单独管理、单独建账、单独核算,不得开展或者参与具有滚动发行、集合运作、分离定价特征的资金池业务。
Chapter V Information Disclosure and Reporting 

第五章 信息披露与报告

Article 40 An insurance asset management institution shall, in accordance with the relevant provisions of the CBIRC, disclose to investors such information as fundraising, fund investment, income distribution, custody arrangements, investment account information, and major investment risks regarding products in an active, truthful, accurate, complete and timely manner.   第四十条 保险资产管理机构应当按照银保监会有关规定,向投资者主动、真实、准确、完整、及时披露产品募集情况、资金投向、收益分配、托管安排、投资账户信息和主要投资风险等内容。
The insurance asset management institution shall disclose the net value and other important information of the products to investors at least on a quarterly basis. 保险资产管理机构应当至少每季度向投资者披露产品净值和其他重要信息。
Article 41 An investor may inquire of an insurance asset management institution or the registration and trading platform about the information on product assets according to the provisions of a contract. The insurance asset management institution and the registration and trading platform shall, under the premise of not damaging the lawful rights and interests of other investors, provide relevant information in a truthful, accurate, complete and timely manner, and shall not refuse to provide such information or decline.   第四十一条 投资者可以按照合同约定向保险资产管理机构或者登记交易平台查询与产品财产相关的信息。保险资产管理机构和登记交易平台应当在不损害其他投资者合法权益的前提下,真实、准确、完整、及时地提供相关信息,不得拒绝、推诿。
Article 42 A custodian and other specialized service providers shall, according to the provisions of the relevant contract, perform the obligations of information disclosure and reporting to the insurance asset management institution and the CBIRC.   第四十二条 托管人和其他专业服务机构应当按照相关合同约定,向保险资产管理机构和银保监会履行信息披露和报告义务。
Article 43 An insurance asset management institution shall, in accordance with the requirements of the People's Bank of China and the CBIRC, promptly submit the basic information on the product, the information on commencement of fundraising, and the information on fundraising within the duration, among others, to the People's Bank of China and the CBIRC and its designated agency, and submit the information on termination after a product terminates.   第四十三条 保险资产管理机构应当按照中国人民银行和银保监会要求,及时向中国人民银行和银保监会及其指定机构报送产品基本信息和起始募集信息、存续期募集信息等,并于产品终止后报送终止信息。
Article 44 Except as otherwise provided for in these Measures, in the case of any major matter that may have a material impact on investors' decision-making or interests, the insurance asset management institution shall disclose it to investors in a timely manner and file a report with the CBIRC and its designated agency.   第四十四条 除本办法规定外,发生可能对投资者决策或者利益产生实质性影响的重大事项,保险资产管理机构应当及时向投资者披露,并向银保监会及其指定机构报告。
Article 45 The registration agency and registration and trading platform shall, according to the requirements of the CBIRC, report to the CBIRC such information concerning products as special statistics and analysis on a periodical basis or from time to time. In the case of any major emergency, both parties shall strengthen information and resource sharing, and file a report with the CBIRC in a timely manner.   第四十五条 注册机构和登记交易平台应当按照银保监会的要求,定期或者不定期向银保监会报告产品专项统计、分析等信息。遇有重大突发事件的,双方应当加强信息和资源共享,及时向银保监会报告。
Chapter VI Risk Management 

第六章 风险管理

Article 46 An insurance asset management institution shall establish a risk management organization system and operation mechanism characterized by full coverage, whole-process monitoring and all-staff participation, and classify, identify, quantify and assess the liquidity risk, market risk and credit risk, among others, of insurance asset management products through management systems, auditing and other means, in order to effectively manage, control and deal with risks. The board of directors of the insurance asset management institution shall be responsible for examining and evaluating business management on a periodical basis.   第四十六条 保险资产管理机构应当建立全面覆盖、全程监控、全员参与的风险管理组织体系和运行机制,通过管理系统和稽核审计等手段,分类、识别、量化和评估保险资管产品的流动性风险、市场风险和信用风险等,有效管控和应对风险。保险资产管理机构董事会负责定期审查和评价业务管理情况。
Article 47 An insurance asset management institution providing the services on insurance asset management products shall establish rules for the persons responsible for risks, and specify the corresponding persons responsible for risks.   第四十七条 保险资产管理机构开展保险资管产品业务,应当建立风险责任人制度,明确相应的风险责任人。
Article 48 An insurance asset management institution shall include the services on insurance asset management products in its internal audit and annual audit of internal control of fund use, and file a report with the CBIRC in accordance with the law.   第四十八条 保险资产管理机构应当将保险资管产品业务纳入公司内部稽核和资金运用内部控制年度审计工作,并依法向银保监会报告。
Article 49 An insurance asset management institution shall establish a mechanism for the disposal of product risks, prepare emergency response plans to effectively control and resolve potential risks, and file a report with the CBIRC in a timely manner.   第四十九条 保险资产管理机构应当建立产品风险处置机制,制定应急预案,有效控制和化解风险隐患,并及时向银保监会报告。
Article 50 An insurance asset management institution shall ensure that the positions and personnel relating to risk management and control have the right to know and make inquiries required for performing its duties, have the right to inquire about data, materials and details relating to insurance asset management products, and attend relevant meetings.   第五十条 保险资产管理机构应当确保风险管控相关岗位和人员具有履行职责所需知情权和查询权,有权查阅、询问与保险资管产品相关的数据、资料和细节,并列席相关会议。
Article 51 An insurance asset management institution shall set up a risk reserve mechanism and ensure that it satisfies the requirements for withstanding unexpected loss in the business. A risk reserve shall be set aside at 10% of the product management fee income and mainly used to compensate for the loss caused to product assets or investors resulting from any violation of law or regulation, product agreement, operation error or technical failure of the insurance asset management institution. No risk reserve may be set aside when its balance reaches 1% of the balance of the products.   第五十一条 保险资产管理机构应当建立相应的风险准备金机制,确保满足抵御业务不可预期损失的需要。风险准备金计提比例为产品管理费收入的10%,主要用于赔偿因保险资产管理机构违法违规、违反产品协议、操作错误或者技术故障等给产品财产或者投资者造成的损失。风险准备金余额达到产品余额的1%时可以不再提取。
Article 52 An insurance asset management institution shall establish and improve the rules for the access, training, appraisal and evaluation and accountability of the business personnel of insurance asset management products to ensure that business personnel have the necessary professional knowledge, industry experience and business ability, fully understand the relevant laws, regulations and regulatory provisions, and the legal relationships, transaction structure, major risks and methods for the management and control of risks of the products, and observe the code of conduct and professional ethics.   第五十二条 保险资产管理机构应当建立健全保险资管产品业务人员的准入、培训、考核评价和问责制度,确保业务人员具备必要的专业知识、行业经验和业务能力,充分了解相关法律法规、监管规定以及产品的法律关系、交易结构、主要风险及风险管控方法,遵守行为准则和职业道德标准。
An insurance asset management institution shall improve the long-term incentive and restraint mechanism, and shall not provide the services on insurance asset management products by such methods as personnel affiliation and business contracting. 保险资产管理机构应当完善长效激励约束机制,不得以人员挂靠、业务包干等方式开展保险资管产品业务。
Article 53 The directors, supervisors, senior executives and relevant business personnel of an insurance asset management institution shall not:   第五十三条 保险资产管理机构的董事、监事、高级管理人员和相关业务人员不得有下列行为:
(1) unfairly treat the assets of different products under its management; (一)不公平地对待所管理的不同产品财产;
(2) seek any illicit benefit for any third party other than the investors by using product assets or taking advantage of his or her position; (二)利用产品财产或者职务便利为投资者以外的第三方谋取不正当利益;
(3) embezzle or misappropriate product assets; (三)侵占、挪用产品财产;
(4) divulge any undisclosed information obtained by taking advantage of his or her position or use such information to engage or explicitly or implicitly advise any other person to engage in the relevant trading activities; (四)泄露因职务便利获取的未公开信息,利用该信息从事或者明示、暗示他人从事相关的交易活动;
(5) neglect duty or fail to perform duties as required; or (五)玩忽职守,不按照规定履行职责;
(6) commit any other conduct prohibited by any law, administrative regulation or the CBIRC. (六)法律、行政法规以及银保监会规定禁止的其他行为。
Article 54 An insurance asset management institution shall develop and improve rules on affiliated transactions, regulate the standards for the determination of affiliated transactions, pricing methods and decision-making procedures, among others, and shall not use the funds of insurance asset management products to conduct violations of laws and regulations with its affiliates, such as illicit transactions, tunneling, insider trading and market manipulation.   第五十四条 保险资产管理机构应当建立健全关联交易规则,对关联交易认定标准、定价方法和决策程序等进行规范,不得以保险资管产品的资金与关联方进行不正当交易、利益输送、内幕交易和操纵市场等违法违规行为。
Chapter VII Supervision and Administration 

第七章 监督管理

Article 55 The CBIRC shall, in accordance with the law, supervise and administer the operations of the parties to the services on insurance asset management products. All parties shall actively cooperate and shall not:   第五十五条 银保监会依法对保险资管产品业务有关当事人的经营活动进行监督管理。各方当事人应当积极配合,不得发生以下行为:
(1) reject or obstruct the supervisor's supervision and inspection; (一)拒绝、阻挠监管人员的监督检查;
(2) reject or delay the provision of materials relating to the matter under inspection; (二)拒绝、拖延提供与检查事项有关的资料;
(3) conceal, forge, alter or damage any accounting book, accounting statement or any other relevant materials; or (三)隐匿、伪造、变造、毁弃会计账簿、会计报表以及其他有关资料;
(4) commit any other conduct prohibited by the CBIRC. (四)银保监会规定禁止的其他行为。
Article 56 The CBIRC shall inspect the directors, supervisors, senior executives and relevant business personnel of an insurance asset management institution in accordance with the law. The CBIRC shall address inquiries and hold regulatory talks with the relevant liable person who violates any relevant law, administrative regulation or these Measures, and impose an administrative punishment such as a warning, a fine, disqualification from holding the corresponding office and prohibition from access to the insurance sector on the liable person in accordance with the law.   第五十六条 银保监会依法对保险资产管理机构董事、监事、高级管理人员和相关业务人员进行检查。对违反有关法律、行政法规以及本办法规定的相关责任人员进行质询和监管谈话,并依法予以警告、罚款、撤销任职资格、禁止进入保险业等行政处罚。
Where the CBIRC finds after the relevant liable person of an insurance asset management institution leaves office that he or she violates any relevant law, administrative regulation or these Measures when he or she works in the institution, the person shall be held liable in accordance with the law. 保险资产管理机构相关责任人员离任后,发现其在该机构工作期间违反有关法律、行政法规以及本办法规定的,应当依法追究责任。
Article 57 Any insurance asset management institution, a custodian, any investment advisory, or any other banking or insurance institution that violates any relevant law, administrative regulation or these Measures shall be imposed on an administrative punishment by the CBIRC in accordance with the law.   第五十七条 保险资产管理机构、托管人、投资顾问等银行保险机构违反有关法律、行政法规以及本办法规定的,由银保监会依法予以行政处罚。
Article 58 Where any other party to the services on insurance asset management products violates any relevant law, administrative regulation or these Measures, the CBIRC shall record his or her misconduct and inform the competent department of the relevant information; and if the circumstances are serious, the CBIRC may require the insurance asset management institution, insurance group (or holding) company or insurance company not to provide relevant services to such a party within three years, and suggest the relevant regulatory department impose an administrative punishment on it in accordance with the law.   第五十八条 保险资管产品业务的其他当事人违反有关法律、行政法规以及本办法规定的,银保监会应当记录其不良行为,并将有关情况通报其主管部门;情节严重的,银保监会可以要求保险资产管理机构、保险集团(控股)公司和保险公司三年内不得与其从事相关业务,并建议有关监管部门依法予以行政处罚。
Article 59 A specialized service provider that provides services on insurance asset management products and its relevant personnel shall abide by practice standards and professional ethics, act in an objective, impartial and diligent manner, and give professional opinions independently. The relevant specialized service provider or person that fails to perform duties in a responsible manner, or issues a report containing any false record, misleading statement or material omission shall assume the corresponding legal liability.   第五十九条 为保险资管产品业务提供服务的专业服务机构及其有关人员,应当遵守执业规范和职业道德,客观公正、勤勉尽责,独立发表专业意见。相关专业服务机构或者人员未尽责履职,或者其出具的报告存在虚假记载、误导性陈述或者重大遗漏的,应当承担相应法律责任。
Article 60 The registration agency shall, in accordance with the relevant provisions of the CBIRC, establish and improve mechanisms, develop special rules, improve the registration business system, set up special positions and assign necessary full-time employees to conduct the registration business in a prudential, transparent and efficient manner.   第六十条 注册机构应当按照银保监会有关规定,建立健全机制,制定专项制度,完善注册业务系统,设置专门岗位,配备必要的专职人员,审慎、透明、高效开展注册业务。
Article 61 The registration and trading platform shall, in accordance with the relevant provisions of the CBIRC, establish and improve mechanisms, develop special rules, set up special positions, and assign necessary full-time employees so as to effectively maintain the stable operation of relevant systems of the registration and trading platform, and provide good services for the development of the services on insurance asset management products.   第六十一条 登记交易平台应当按照银保监会有关规定,建立健全机制,制定专项制度,设置专门岗位,配备必要的专职人员,切实维护登记交易平台相关系统的稳定运行,为保险资管产品业务发展提供良好服务。
Chapter VIII Supplemental Provisions 

第八章 附 则

Article 62 These Measures shall apply, mutatis mutandis, to the provision of services on insurance asset management products by eligible pension insurance companies.   第六十二条 符合条件的养老保险公司开展保险资管产品业务,参照本办法执行。
Article 63 The provision of services on insurance asset management products by insurance asset management institutions shall be governed by these Measures, mutatis mutandis, and comply with the provisions on cross-border RMB and foreign exchange administration.   第六十三条 保险资产管理机构开展跨境保险资管产品业务参照本办法执行,并应当符合跨境人民币和外汇管理有关规定。
Article 64 A transitional period shall be set according to the non-retrospective principle to ensure stable transition. The transitional period shall be from the date when these Measures come into force to December 31, 2020.   第六十四条 按照“新老划断”原则设置过渡期,确保平稳过渡。过渡期自本办法施行之日起至2020年12月31日止。
Within the transitional period, new products issued by an insurance asset management institution shall comply with the provisions of these Measures. The insurance asset management institution may continue to issue the original products to deal with the immature assets in which the existing products invest, but shall strictly control them within the overall size of the existing products and reduce them in an orderly manner. The insurance asset management institution shall make a plan for the rectification of its products and business within the transitional period, specifying the schedule, submit the plan to the CBIRC for approval and implement the plan after obtaining the approval, and at the same time, file a report with the People's Bank of China. 过渡期内,保险资产管理机构新发行的产品应当符合本办法规定;保险资产管理机构可以发行老产品对接存量产品所投资的未到期资产,但应当严格控制在存量产品整体规模内,并有序压缩递减。保险资产管理机构应当制定过渡期内产品业务整改计划,明确时间进度安排,报送银保监会认可后实施,同时报备中国人民银行。
After the transitional period ends, the insurance asset management institution shall regulate products in a comprehensive manner according to these Measures, and shall not issue or renew any insurance asset management product violating these Measures. 过渡期结束后,保险资产管理机构应当按照本办法对产品进行全面规范,不得再发行或者存续违反本办法规定的保险资管产品。
Article 65 These Measures shall be subject to interpretation and revision by the CBIRC.   第六十五条 本办法由银保监会负责解释和修订。
Article 66 These Measures shall come into force on May 1, 2020.爱法律,有未来   第六十六条 本办法自2020年5月1日起施行。
     
     
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