| Notice by the China Banking and Insurance Regulatory Commission of Issuing the Measures for the Administration of Affiliated Transactions of Insurance Companies | | 中国银保监会关于印发保险公司关联交易管理办法的通知 |
| (No. 35 [2019] of the China Banking and Insurance Regulatory Commission) | | （银保监发〔2019〕35号） |
| All local offices of the China Banking and Insurance Regulatory Commission (“CBIRC”), all insurance group (or holding) companies, insurance companies, insurance asset management companies and mutual insurance organizations: | | 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、相互保险组织： |
| For the purposes of regulating the affiliated transactions of insurance companies, strengthening the supervision of affiliated transactions of insurance companies, and preventing the risk of tunneling, the Measures for the Administration of Affiliated Transactions of Insurance Companies are hereby issued to you for your compliance and implementation. | | 为规范保险公司关联交易行为，加强保险公司关联交易监管，防范利益输送风险，现将《保险公司关联交易管理办法》印发给你们，请遵照执行。 |
| China Banking and Insurance Regulatory Commission | | 银保监会 |
| August 25, 2019 | | 2019年8月25日 |
| Measures for the Administration of Affiliated Transactions of Insurance Companies | | 保险公司关联交易管理办法 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the affiliated transactions of insurance companies, preventing the risk of affiliated transactions, maintaining the independence of insurance companies, and protecting the interests of insurance consumers, these Measures are developed in accordance with the Company Law of the People's Republic of China, the Insurance Law of the People's Republic of China and other relevant provisions. | | 第一条 为规范保险公司关联交易行为，防范关联交易风险，维护保险公司独立性和保险消费者利益，根据《中华人民共和国公司法》《中华人民共和国保险法》等有关规定，制定本办法。 |
| Article 2 An insurance company shall conduct affiliated transactions in accordance with laws and regulations, accounting rules and insurance regulatory provisions of the state, and take effective measures to prevent its affiliates from taking advantage of their special status to infringe upon the interests of the insurance company or insurance consumers through affiliated transactions. | | 第二条 保险公司开展关联交易应当遵守法律法规、国家会计制度和保险监管规定，并采取有效措施，防止关联方利用其特殊地位，通过关联交易侵害保险公司或保险消费者利益。 |
| Article 3 The CBIRC shall supervise the affiliated transactions of insurance companies in accordance with the law. | | 第三条 银保监会依法对保险公司关联交易实施监管。 |
| Chapter II Affiliates and Affiliated Transactions | | 第二章 关联方与关联交易 |
| Article 4 The “affiliate of an insurance company” means the natural person, legal person or any other organization that has control or significant impact relations with an insurance company. | | 第四条 保险公司的关联方是指与保险公司存在受一方控制或重大影响关系的自然人、法人或其他组织。 |
| Article 5 Any party falling under any of the following circumstances is an affiliated legal person or any other organization of an insurance company: | | 第五条 具有以下情形之一的，为保险公司的关联法人或其他组织： |
| (1) The controlling shareholder or actual controller of the insurance company. | | （一）保险公司的控股股东、实际控制人； |
| (2) A legal person or any other organization that holds or controls more than 5% equity of the insurance company, other than those specified in subparagraph (1) of this Article, and its controlling shareholder or actual controller. | | （二）本条第（一）项规定以外的，持有或控制保险公司5%以上股权的法人或其他组织，及其控股股东、实际控制人； |
| (3) A legal person or any other organization controlled by a director, supervisor or senior executive of those specified in subparagraph (1) or (2) of this Article. | | （三）本条第（一）（二）项的董事、监事或高级管理人员控制的法人或其他组织； |
| (4) A legal person or any other organization subject to the control or significant impact by the affiliate specified in subparagraph (1) or (2) of this Article. | | （四）本条第（一）（二）项所列关联方控制或施加重大影响的法人或其他组织； |
| (5) A legal person or any other organization subject to the control or significant impact by the insurance company. | | （五）保险公司控制或施加重大影响的法人或其他组织； |
| (6) A legal person or any other organization subject to the control or significant impact by any affiliate specified in subparagraphs (1) to (4) of Article 6 of these Measures. | | （六）本办法第六条（一）至（四）项所列关联方控制或施加重大影响的法人或其他组织。 |
| Article 6 A natural person falling under any of the following circumstances is an affiliated natural person of an insurance company: | | 第六条 具有以下情形之一的自然人，为保险公司的关联自然人： |
| (1) The controlling shareholder or actual controller of the insurance company who is a natural person. | | （一）保险公司的自然人控股股东、实际控制人； |
| (2) A natural person who holds or controls more than 5% equity of the insurance company other than those specified in subparagraph (1) of this Article. | | （二）本条第（一）项规定以外的，持有或控制保险公司5%以上股权的自然人； |
| (3) A director, supervisor or senior executive of the insurance company. | | （三）保险公司的董事、监事或高级管理人员； |
| (4) A close relative of any affiliate specified in subparagraphs (1) to (3) of this Article. | | （四）本条第（一）至（三）项所列关联方的近亲属； |
| (5) A director, supervisor or senior executive of an affiliate specified in subparagraph (1) or (2) of Article 5 of these Measures or any legal person or any other organization controlled by the affiliate. | | （五）本办法第五条（一）（二）项所列关联方及其控制的法人或其他组织的董事、监事或高级管理人员； |
| (6) A director, supervisor or senior executive of a legal person or any other organization controlled by the insurance company. | | （六）保险公司控制的法人或其他组织的董事、监事或高级管理人员。 |
| Article 7 An insurance company may, under the principle of substance over form, determine any of the following natural persons, legal persons or other organizations that may cause interest bias as an affiliate: | | 第七条 保险公司可以根据实质重于形式的原则，认定以下可能导致利益倾斜的自然人、法人或其他组织为关联方： |
| (1) The internal employee of the insurance company and the legal person or any other organization controlled by him or her. | | （一）保险公司内部工作人员及其控制的法人或其他组织； |
| (2) The person acting in concert with the insurance company or its controlling shareholder or actual controller. | | （二）保险公司及其控股股东、实际控制人的一致行动人； |
| (3) A legal person or any other organization subject to the significant impact by a director, supervisor or senior executive of those specified in subparagraph (1) or (2) of Article 5 of these Measures. | | （三）本办法第五条第（一）（二）项的董事、监事或高级管理人员施加重大影响的法人或其他组织； |
| (4) Any other closely related family member of an affiliate specified in subparagraphs (1) to (3) of Article 6 of these Measures. | | （四）本办法第六条第（一）至（三）项所列关联方的其他关系密切的家庭成员； |
| (5) Any natural person, legal person or any other organization holding more than 10% shares of the controlled subsidiary of the insurance company. | | （五）持有保险公司控股子公司10%以上股份的自然人、法人或其他组织； |
| (6) The actual equity holder or any other ultimate beneficiary of financial products such as trust plans or other agreements. | | （六）信托计划等金融产品或其他协议安排的实际权益持有人或其他最终受益人； |
| (7) An enterprise that has reliance relationships with the insurance company in such aspects as loans and guarantee. | | （七）与保险公司在借贷、担保等方面存在依赖关系的企业； |
| (8) Having an agreement relationship with the insurance company in such aspects as capital, operation, and purchase and sale for three consecutive years or more. | | （八）连续三年及以上与保险公司在资金、经营、购销等方面存在协议关系的。 |
| Article 8 The CBIRC may, under the principle of substance over form, determine any natural person, legal person or any other organization that may cause the interest bias of the insurance company as an affiliate, including but not limited to the relevant circumstances prescribed in Article 7 of these Measures. | | 第八条 银保监会可以根据实质重于形式的原则，认定可能导致保险公司利益倾斜的任何自然人、法人或其他组织为关联方，包括但不限于本办法第七条规定的有关情形。 |
| Article 9 In the past 12 months or within the next 12 months according to the arrangements of the relevant agreement, whoever falls under any of the circumstances set forth in Article 5 and Article 6 of these Measures shall be deemed as an affiliate of an insurance company. | | 第九条 在过去十二个月内或者根据相关协议安排在未来十二个月内，存在本办法第五条、第六条规定情形之一的，视同保险公司关联方。 |
| Article 10 “Affiliated transactions of an insurance company” means the transfer of resources or obligations between an insurance company and an affiliate, including the following categories: | | 第十条 保险公司的关联交易，是指保险公司与关联方之间发生的转移资源或者义务的事项，包括以下类型： |
| (1) Category of investment and purchase of shares: including the affiliate's investment in and purchase of shares of the insurance company (including capital increase, capital reduction and acquisition and merger, among others), the affiliate's investment in preferred stocks, bonds or other securities issued by the insurance company. | | （一）投资入股类：包括关联方投资入股该保险公司（含增资、减资及收购合并等），关联方投资该保险公司发行的优先股、债券或其他证券； |
| (2) Category of use of funds: including the handling of bank deposits at the affiliate and investment in the affiliate's equity, real estate and other assets; investment in financial products issued by the affiliate or financial products of which underlying assets include the assets of an affiliate; and joint investment with the affiliate (including new establishment, capital increase, capital reduction, and acquisition and merger, among others). | | （二）资金运用类：包括在关联方办理银行存款，投资关联方的股权、不动产及其他资产；投资关联方发行的金融产品，或投资基础资产包含关联方资产的金融产品；与关联方共同投资（含新设、增资、减资、收购合并等）； |
| (3) Category of transfer of interests: including the provision or acceptance of financial assistance, donation, sale or lease of assets, transfer of rights, guarantee, transfer of creditor's rights and debts, conclusion of licensing agreements, waiver of the preemptive right to the transferred interests, right to capital increase by the same proportion or other rights, among others. | | （三）利益转移类：包括给予或接受财务资助，赠与、出售或租赁资产，权利转让，担保，债权债务转移，签订许可协议，放弃优先受让权、同比例增资权或其他权利等； |
| (4) Category of the insurance business: including the insurance business and insurance agency business, reinsurance as a ceding company or a reinsurer, and the management of assets and business as the trustor or the trustee, among others. | | （四）保险业务类：包括保险业务和保险代理业务、再保险的分出及分入、委托或受托管理资产和业务等； |
| (5) Category of provision of goods or services: including auditing, actuary, law, asset appraisal, fund custody, advertising, daily procurement, and workplace decoration, among others. | | （五）提供货物或服务类：包括审计、精算、法律、资产评估、资金托管、广告、日常采购、职场装修等； |
| (6) Other matters determined by the CBIRC under the principle of substance over form that may result in the transfer of resources or obligations of the insurance company. | | （六）银保监会根据实质重于形式原则认定的其他可能引致保险公司资源或者义务转移的事项。 |
| The aforesaid matters between a controlled subsidiary of the insurance company and an affiliate of the insurance company shall be managed as affiliated transactions of the insurance company, except that the controlled subsidiary is a listed company or a financial institution already subject to industry supervision. | | 保险公司控股子公司与保险公司的关联方发生的上述事项，按照保险公司的关联交易进行管理，但控股子公司为上市公司或已受行业监管的金融机构的除外。 |
| Article 11 Affiliated transactions of an insurance company are divided into major affiliated transactions and general affiliated transactions. | | 第十一条 保险公司的关联交易分为重大关联交易和一般关联交易。 |
| “Major affiliated transactions” means a single transaction or transactions between an insurance company or its controlled subsidiary and an affiliate in which the transaction value or annual accumulative transaction value reaches more than 30 million yuan and accounts for more than 1% of unaudited net assets of the insurance company at the end of the previous year. | | 重大关联交易是指保险公司或其控股子公司与一个关联方之间单笔或年度累计交易金额达到3000万元以上，且占保险公司上一年度末经审计的净资产的1%以上的交易。 |
| After the accumulative value of transactions between the insurance company or its controlled subsidiary and an affiliate reaches the standards prescribed in the preceding paragraph within a year, if the accumulative transaction value of subsequent affiliated transactions reaches the standards prescribed in the preceding paragraph once again, it shall be re-identified as major affiliated transactions. | | 一个年度内保险公司或其控股子公司与一个关联方的累计交易金额达到前款标准后，其后发生的关联交易，如再次累计达到前款标准，则应当重新认定为重大关联交易。 |
| The value of the same transaction between an insurance company and many affiliates shall be calculated on a consolidated basis and determined. | | 同一个保险公司与多个关联方在同一笔交易中的金额，应合并计算进行认定。 |
| “General affiliated transactions” means affiliated transactions other than major affiliated transactions. | | 一般关联交易是指除重大关联交易以外的其他关联交易。 |
| Chapter III Calculation and Proportion of the Value of Affiliated Transactions | | 第三章 关联交易金额的计算与比例 |
| Article 12 The value of affiliated transactions shall be calculated based on the transaction consideration or transferred interests of an insurance company or its controlled subsidiary. The specific calculation methods are as follows: | | 第十二条 关联交易金额以保险公司或其控股子公司的交易对价或转移的利益计算，具体计算方式如下： |
| (1) In the case of investment in and purchase of shares of the insurance company, the transaction value shall be calculated based on the investment amount. If the registered capital of the insurance company is reduced, the transaction value shall be calculated based on the amount of reduction. If investment is made in preferred stocks, bonds or other securities of the insurance company, the transaction value shall be calculated based on the investment amount. | | （一）投资入股保险公司的，以投资金额计算交易金额；减少保险公司注册资本的，以减资金额计算交易金额；投资于保险公司优先股、债券或其他证券的，以投资金额计算交易金额； |
| (2) In the category of use of funds, the transaction value shall be calculated based on the amount of investment made with insurance funds. If the investment is made in financial products issued by the affiliate and the underlying assets do not involve any other affiliate, the transaction value shall be calculated based on the offering fee or the investment management fee. If assets are purchased, the transaction value shall be calculated based on the transaction price. | | （二）资金运用类以保险资金投资金额计算交易金额；投资于关联方发行的金融产品且基础资产不涉及其他关联方的，以发行费或投资管理费计算交易金额；买入资产的，以交易价格计算交易金额； |
| (3) Where financial assistance is provided or accepted in the category of transfer of interests, the transaction value shall be calculated based on the amount of the financial assistance. If assets are sold or leased, rights are transferred, or a licensing agreement is signed, the transaction value shall be calculated based on the transaction price. If guarantee is provided or accepted, the transaction value shall be calculated based on the guarantee amount. If the insurance company waives relevant rights, the transaction value shall be calculated based on the amount involved in the rights; and with respect to the donation, the transaction value shall be calculated based on the market value of the subject matter of donation. | | （三）利益转移类中给予或接受财务资助的，以资助金额计算交易金额；出售或租赁资产、权利转让、签订许可协议的，以交易价格计算交易金额；提供或接受担保的，以担保金额计算交易金额；保险公司放弃相关权利的，以权利涉及的金额计算交易金额；赠与以赠与标的的市场价值计算交易金额； |
| (4) In the category of the insurance business, the transaction value shall be calculated based on the insurance premium in the insurance business; and in the insurance agency business, the transaction value shall be calculated based on the agency fee. If an entity entrusts a financial institution with the management of assets or is entrusted by an institutional investor with the management of assets, the transaction value shall be calculated based on the management fee paid or collected as the trustor or trustee. | | （四）保险业务类中保险业务以保费计算交易金额；保险代理业务以代理费计算交易金额；委托金融机构管理资产或受托机构投资者管理资产的，以委托或受托管理费计算交易金额； |
| (5) In the category of the provision of goods or services, the transaction value shall be calculated based on the amount incurred. | | （五）提供货物或服务类以发生金额计算交易金额。 |
| Article 13 An insurance company shall, in accordance with the relevant provisions of the CBIRC, calculate the value of affiliated transactions in a piercing manner under the principle of substance over form. | | 第十三条 保险公司对关联交易金额的计算标准，应按照银保监会有关规定，适用实质重于形式的原则穿透计算。 |
| Article 14 An insurance company's affiliated transactions in the category of use of funds shall satisfy the following proportion requirements: | | 第十四条 保险公司资金运用关联交易应符合以下比例要求： |
| (1) The balance of total investment made by the insurance company in all affiliates shall not exceed 30% of total assets of the insurance company at the end of the previous year or the amount of net assets at the end of the previous year, whichever is lower. | | （一）保险公司对全部关联方的投资余额，合计不得超过保险公司上一年度末总资产的30%与上一年度末净资产二者中金额较低者； |
| (2) Among the book balance of investment made by the insurance company in unlisted equity assets, real estate assets, other financial assets and overseas investment, the amount of investment in affiliates shall not exceed 50% of the investment limit of all aforesaid assets. | | （二）保险公司投资未上市权益类资产、不动产类资产、其他金融资产和境外投资的账面余额中，对关联方的投资金额不得超过上述各类资产投资限额的50%； |
| (3) The balance of total investment made by the insurance company in a single affiliate shall not exceed 15% of total assets of the insurance company at the end of the previous year. | | （三）保险公司对单一关联方的全部投资余额，合计不得超过保险公司上一年度末总资产的15%； |
| (4) Where the insurance company invests in financial products, if the underlying assets involve the controlling shareholder or any affiliate of the controlling shareholder, the shares of financial products purchased by the insurance company shall not exceed 60% of the total amount of the products issued. | | （四）保险公司投资金融产品，若底层基础资产涉及控股股东或控股股东的关联方，保险公司购买该金融产品的份额不得超过该产品发行总额的60%。 |
| The investment amount of an insurance company and its controlled subsidiaries shall be calculated on a consolidated basis and satisfy the aforesaid proportion requirements. | | 保险公司与其控股子公司的投资金额应当合并计算并符合上述比例要求。 |
| Article 15 Where the number of shares pledged by a shareholder holding more than 5% equity of an insurance company exceeds 50% of total equity held by the shareholder in the insurance company, the CBIRC may restrict its affiliated transactions with the insurance company. | | 第十五条 持有保险公司5%以上股权的股东质押股权数量超过其持有该保险公司股权总量50％的，银保监会可以限制其与保险公司开展关联交易。 |
| Article 16 The value of affiliated transactions between an insurance company and its affiliates and other members of its enterprise group in the category of use of funds shall be calculated on a consolidated basis and the transactions shall be subject to the provisions of Article 14 of these Measures, except that the aforesaid entities do not fall under the affiliates of the insurance company. | | 第十六条 保险公司与关联方及其企业集团的其他成员之间发生的资金运用类关联交易，应当合并计算金额并适用本办法第十四条的规定。上述主体不属于保险公司关联方的除外。 |
| The provisions of Article 14 of these Measures shall not apply to affiliated transactions between an insurance company and its controlled subsidiary or between its controlled subsidiaries. | | 保险公司与其控股子公司，以及控股子公司之间发生的关联交易，不适用本办法第十四条的规定。 |
| Article 17 An insurance company shall dynamically monitor the amount and proportion of affiliated transactions, establish an early warning and management and control mechanism, and adjust its business operations in a timely manner so as to comply with the relevant provisions of these Measures. | | 第十七条 保险公司应当动态监测关联交易的各项金额及比例，建立预警和管控机制，及时调整经营行为以符合本办法的有关规定。 |
| Article 18 The CBIRC may, according to an insurance company's governance status, solvency status, and administrative regulatory measures taken against and administrative punishments imposed on the insurance company, properly adjust the supervision proportion prescribed in Article 14 that applies to the insurance company. | | 第十八条 银保监会可以根据保险公司治理状况、偿付能力状况以及所受行政监管措施和行政处罚的情况，对保险公司适用第十四条规定的监管比例进行适当调整。 |
| Chapter IV Internal Control of Affiliated Transactions | | 第四章 关联交易的内部控制 |
| Article 19 An insurance company shall manage affiliated transactions under the following principles: | | 第十九条 保险公司关联交易管理应遵循以下原则： |
| (1) Active management and specific functions. | | （一）主动管理、职责明确； |
| (2) Penetrated management and tracking of funds. | | （二）穿透管理、跟踪资金； |
| (3) Total amount control and clear structure. | | （三）总量控制、结构清晰。 |
| Article 20 An insurance company shall develop rules for the management of affiliated transactions. | | 第二十条 保险公司应当制定关联交易管理制度。 |
Affiliated transaction management rules shall cover such content as the identification, reporting and verification of affiliates and information management, and the initiation, pricing, examination, reporting, disclosure, auditing and accountability of affiliated transactions.
．．．．．． | | 关联交易管理制度包括关联方的识别、报告、核验和信息管理，关联交易的发起、定价、审查、报告、披露、审计和责任追究等内容。
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