Matters Relevant to Investments in Convertible Corporate Bonds by Insurance Companies Circular
中国保险监督管理委员会关于保险公司投资可转换公司债券有关事项的通知
Insurance companies are now allowed to invest in convertible corporate bonds.
(Issued by the China Insurance Regulatory Commission on July 23 2004.)
(中国保险监督管理委员会于二零零四年七月二十三日印发。)
To all insurance companies and insurance asset management companies:
In order to carry through the spirit related to the State Council, Promoting the Reform, Opening Up and Stable Development of the Capital Markets Several Opinions, promote direct entry of insurance funds to the capital markets by various means in a stable and orderly manner, further broaden the channels for the use of insurance funds, enrich the variety of investment products for insurance funds and effectively disperse investment risks, the Commission, after discussion, has decided to allow insurance companies to invest in convertible corporate bonds (hereafter, Convertible Bonds). Relevant matters are notified hereby:
各保险公司，各保险资产管理公司：
1. Convertible Bonds invested by insurance companies shall be corporate bonds that are convertible into shares, subject to the approval by the China Securities Regulatory Commission for issuance, and in compliance with the Administration of Convertible Corporate Bonds Tentative Procedures and the Issue of Convertible Corporate Bonds By Listed Companies Implementing Procedures (April 26 2001, China Securities Regulatory Commission Order No.2).
2. Investments in Convertible Bonds by insurance companies shall be put under enterprise bond investments and administered in accordance with the Administration of Investments in Enterprise Bonds by Insurance Companies Tentative Procedures (Bao Jian Fa [2003] No. 74).
为贯彻落实《国务院关于推进资本市场改革开放和稳定发展的若干意见》的有关精神，稳妥有序地推进保险资金以多种方式直接进入资本市场，进一步拓宽保险资金运用渠道，丰富保险资金投资品种，有效分散投资风险，我会经研究决定允许保险公司投资可转换公司债券（以下简称“可转债”）。现就有关事项通知如下：
The balance of an insurance company's investments in Convertible Bonds shall be included in the balance of enterprise bond investments, and the aggregate balance, calculated at cost, shall not exceed 20% of the company's total assets at the end of the preceding month.
An insurance company's holding of Convertible Bonds of the same type in the same issue shall not exceed 15% of the issued amount of that type of Convertible Bonds in that issue or 2% of the insurance company's total assets at the end of the preceding month, whichever is lower.
一、保险公司投资的可转债应当是经中国证券监督管理委员会批准发行,符合《可转换公司债券管理暂行办法》、《上市公司发行可转换公司债券实施办法》（2001年4月26日，中国证券监督管理委员会令第2号）规定的可转换成股份的公司债券。
3. Insurance companies shall exercise prudence in Convertible Bond investments. Convertible bonds invested by insurance companies are temporarily not allowed to be converted into shares. The method of conversion shall be provided separately.
4. Investments in Convertible Bonds by insurance asset management companies with their own funds shall, mutatis mutandis, be implemented in accordance with the Circular.
clp reference:3700/04.07.23promulgated:2004-07-23二、保险公司投资可转债纳入企业债券投资中，按照《保险公司投资企业债券管理暂行办法》（保监发[2003]74号）管理。
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