Matters Relevant to Investments in Bank Subordinated Debt with Fixed Term by Insurance Companies Circular
中国保险监督管理委员会关于保险公司投资银行次级定期债务有关事项的通知
Guidelines for the issuance, investment ratio, investment term, risk control and compliance procedures in relation to insurance company's subordinated debt investment.
(Issued by the China Insurance Regulatory Commission on March 29 2004.)
(中国保险监督管理委员会于二零零四年三月二十九日印发。)
Bao Jian Fa [2004] No.23
保监发 〔2004〕 23号
To all insurance companies and insurance asset management companies:
各保险公司、保险资产管理公司：
In order to enrich the investment varieties for insurance funds, improve matching performance of insurance company assets and liabilities and effectively diversify risks, we hereby decided to allow insurance companies to invest in bank subordinated debt with fixed term (hereafter, Subordinated Debt). In order to strengthen administration, we hereby notify you in respect of the related matters as follows:
为丰富保险资金投资品种，改善保险公司资产负债匹配状况，有效分散风险，现决定允许保险公司投资银行次级定期债务（以下简称“次级债”）。为加强管理，现就有关事项通知如下：
1. Subordinated Debt invested by insurance companies shall be bank subordinated debt with fixed term whose issuance is subject to the approval of the China Banking Regulatory Commission and complies with the provisions of the Incorporating Subordinated Debt with Fixed Term in Supplementary Capital Circular (ref. Yin Jian Fa [2003] No.25).
一、 保险公司投资的次级债应当是经中国银行业监督管理委员会批准发行，符合《关于将次级定期债务计入附属资本的通知》（银监发〔2003〕25号）规定的银行定期次级债务。
2. Insurance companies shall invest in Subordinated Debt in strict accordance with the stipulated ratio. The balance of investments in Subordinated Debt, calculated at cost, may not exceed 8% of the company's total assets at the end of the preceding month; the aggregate ratio of investments in the Subordinated Debt issued by the same bank may not exceed 1% of the company's total assets at the end of the preceding month; the ratio of investments in one issue of Subordinated Debt may not exceed 20% of the amount of subordinated debt issued for that issue.
二、 保险公司应严格按照规定的比例投资次级债。投资次级债的余额按成本价格计算不得超过本公司上月末总资产的8%；投资一家银行发行的次级债比例累计不得超过本公司上月末总资产的1%；投资一期次级债的比例不得超过该期次级债发行量的20%。
3. Insurance companies may not invest in Subordinated Debt whose term exceeds six years.
三、 保险公司不得投资期限超过6年的次级债。
4. Insurance companies may invest only in Subordinated Debt issued by wholly state-owned commercial banks and commercial banks under the national share system.
四、 保险公司只能投资国有独资商业银行和全国性股份制商业银行发行的次级债。
5. Insurance companies shall pay attention to prevent interest rate risks when investing in Subordinated Debt, and invest in a combination of Subordinated Debt with fixed interest rates and floating interest rates, striving to enrich the investment varieties.
五、 保险公司投资次级债，要注意防范利率风险，投资固定利率次级债和浮动利率次级债相结合，力求投资品种多样化。
6. When investing in Subordinated Debt, an insurance company shall, within 10 days upon each occasion of Subordinated Debt business, submit to the China Insurance Regulatory Commission a copy of the agreement on investment in Subordinated Debt signed with the commercial bank.
六、 保险公司投资次级债，应在每笔次级债业务发生后10日内，将与商业银行签订的投资次级债的协议复印件报告保监会。
7. The purchase of Subordinated Debt by insurance companies shall be centrally carried out by the head office of insurance companies. Branches and sub-branches of insurance companies may not purchase Subordinated Debt.
七、 保险公司购买次级债应由保险公司总公司统一进行，保险公司分支机构不得购买次级债。
8. Investments in Subordinated Debt with an insurance asset management company's own funds shall be handled in accordance with the Circular.
八、 保险资产管理公司自有资金投资次级债按本通知执行。
9. Investment in domestic Subordinated Debt by the principal branches of foreign insurance companies in China shall be handled in accordance with the Circular.
clp reference:3910/04.03.29prc reference:保监发 〔2004〕 23号promulgated:2004-03-29九、 外资保险公司在华一级分公司投资境内次级债，按本通知执行。
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