Investments in Insurance Company Subordinated Debt with Fixed Term by Insurance Companies and Insurance Asset Management Companies Circular
关于保险公司、保险资产管理公司投资保险公司次级定期债务的通知
The Circular deals with issues related to investments in insurance company subordinated debt with fixed term by insurance companies and insurance asset management companies. Investments in subordinated debt by insurance companies shall handled by the head office of insurance companies.
(Issued by the China Insurance Regulatory Commission on , and effective as of, December 30 2004.)
(中国保险监督管理委员会于二零零四年十二月三十日发布，自发布之日起施行。)
To all insurance companies and insurance asset management companies:
各保险公司、保险资产管理公司：
In accordance with the relevant provisions of the Administration of Subordinated Debt with Fixed Term of Insurance Companies Tentative Procedures (Order of the CIRC [2004] No.10) promulgated by the China Insurance Regulatory Commission, we hereby notify you in respect of matters related to investments in insurance company subordinated debt with fixed term (hereafter, Subordinated Debt) by insurance companies and insurance asset management companies as follows:
根据中国保险监督管理委员会发布的《保险公司次级定期债务管理暂行办法》（保监会令2004年第10号）的有关规定，现就保险公司、保险资产管理公司投资保险公司次级定期债务（以下简称“次级债”）有关事宜通知如下：
1. Insurance company Subordinated Debt refers to insurance company Subordinated Debt approved by the China Insurance Regulatory Commission and that complies with the Administration of Subordinated Debt with Fixed Term of Insurance Companies Tentative Procedures.
一、 保险公司次级债是指经中国保险监督管理委员会批准，符合《保险公司次级定期债务管理暂行办法》规定的保险公司次级定期债务。
2. Insurance companies qualified as eligible investors shall invest in Subordinated Debt in strict accordance with the stipulated ratio.
二、 具有合格投资者资格的保险公司要严格按照规定的比例投资次级债。
1. The balance of investments in Subordinated Debt, calculated at cost, may not exceed 20% of the company's net assets at the end of the preceding month.
1、 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净资产的20%；
2. The aggregate ratio of investments in Subordinated Debt issued by the same insurance company may not exceed 4% of the company's net assets at the end of the preceding month.
2、 投资一家保险公司发行的次级债比例累计不得超过本公司上月末净资产的4%；
3. The ratio of investments in one issue of Subordinated Debt may not exceed 20% of the amount of Subordinated Debt issued for that issue.
3、 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. Investments in 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 invest in Subordinated Debt. Investments in Subordinated Debt with insurance asset management companies' own funds, and investments in domestic Subordinated Debt by the principal branches of foreign insurance companies in China, shall be handled in accordance with the Circular.
三、 保险公司投资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投资次级债。保险资产管理公司自有资金投资次级债，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。
4. The Circular shall be effective as of the date of issue.
clp reference:3910/04.12.30promulgated:2004-12-30effective:2004-12-30四、 本通知自发布之日起施行。
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