Measures for the Administration of the Capital Guarantee Funds of Insurance Companies
保险公司资本保证金管理办法
The Measures require insurance companies to deposit capital guarantee funds in more than one bank.
(Issued by the China Insurance Regulatory Commission on, and effective as of, July 7 2011.)
(中国保险监督管理委员会于二零一一年七月七日发布实施。)
Bao Jian Fa [2011] No.39
保监发 [2011] 39号
Part One: General provisions
第一章 总 则
Article 1: These Measures have been formulated pursuant to the PRC Insurance Law (the Insurance Law) in order to strengthen the administration of the capital guarantee funds of insurance companies, and safeguard the stable and healthy development of the insurance market.
第一条 为加强对保险公司资本保证金的管理，维护保险市场平稳、健康发展，根据《中华人民共和国保险法》（以下简称《保险法》），制定本办法。
Article 2: For the purposes of these Measures, the term “insurance company” means a commercial insurance company, the establishment of which was approved by an insurance regulatory authority and that is registered in accordance with the law.
第二条 本办法所称保险公司，是指经保险监督管理机构批准设立，并依法登记注册的商业保险公司。
Article 3: For the purposes of these Measures, the term “capital guarantee funds” means the funds equivalent to 20% of an insurance company's total registered capital that, pursuant to the Insurance Law, an insurance company is required to set aside after its establishment and may not use except to discharge its debts when it is being liquidated.
第三条 本办法所称资本保证金，是指根据《保险法》的规定，保险公司成立后按照其注册资本总额的20%提取的，除保险公司清算时用于清偿债务外不得动用的资金。
Article 4: The China Insurance Regulatory Commission (the CIRC) oversees the capital guarantee funds of insurance companies in accordance with the law. The deposit and disposal, etc. of their capital guarantee funds by insurance companies shall comply with these Measures.
第四条 中国保险监督管理委员会（以下简称“中国保监会”）依法对保险公司资本保证金进行监督管理，保险公司提存、处置资本保证金等行为应符合本办法规定。
Article 5: Insurance companies shall deposit their capital guarantee funds in accordance with the principles of “full amount, safety and stability”.
第五条 保险公司应遵循“足额、安全、稳定”的原则提存资本保证金。
Part Two: Deposit
第二章 存 放
Article 6: An insurance company shall select at least two commercial banks wherewith it shall deposit its capital guarantee funds. A deposit bank shall satisfy the following conditions:
第六条 保险公司应当选择两家以上商业银行作为资本保证金的存放银行。存放银行应符合以下条件：
(1) being a national Chinese-invested commercial bank;
（一）全国性中资商业银行；
(2) having net assets of not less than Rmb20 billion as at the end of the previous year;
（二）上年末净资产不少于200亿元人民币；
(3) its capital adequacy ratio and bad asset ratio as at the end of the previous year complying with relevant provisions of the regulator of the banking sector;
（三）上年末资本充足率、不良资产率符合银行业监管部门有关规定；
(4) having a sound corporate governance structure, internal audit and control systems and risk control systems;
（四）具有完善的公司治理结构、内部稽核监控制度和风险控制制度;
(5) not having an affiliated relationship with the insurance company; and
（五）与本公司不具有关联方关系；
(6) not having a record of major violations of laws or regulations during the most recent two years.
（六）最近两年无重大违法违规记录。
Article 7: An insurance company shall deposit its capital guarantee funds with designated banks in the domicile place, municipality directly under the central government, city with independent development plans or provincial capital of its organisation with legal personality.
第七条 保险公司应将资本保证金存放在保险公司法人机构住所地、直辖市、计划单列市或省会城市的指定银行。
Article 8: An insurance company shall open independent bank accounts to deposit its capital guarantee funds.
第八条 保险公司应当开立独立银行账户存放资本保证金。
Article 9: If, during the term of the deposit of capital guarantee funds, a deposit bank ceases to comply with these Measures or an event that could have a material adverse impact on the safe deposit of the capital guarantee funds (e.g. the bank is punished by a regulatory authority for a major violation of laws or regulations, its capital adequacy ratio is insufficient, etc.) occurs, the insurance company shall promptly report the same to the CIRC and transfer its capital guarantee funds to a bank that is in compliance with provisions.
第九条 资本保证金存款存放期间，如存放银行不符合本办法规定，或者存在可能对资本保证金的安全存放具有重大不利影响的事项（如，因发生重大违法违规事件受到监管部门处罚、资本充足率不足等），保险公司应及时向中国保监会报告，并将资本保证金存款转存至符合规定的银行。
Article 10: Within 30 working days after approval by the CIRC to open for business or within 30 working days after approval to increase its registered capital (working capital), an insurance company shall punctually deposit its capital guarantee funds in full with banks specified by the CIRC.
第十条 保险公司应在中国保监会批准开业后30个工作日或批准增加注册资本（营运资金）后30个工作日内，将资本保证金按时足额存入符合中国保监会规定的银行。
Article 11: An insurance company may deposit its capital guarantee funds in the following forms:
第十一条 保险公司可以以下形式存放资本保证金：
(1) term deposit;
（一）定期存款；
(2) large contracted deposit; or
（二）大额协议存款；
(3) another form as approved by the CIRC.
（三）中国保监会批准的其他形式。
Article 12: The term of a deposit of capital guarantee funds may not be less than one year.
第十二条 资本保证金存款存期不得短于一年。
Article 13: The amount of each deposit of capital guarantee funds may not be less than Rmb10 million (or the equivalent in foreign currencies). If an insurance company increases its registered capital (working capital) by less than Rmb50 million (or the equivalent in foreign currencies), it shall allocate a certain amount as capital guarantee funds for the additional capital.
第十三条 每笔资本保证金存款的金额不得低于人民币1000万元（或等额外币）。保险公司增加注册资本（营运资金）低于人民币5000万元（或等额外币）的，对增资部分应当提存一笔资本保证金。
Article 14: When an insurance company is to deposit capital guarantee funds, it shall execute an Agreement for the Deposit of Capital Guarantee Funds with the head office or a top level branch of the proposed deposit bank. The contracting parties may not rescind the agreement without the approval of the CIRC.
第十四条 保险公司提存资本保证金，应与拟存放银行的总行或一级分行签订《资本保证金存款协议》。未经中国保监会批准，合同双方不得擅自撤销协议。
Article 15: The insurance company shall require a deposit bank to endorse the deposit slip for the capital guarantee funds as follows: “This deposit is a deposit of capital guarantee funds. Without seeing the written approval of the CIRC, the deposit bank may not agree to the change of the nature of the deposit, transfer of the principal of the deposit out of the deposit bank or other requests to dispose of the deposit made by the depositor. If the deposit bank fails to duly carry out its review obligation, it shall bear joint and several liability for the debts of the insurance company that fall within the amount of the capital guarantee funds that were used”.
第十五条 保险公司应要求存放银行对资本保证金存单进行背书：“本存款为资本保证金存款。存款银行未见到中国保监会的书面批准，不得同意存款人变更存款的性质、将存款本金转出本存款银行以及其他对本存款的处置要求。存款银行未尽审查义务的，应当在被动用的资本保证金额度内对保险公司的债务承担连带责任。”
Article 16: The insurance company shall carry out after-deposit record filing with the CIRC within 10 working days after duly depositing the capital guarantee funds. When carrying out the after-deposit record filing, it shall submit the following documentation:
第十六条 保险公司应在资本保证金存妥后10个工作日内向中国保监会事后备案。保险公司事后备案时应提交以下资料：
(1) documents for record filing of the deposit of the capital guarantee funds;
（一）资本保证金存款备案文件；
(2) a Form for Record Filing of the Capital Guarantee Funds of an Insurance Company (in duplicate);
（二）保险公司资本保证金备案表（一式两份）；
(3) an original of the Agreement for the Deposit of Capital Guarantee Funds;
（三）《资本保证金存款协议》原件一份；
(4) a photocopy of the deposit slip of the capital guarantee funds and a photocopy of the endorsement on the deposit slip; and
（四）资本保证金存单复印件以及存单背书复印件；
(5) other materials the submission of which the CIRC requires.
（五）中国保监会要求报送的其他材料。
Article 17: An insurance company shall pay close attention to fluctuations in the exchange rate of deposits of capital guarantee funds in foreign currencies. If fluctuations in the exchange rate cause the total capital guarantee funds (as translated into renminbi) of an insurance company to be less than the statutory requirement for 20 working days in succession, it shall, within five working days from the following working day, make up the difference in its capital guarantee funds in accordance herewith and carry out the relevant after-deposit record filing procedures.
第十七条 保险公司应密切关注外币资本保证金存款的汇率波动。因汇率波动造成资本保证金总额（折合人民币）连续20个工作日低于法定要求的保险公司，应自下一个工作日起5个工作日内，按照本办法的规定提足资本保证金并办理相关事后备案手续。
Part Three: Oversight
第三章 监 管
Article 18: The CIRC will render its written reply on whether to grant or withhold after-deposit record filing within 20 working days from the date of receipt of the after-deposit record filing materials.
第十八条 中国保监会自收到事后备案材料之日起20个工作日内，作出事后备案或不予事后备案的书面答复。
Article 19: If after-deposit record filing is not carried out with the CIRC or if the CIRC withholds after-deposit record filing, the deposit of capital guarantee funds will not be recognised.
第十九条 未经中国保监会事后备案或者中国保监会不予事后备案的，不认定为资本保证金存款。
Article 20: Before disposing of its capital guarantee funds in any of the following ways, an insurance company shall require the prior approval of the CIRC:
第二十条 保险公司对资本保证金的以下处置行为，应事先得到中国保监会的批准：
(1) changing the nature of the deposit upon maturity;
（一）到期变更存款性质；
(2) premature withdrawal;
（二）提前支取；
(3) transferring it to another bank, including a transfer between (sub-)branches of the same bank;
（三）转存其他银行，包括在同一银行所属分支机构之间转存；
(4) using the capital guarantee funds to discharge debts at the time of liquidation;
（四）清算时使用资本保证金偿还债务；
(5) when its registered capital (working capital) is reduced, withdrawing a portion of the capital guarantee funds; or
（五）注册资本（营运资金）减少时，部分支取资本保证金；
(6) otherwise using or disposing of its capital guarantee funds.
（六）其他动用和处置资本保证金的行为。
Article 21: If an insurance company applies to change the nature of a deposit of capital guarantee funds upon maturity or applies to prematurely withdraw the same, it shall submit the following documentation to the CIRC:
第二十一条 保险公司申请到期变更资本保证金存款性质或申请提前支取资本保证金的，应向中国保监会提交以下资料：
(1) application documents for disposal of the capital guarantee funds;
（一）资本保证金处置申请文件；
(2) an Application Form for Disposal of the Capital Guarantee Funds of an Insurance Company;
（二）保险公司资本保证金处置申请表；
(3) a photocopy of the Agreement for the Deposit of Capital Guarantee Funds for the capital guarantee funds to be disposed of;
（三）拟处置的《资本保证金存款协议》复印件；
(4) a photocopy of the deposit slip of the capital guarantee funds to be disposed of and a photocopy of the endorsement on the deposit slip;
（四）拟处置的资本保证金存款存单复印件及存单背书复印件；
(5) the record filing materials (provided in accordance with the requirements of Article 16 hereof) for the capital guarantee funds to be deposited; and
（五）拟存放的资本保证金备案资料（按本办法第十六条要求提供）；
(6) other materials the submission of which the CIRC requires.
（六）中国保监会要求报送的其他资料。
Article 22: If an insurance company applies to transfer capital guarantee funds to another bank, including a transfer between (sub-)branches of the same bank, it shall, in addition to submitting the documentation specified in Items (1), (2), (3), (4) and (6) of Article 21 to the CIRC, provide the Agreement for the Deposit of Capital Guarantee Funds (Draft) it proposes to execute.
第二十二条 保险公司申请将资本保证金转存其他银行，包括在同一银行所属分支机构之间转存的，除向中国保监会提交第二十一条第（一）项、第（二）项、第（三）项、第（四）项、第（六）项资料外，还需提供拟签订的《资本保证金存款协议》（草案）。
Article 23: If an insurance company applies to use the capital guarantee funds to discharge debts when it is being liquidated, it shall, in addition to submitting the documentation specified in Items (1), (2), (3), (4) and (6) of Article 21 to the CIRC, provide the document from the CIRC approving its liquidation.
第二十三条 保险公司清算时申请使用资本保证金偿还债务的， 除向中国保监会提交第二十一条第（一）项、第（二）项、第（三）项、第（四）项、第（六）项资料外，还需提供中国保监会批准保险公司清算文件。
Article 24: If an insurance company reduces its registered capital (working capital) and applies to withdraw a portion of its capital guarantee funds, it shall, in addition to submitting the documentation specified in Items (1), (2), (3), (4) and (6) of Article 21 to the CIRC, provide the document from the CIRC approving its capital reduction.
第二十四条 保险公司注册资本（营运资金）减少，申请部分支取资本保证金的，除向中国保监会提交第二十一条第（一）项、第（二）项、第（三）项、第（四）项、第（六）项资料外，还需提供中国保监会批准保险公司减资文件。
Article 25: The CIRC will render its written decision on whether to grant or withhold approval of an application from an insurance company for the disposal of capital guarantee funds within 20 working days from the date of acceptance thereof.
第二十五条 中国保监会自受理保险公司资本保证金处置申请之日起20个工作日内做出批准或不予批准的书面决定。
Article 26: An insurance company may not use its capital guarantee funds except to discharge its debts at the time of its liquidation.
第二十六条 除清算时用于清偿债务外，保险公司不得动用资本保证金。
Article 27: During the term of the deposit, an insurance company may not change the nature of its deposit of capital guarantee funds.
第二十七条 在存放期限内，保险公司不得变更资本保证金存款的性质。
Article 28: A deposit of capital guarantee funds may not be used as a pledge for financing purposes.
第二十八条 资本保证金存款不得用于质押融资。
Article 29: If capital guarantee funds are not allocated or disposed of in accordance with these Measures, the CIRC will impose penalties in accordance with the law.
第二十九条 未按照本办法规定提存、处置资本保证金的，中国保监会将依法进行处罚。
Part Four: Supplementary provisions
第四章 附 则
Article 30: These Measures shall govern the administration of the capital guarantee funds of insurance holding companies and insurance group companies that engage in insurance business.
第三十条 经营保险业务的保险控股公司和保险集团公司资本保证金的管理，适用本办法。
Article 31: The CIRC is in charge of interpreting these Measures.
第三十一条 本办法由中国保监会负责解释。
Article 32: These Measures shall be effective as of the date of issuance. The Circular on Issuance of the Tentative Measures for the Administration of the Capital Guarantee Funds of Insurance Companies (Bao Jian Fa [2007] No.66) shall be repealed simultaneously.
第三十二条 本办法自发布之日起实施，《关于印发〈保险公司资本保证金管理暂行办法〉的通知》（保监发〔2007〕66号）同时废止。
Appendix 1
附件1：
AGREEMENT FOR THE DEPOSIT OF CAPITAL GUARANTEE FUNDS (MODEL BASIC TERMS)
资本保证金存款协议（基本条款示例）
Party A: __________ Bank of China, Shanghai Branch
甲方：中国 银行上海分行
Address: No.____ Pudong Avenue, Shanghai
地址：上海浦东大道 号
Party B: ______________ Life Insurance Co., Ltd.
乙方： 人寿保险股份有限公司
Address: No.____ __________ Road, Pudong New Area, Shanghai
地址：上海浦东新区 路 号
Pursuant to the PRC Insurance Law and the Measures for the Administration of the Capital Guarantee Funds of Insurance Companies and based on the principles of mutual benefit and trustworthiness, the Parties enter into this Agreement after having reached a negotiated consensus:
根据《中华人民共和国保险法》和《保险公司资本保证金管理办法》，本着平等互利、恪守信用的原则，经双方协商一致，签订本协议：
1. Party B's capital guarantee funds, in the amount of Rmb_________, shall be deposited with _________ Bank of China, _________ Branch, _______ Sub-branch in the form of a ___ year term deposit. Party A shall issue Party B a term deposit slip.
一、乙方的资本保证金人民币 元，以 年期定期存款的形式存放在中国××银行××分行××支行。甲方向乙方出具定期存单。
2. The date on which interest shall commence to accrue on the term deposit of the capital guarantee funds shall be ________, 20__.
二、资本保证金的定期存款起息日为20 年 月 日。
3. Interest on the term deposit of the capital guarantee funds shall accrue as follows: interest shall be paid once each ____, at a rate of __% and the interest payment dates shall be ________.
三、资本保证金定期存款的计息方式为每 付息一次，利率为 ，付息日为 。
4. The deposit may not be used as a pledge for financing purposes.
四、本存款不得用于质押融资。
5. The deposit is a capital guarantee fund deposit. Without seeing the written approval of the China Insurance Regulatory Commission, Party A may not agree to the change of the nature of the deposit, transfer of the principal of the deposit out of Party A or other requests to dispose of the deposit made by Party B. If Party A fails to duly carry out its review obligation, it shall bear joint and several liability for the debts of Party B that fall within the amount of the capital guarantee funds that were used.
五、本存款为资本保证金存款，甲方未见到中国保险监督管理委员会的书面批准,不得同意乙方变更存款的性质、将存款本金转出甲方以及其他对本存款的处置要求。甲方未尽审查义务的，应当在被动用的资本保证金额度内对乙方的债务承担连带责任。
6. In the event of a dispute arising in connection with this contract, the Parties shall resolve the same in accordance with the laws and regulations of the People's Republic of China and submit the outcome thereof to the China Insurance Regulatory Commission.
六、甲、乙双方如因本合同发生争议，按照中华人民共和国法律法规解决，并将结果报送中国保险监督管理委员会。
7. If the Parties wish to terminate this Agreement early, they shall report the same to the China Insurance Regulatory Commission for its approval.
七、甲、乙双方提前终止本协议，应报中国保险监督管理委员会批准。
8. If this Agreement is not recorded with the CIRC or if the CIRC withholds record filing, the Parties may hold consultations to terminate it.
八、本协议未经保监会备案或保监会不予备案，甲乙双方可以协商解除。
9. This Agreement is made in __ copies, of which the Parties shall each hold __ copies, and one copy shall be submitted to the China Insurance Regulatory Commission for record filing.
九、本协议一式 份，甲乙双方各执 份，一份报中国保险监督管理委员会备案。
Party A: __________ Bank of China, Shanghai Branch (affix stamp)
甲方：中国 银行上海分行（盖章）
Legal representative (or authorised representative): (signature)
法定代表人（或授权委托人）：（签字）
Date: _____________________
日期： 年 月 日
Party B: ______________ Life Insurance Co., Ltd. (affix stamp)
乙方： 人寿保险股份有限公司（盖章）
Legal representative (or authorised representative): (signature)
法定代表人（或授权委托人）：（签字）
Date: _____________________
| Appendix 2 日期： 年 月 日
APPLICATION FORM FOR DISPOSAL OF THE CAPITAL GUARANTEE FUNDS OF AN INSURANCE COMPANY
Application date: Stamp of organisation:
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