China Insurance Regulatory Commission, Tentative Measures for Administration of the Allocation of Insurance Assets

The term “independent account” means a fund account that is independent from ordinary accounts and whose investment returns directly inure entirely to the proposer or beneficiary (Article 12).

Main contents: Insurance companies shall separate “ordinary accounts” and “independent accounts” based on their insurance business and the particularities of the funds, and effect management by allocating assets to separate accounts (Article 12).

The assets allocated to the various accounts by an insurance company are mainly divided into liquid assets, fixed return assets, equity type assets, and other type and other investment assets. The percentage invested in each asset shall be specified in a written contract between the insurance company and the proposer or beneficiary (Articles 14 and 18).

When an insurance company develops a life insurance investment-linked insurance product, variable annuity product, old age security entrusted management product or non-life non-predetermined return investment type insurance product, etc., it shall open an independent account therefor in accordance with relevant CIRC provisions (Article 26).