Circular on Matters Relevant to Insurance Asset Management Companies

1. An insurance asset management company is a financial institution that has been approved by the China Insurance Regulatory Commission (CIRC) in concert with relevant departments, that has been registered in accordance with the law, and that is entrusted to manage insurance and other such funds. Subject to the effective control of risks, an insurance asset management company may engage in business innovation, product innovation and organisational innovation.

一、保险资产管理公司是经中国保监会会同有关部门批准，依法登记注册,受托管理保险等资金的金融机构。保险资产管理公司在有效控制风险的前提下，可以开展业务创新、产品创新和组织创新。

2. In addition to being entrusted to manage insurance funds, an insurance asset management company may be entrusted to manage the funds of pension fund, enterprise annuity, housing fund and other such institutions and the funds of qualified investors that are capable of identifying and bearing the attendant risks.

二、保险资产管理公司除受托管理保险资金外，还可受托管理养老金、企业年金、住房公积金等机构的资金和能够识别并承担相应风险的合格投资者的资金。

3. An insurance asset management company, as the entrusted party, may accept the entrustment of a client to manage the client's assets in the client's name, or create asset management products and manage assets for the benefit of the beneficiary or for a specific purpose.

三、保险资产管理公司作为受托人，可以接受客户委托，以委托人名义，开展资产管理业务，也可以设立资产管理产品，为受益人利益或者特定目的，开展资产管理业务。

4. When an insurance asset management company engages in asset management business, it shall, in accordance with relevant market rules, open securities accounts and fund accounts in the name of the asset management product or a dedicated account, and carry out independent operation and management thereof.

四、保险资产管理公司开展资产管理业务，应当按照相关市场规则，以资产管理产品或专户名义，开设证券账户和资金账户，进行独立运作管理。

5. An insurance asset management company that complies with relevant provisions may apply to the relevant financial regulator to lawfully engage in the management of assets raised from the public.

五、保险资产管理公司符合有关规定的，可以向有关金融监管部门申请，依法开展公募性质的资产管理业务。

6. An insurance asset management company may establish subsidiaries in accordance with relevant provisions to engage in the management of specific assets and further reform and improve the system and mechanisms.

六、保险资产管理公司可以按照有关规定设立子公司，从事专项资产管理业务，进一步改革完善体制和机制。

7. An insurance asset management company shall enhance its corporate governance and, in accordance with the principle of prudent operation, improve its risk management and internal controls, effectively guard against and control risks, act with due diligence, effect management in a compliant manner and treat all assets entrusted to it in a fair and impartial manner.

七、保险资产管理公司应当完善公司治理，按照审慎经营原则，健全风险管理与内部控制，有效防范和控制风险，恪尽职守，规范管理，公平公正对待所有受托资产。

8. To engage in the aforementioned asset management business, an insurance asset management company shall satisfy the relevant qualification conditions. Based on market circumstances, the CIRC shall formulate at appropriate times the relevant business rules so as to promote the sustained and healthy development of the asset management business.

八、保险资产管理公司开展前述资产管理业务，应当具备相应资质条件。中国保监会将根据市场情况，适时制定有关业务规则，促进资产管理业务持续健康发展。

clp reference:3910/12.10.12(3) prc reference:保监发〔2012〕90号 issued:2012-10-12

(Issued by the China Insurance Regulatory Commission on October 12 2012.)

Bao Jian Fa [2012] No.90

Insurance asset management companies:

With a view to broadening the scope of business of insurance asset management companies and promoting the development of innovation among insurance asset management companies, we, pursuant to relevant laws and regulations and following consultations with relevant departments, hereby notify you of matters relevant to insurance asset management companies as follows: