China Insurance Regulatory Commission, Circular on Matters Relevant to Investment Risk Owners of Insurance Institutions
中国保险监督管理委员会关于保险机构投资风险责任人有关事项的通知
CIRC elaborates on investment risk owner requirements.
Issued: April 9 2013
Effective: as of date of issuance
Main contents: Risk owners include administrative risk owners and professional risk owners. A risk owner shall have at least five years of financial work experience or at least 10 years of economic work experience. The company's chairman of the board shall serve as the administrative risk owner or the general manager shall be authorised to do so, and a member of the senior management personnel who satisfies the professional conditions and can bear the relevant business decision-making risk liability shall serve as the professional risk owner or the person in charge of the relevant asset management department shall be authorised to do so (Article 1).
In addition to satisfying the conditions set forth in Article 1 hereof, a professional risk owner shall have at least one professional qualification, including qualifications as a registered financial analyst, financial risk manager, certified public accountant, registered asset appraiser, real property appraiser, actuary, lawyer, etc. or other professional qualifications recognised by the China Insurance Regulatory Commission. If someone possesses at least 10 years experience in the relevant investment sector, he or she may provisionally be exempted from the specified restrictions on professional technical qualifications (Article 2).
Related legislation: Circular on Matters Relevant to Strengthening and Improving the Establishment of the Investment Management Capabilities of Insurance Institutions, Apr 24 2013
Issued: April 9 2013
Effective: as of date of issuance
Main contents: Risk owners include administrative risk owners and professional risk owners. A risk owner shall have at least five years of financial work experience or at least 10 years of economic work experience. The company's chairman of the board shall serve as the administrative risk owner or the general manager shall be authorised to do so, and a member of the senior management personnel who satisfies the professional conditions and can bear the relevant business decision-making risk liability shall serve as the professional risk owner or the person in charge of the relevant asset management department shall be authorised to do so (Article 1).
In addition to satisfying the conditions set forth in Article 1 hereof, a professional risk owner shall have at least one professional qualification, including qualifications as a registered financial analyst, financial risk manager, certified public accountant, registered asset appraiser, real property appraiser, actuary, lawyer, etc. or other professional qualifications recognised by the China Insurance Regulatory Commission. If someone possesses at least 10 years experience in the relevant investment sector, he or she may provisionally be exempted from the specified restrictions on professional technical qualifications (Article 2).
Related legislation: Circular on Matters Relevant to Strengthening and Improving the Establishment of the Investment Management Capabilities of Insurance Institutions, Apr 24 2013
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