Circular on Issues Relevant to the Pilot Projects for the Engagement in Asset Management Product Business by Insurance Asset Management Companies
关于保险资产管理公司开展资产管理产品业务试点有关问题的通知
Insurance asset management companies allowed to sell asset management products.
(Issued by the China Insurance Regulatory Commission on, and effective as of, February 4 2013.)
(中国保险监督管理委员会于二零一三年二月四日发布施行。)
Bao Jian Zi Jin [2013] No.124
保监资金〔2013〕124号
Insurance group (holding) companies, insurance companies and insurance asset management companies:
各保险集团（控股）公司、保险公司、保险资产管理公司：
Pursuant to relevant provisions such as the Tentative Measures for the Administration of the Application of Insurance Capital, we hereby notify you, as follows, of relevant matters in order to support the pilot projects for engagement in the asset management product (Product) business by insurance asset management companies, protect the rights and interests of Product holders, and prevent and control risks:
为支持保险资产管理公司开展资产管理产品（以下简称“产品”）业务试点，保护产品持有人权益，防范和控制风险，根据《保险资金运用管理暂行办法》等相关规定，现就有关事项通知如下：
1. For the purposes of this Circular, the term “Product” means a financial instrument, standard Product units of which an insurance asset management company, as manager, sells to investors and for which it collects proceeds, with a custodial institution serving as asset custodian and the Product assets of which are invested and managed in the interests of the investors. The offering of Products is limited to domestic qualified investors with risk identification and bearing capacity, such as insurance group (holding) companies, insurance companies and insurance asset management companies, and includes Products placed with a single investor and pooled Products offered to multiple investors.
一、本通知所称产品是指保险资产管理公司作为管理人，向投资人发售标准化产品份额，募集资金，由托管机构担任资产托管人，为投资人利益运用产品资产进行投资管理的金融工具。产品限于向境内保险集团（控股）公司、保险公司、保险资产管理公司等具有风险识别和承受能力的合格投资人发行，包括向单一投资人发行的定向产品和向多个投资人发行的集合产品。
For a Product placed with a single investor, the investor's initial subscription moneys may not be less than Rmb30 million; and for a pooled Product offered to multiple investors, the total number of investors may not exceed 200, and a single investor's initial subscription moneys may not be less than Rmb1 million.
向单一投资人发行的定向产品，投资人初始认购资金不得低于3000万元人民币；向多个投资人发行的集合产品，投资人总数不得超过200人，单一投资人初始认购资金不得低于100万。
2. For the qualifications required by an insurance asset management company to engage in Product business, matters shall be handled with reference to the provisions on insurance proceeds investment managers of the Tentative Measures for the Administration of the Entrusted Investment of Insurance Proceeds, and the company shall formulate sound Product business management systems.
二、保险资产管理公司开展产品业务所需资质参照《保险资金委托投资管理暂行办法》关于保险资金投资管理人的规定执行，公司应当制定完善的产品业务管理制度。
3. Product assets shall be placed in the custody of a custodian, which shall have insurance proceeds custodian qualifications and perform duties such as safekeeping the Product assets, monitoring Product investments, checking the net value of the Product, disclosing custody information and participating in the liquidation of the Product assets.
三、产品资产应当实施托管，托管人需具备保险资金托管人资格，履行保管产品资产、监督产品投资行为、复核产品净值、披露托管信息、参与产品资产清算等职责。
4. With respect to the offering of Products by an insurance asset management company, an application for check and approval shall be submitted for the initial offering, and for subsequent offerings a report shall be submitted after the offering.
四、保险资产管理公司发行产品，实行初次申报核准，后续产品事后报告。
For the first time an insurance asset management company is to make its offering of a Product, it shall submit the following materials to the China Insurance Regulatory Commission (CIRC) before the offering: (1) an offering application; (2) an account of its having the capabilities to engage in Product business, accompanied by a Report on the Insurance Proceeds That an Investment Manager Has Been Engaged to Manage issued by the CIRC; (3) the Product contract; (4) the prospectus, for a pooled Product; (5) the custody agreement; and (6) other relevant documents. The CIRC will review the application materials and if the conditions are satisfied, it shall issue a letter of confirmation to the insurance asset management company.
保险资产管理公司初次发行产品，应当在发行前向中国保监会报送下列材料: （一）发行申请；（二）具备开展产品业务能力的情况说明，并附有中国保监会出具的《投资管理人受托管理保险资金报告表》；（三）产品合同；（四）集合产品的募集说明书；（五）托管协议；（六）其他相关文件。中国保监会对申报材料进行审核，符合条件的，将向保险资产管理公司出具确认函。
If an insurance asset management company subsequently offers a pooled Product, it shall submit to the CIRC the materials specified in Items (3) to (6) above and a capital verification report and subscription report within 15 working days after completion of the offering.
保险资产管理公司后续发行集合产品，在完成发行后15个工作日内向中国保监会报送前款第（三）至第（六）项材料，以及验资报告和认购情况报告。
If an insurance asset management company subsequently places a Product, it shall submit a written Product description and the Product contract to the CIRC within 15 working days after the execution of the contract.
保险资产管理公司后续发行定向产品，应当在合同签订后15个工作日内向中国保监会提交产品说明书和产品合同。
5. When an insurance asset management company is to offer a pooled Product, it shall prepare a written risk disclosure fully disclosing the risks. When an investor subscribes for or purchases a pooled Product, the insurance asset management company shall confirm that the investor has signed the risk disclosure, and if the investor has not signed the risk disclosure, the insurance asset management company may not offer it, or permit it to purchase, the pooled Product.
五、保险资产管理公司发行集合产品，应当制定风险揭示书充分揭示风险。投资人认购或申购集合产品，保险资产管理公司需确认投资人已签署风险揭示书，投资人未签署风险揭示书的，保险资产管理公司不得向其发行或允许其申购集合产品。
6. The scope of investment of a Product shall be limited to bank deposits, stocks, bonds, securities investment funds, central bank bills, debt financing instruments of non-financial enterprises, credit asset-backed securities, infrastructure investment plans, immovable asset investment plans, project asset-backed plans and other assets recognised by the CIRC.
六、产品投资范围限于银行存款、股票、债券、证券投资基金、央行票据、非金融企业债务融资工具、信贷资产支持证券、基础设施投资计划、不动产投资计划、项目资产支持计划及中国保监会认可的其他资产。
Where the scope of investment of a Product includes investment products such as infrastructure investment plans, immovable asset investment plans and project asset-backed plans, the insurance asset management company shall specify in the Product contract and Product prospectus details such as the corresponding investment percentages, valuation principles, valuation method and liquidity support measures.
产品投资范围包括基础设施投资计划、不动产投资计划、项目资产支持计划等投资品种的，保险资产管理公司应当在产品合同和产品募集说明书中说明相应的投资比例、估值原则、估值方法和流动性支持措施等内容。
7. During the offer period for a Product, the insurance asset management company may promote the Product itself, or appoint a relevant sales institution to do so on its behalf, but such promotion may not be done publicly through public media such as an internet website, television, radio, newspapers and periodicals. During promotion, professional ethics and codes of conduct shall be adhered to, and the features and risks of the Product shall be comprehensively, impartially and accurately described. Promotion materials must be true, accurate and may not contain false records, misleading statements or material omissions nor may they, in violation of provisions, guarantee returns to, or undertake to bear losses for, the investor.
七、保险资产管理公司在产品募集期间，可以自行或委托相应的销售机构推介产品，但不得通过互联网站、电视、广播、报刊等公共媒体公开推介。推介时，应当恪守职业道德和行为规范，全面、公正、准确地介绍产品特征和风险。推介材料必须真实、准确，不得存在虚假记载、误导性陈述或重大遗漏、或向投资人违规承诺收益和承担损失。
8. The insurance asset management company, custodian and other parties with an obligation of disclosure in respect of a Product shall disclose information to the regulators and investors in accordance with laws, regulations and the Product contract and shall ensure the truthfulness, accuracy and completeness of the information disclosed.
八、保险资产管理公司、托管人以及产品的其他信息披露义务人应当依据法律法规及产品合同的约定向监管机构和投资人披露信息，并确保所披露信息的真实性、准确性和完整性。
9. An insurance asset management company shall keep separate accounts for and separately manage each Product, treat the assets of different Products under its management in an equal manner, avoid conflicts of interest, and strictly prohibit acts that could lead to the diversion of benefits and unfair trading.
九、保险资产管理公司应当对每只产品进行独立核算、独立管理，公平对待所管理的不同产品资产，避免利益冲突，严禁可能导致利益输送、不公平交易的各种行为。
Within three months from the end of each year, an insurance asset management company and its custodian shall prepare a Product business management report and custody report, respectively, for the preceding year and submit it to the CIRC. A Product business management report shall include, but not be limited to, information on matters such as the operation and management of Products, implementation of the fair trading system and irregular transactions.
保险资产管理公司、托管人应当在每年结束之日起的3个月内分别编制上一年度的产品业务管理报告和托管报告报中国保监会，产品业务管理报告内容包括但不限于产品运作管理、公平交易制度执行、异常交易行为等情况。
10. When a Product terminates, the insurance asset management company shall, after the completion of liquidation, carry out an information disclosure in a timely manner and, within 15 working days, report the results of the liquidation to the CIRC.
十、产品终止的，保险资产管理公司应当在清算完成后，及时进行信息披露，并在15个工作日内将清算结果报中国保监会。
11. During the pilot period, the CIRC may, depending on relevant circumstances, appropriately adjust matters such as the conditions for the qualifications of Product issuers, scope of investors, method of reviewing Product offerings and scope of Product investments.
十一、试点期间，中国保监会视有关情况可对产品发行人资质条件、投资人范围、产品发行审核方式、产品投资范围等进行适时调整。
12. This Circular shall be effective as of the date of issuance.
clp reference:3910/13.02.04 prc reference:保监资金〔2013〕124号 issued:2013-02-04 effective:2013-02-04十二、本通知自发布之日起施行。
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