Tentative Measures for the Administration of the Application of Insurance Capital (Revised)
保险资金运用管理暂行办法(修订)
CIRC lifts the restrictions on the investment percentages of insurance capital.
(Promulgated by the China Insurance Regulatory Commission on April 4 2014 and effective as of May 1 2014.)
Order of the CIRC [2014] No.3
(中国保险监督管理委员会于二零一四年四月四日公布, 自二零一四年五月一日起施行。)
Part One: General provisions
保监会令 [2014] 第3号
Article 1: These Measures have been formulated pursuant to laws and administrative regulations such as the PRC Insurance Law (the Insurance Law) in order to regulate the application of insurance capital, guard against the risks associated with the application of insurance capital, safeguard the lawful rights and interests of insurance parties and promote the sustainable and healthy development of the insurance industry.
第一章 总 则
Article 2: These Measures shall govern the insurance capital application activities engaged in by insurance group (holding) companies and insurance companies legally established in China.
第一条 为了规范保险资金运用行为，防范保险资金运用风险，维护保险当事人合法权益，促进保险业持续、健康发展，根据《中华人民共和国保险法》（以下简称《保险法》）等法律、行政法规，制定本办法。
Article 3: For the purposes of these Measures, the term “insurance capital” means the registered capital, reserve funds, undistributed profits, various reserves and other capital of insurance group (holding) companies and insurance companies denominated either in renminbi or foreign currencies.
第二条 在中国境内依法设立的保险集团（控股）公司、保险公司从事保险资金运用活动适用本办法规定。
Article 4: The application of insurance capital must be sound, abide by the principle of safety and comply with regulatory requirements in respect of solvency. Asset-liability management and comprehensive risk management shall be implemented based on the nature of the insurance capital so as to achieve intensiveness, professionalism, compliance and a market orientation.
第三条 本办法所称保险资金，是指保险集团（控股）公司、保险公司以本外币计价的资本金、公积金、未分配利润、各项准备金及其他资金。
Article 5: The China Insurance Regulatory Commission (the CIRC) exercises oversight over insurance capital application activities in accordance with the law.
第四条 保险资金运用必须稳健，遵循安全性原则，符合偿付能力监管要求，根据保险资金性质实行资产负债管理和全面风险管理，实现集约化、专业化、规范化和市场化。
Part Two: Forms of capital application
第五条 中国保险监督管理委员会（以下简称中国保监会）依法对保险资金运用活动进行监督管理。
Section One: Scope of capital application
第二章 资金运用形式
Article 6: The application of insurance capital shall be restricted to:
第一节 资金运用范围
(1) bank deposits;
第六条 保险资金运用限于下列形式：
(2) trading in negotiable securities such as bonds, stocks and shares of securities investment funds;
（一）银行存款；
(3) investment in immovable assets; and
（二）买卖债券、股票、证券投资基金份额等有价证券；
(4) other forms of capital application as specified by the State Council.
（三）投资不动产；
If insurance capital is invested overseas, relevant oversight provisions of the CIRC shall be complied with.
（四）国务院规定的其他资金运用形式。
Article 7: If insurance capital is to be placed in bank deposits, a commercial bank satisfying the following conditions shall be selected as the deposit bank:
保险资金从事境外投资的，应当符合中国保监会有关监管规定。
(1) one whose capital adequacy ratio, net assets and provision coverage satisfies regulatory requirements;
第七条 保险资金办理银行存款的，应当选择符合下列条件的商业银行作为存款银行：
(2) one whose governance structure is compliant, internal control systems are sound and business performance is good;
（一）资本充足率、净资产和拨备覆盖率等符合监管要求；
(3) one that has not been found to have committed a major violation of laws or regulations during the most recent three years; and
（二）治理结构规范、内控体系健全、经营业绩良好；
(4) one whose credit rating has been at the investment grade or above for three years in succession.
（三）最近三年未发现重大违法违规行为；
Article 8: Bonds in which insurance capital is invested shall have a credit rating that was assessed by a credit rating agency recognised by the CIRC and satisfies the prescribed requirements, and mainly include government bonds, financial bonds, enterprise (corporate) bonds, non-financial enterprise debt-financing instruments and other bonds that satisfy provisions.
（四）连续三年信用评级在投资级别以上。
Article 9: Stocks in which insurance capital is invested mainly include stocks that have been publicly offered, listed and traded and stocks privately offered by listed companies to specific targets.
第八条 保险资金投资的债券，应当达到中国保监会认可的信用评级机构评定的、且符合规定要求的信用级别，主要包括政府债券、金融债券、企业（公司）债券、非金融企业债务融资工具以及符合规定的其他债券。
Provisions for the investment in stocks of companies listed on the growth enterprise board and stocks subscribed for and traded in foreign currencies will be formulated separately by the CIRC.
第九条 保险资金投资的股票，主要包括公开发行并上市交易的股票和上市公司向特定对象非公开发行的股票。
Article 10: When insurance capital is to be invested in a securities investment fund, the fund manager thereof shall satisfy the following conditions:
投资创业板上市公司股票和以外币认购及交易的股票由中国保监会另行规定。
(1) having good corporate governance, and having maintained net assets of at least Rmb100 million for three years in succession;
第十条 保险资金投资证券投资基金的，其基金管理人应当符合下列条件：
(2) performing contracts in accordance with the law, safeguarding the lawful rights and interests of investors and not having a record of improper conduct during the most recent three years;
（一）公司治理良好，净资产连续三年保持在人民币一亿元以上；
(3) having erected an effective firewall mechanism between the securities investment fund and its asset management business for special customers; and
（二）依法履行合同，维护投资者合法权益，最近三年没有不良记录；
(4) having a stable investment team, having a good investment track record and the size of the assets under its management or fund shares being relatively stable.
（三）建立有效的证券投资基金和特定客户资产管理业务之间的防火墙机制；
Article 11: The immovable assets in which insurance capital is invested refer to land, buildings and other attachments to land. The specific measures therefor will be formulated by the CIRC.
（四）投资团队稳定，历史投资业绩良好，管理资产规模或者基金份额相对稳定。
Article 12: The equity in which insurance capital is invested shall be the equity of companies limited by shares and limited liability companies lawfully established and registered in China and not publicly listed on a stock exchange.
第十一条 保险资金投资的不动产，是指土地、建筑物及其它附着于土地上的定着物。具体办法由中国保监会制定。
Article 13: An insurance group (holding) company or insurance company may not use funds in its various reserves to purchase immovable assets for its own use or to make an equity investment that confers control over another enterprise.
第十二条 保险资金投资的股权，应当为境内依法设立和注册登记，且未在证券交易所公开上市的股份有限公司和有限责任公司的股权。
Article 14: An equity investment by an insurance group (holding) company or insurance company that confers control over another enterprise shall satisfy regulatory requirements in respect of solvency. If an insurance subsidiary of an insurance group (holding) company does not satisfy CIRC regulatory requirements in respect of solvency, the insurance group (holding) company may not invest in non-insurance financial enterprises.
第十三条 保险集团（控股）公司、保险公司不得使用各项准备金购置自用不动产或者从事对其他企业实现控股的股权投资。
Equity investments that confer control shall be limited to the following enterprises:
第十四条 保险集团（控股）公司、保险公司对其他企业实现控股的股权投资，应当满足有关偿付能力监管规定。保险集团（控股）公司的保险子公司不符合中国保监会偿付能力监管要求的，该保险集团（控股）公司不得向非保险类金融企业投资。
(1) insurance enterprises, including insurance companies, insurance asset management firms, dedicated insurance agencies and insurance brokerages;
实现控股的股权投资应当限于下列企业：
(2) non-insurance financial enterprises; and
（一）保险类企业，包括保险公司、保险资产管理机构以及保险专业代理机构、保险经纪机构；
(3) insurance business-related enterprises.
（二）非保险类金融企业；
Article 15: An insurance group (holding) company or insurance company that engages in the application of insurance capital may not:
（三）与保险业务相关的企业。
(1) place deposits in non-bank financial institutions;
第十五条 保险集团（控股）公司、保险公司从事保险资金运用，不得有下列行为：
(2) purchase shares that the stock exchange subjects to “special treatment” or “special treatment with a warning that there is a risk of termination of listing”;
（一）存款于非银行金融机构；
(3) invest in the equity of enterprises or immovable assets that does/do not have stable cash flow return prospects or asset appreciation value or that involve(s) projects that fail to satisfy state industrial policy, such as those that are highly polluting;
（二）买入被交易所实行“特别处理”、“警示存在终止上市风险的特别处理”的股票；
(4) directly engage in real estate development and construction;
（三）投资不具有稳定现金流回报预期或者资产增值价值、高污染等不符合国家产业政策项目的企业股权和不动产；
(5) engage in venture capital investment;
（四）直接从事房地产开发建设；
(6) use the investment assets derived from the application of insurance capital to provide security for, or extend loans to, third parties, with the exception of personal policy pledge loans; or
（五）从事创业风险投资；
(7) carry out other investment acts as prohibited by the CIRC.
（六）将保险资金运用形成的投资资产用于向他人提供担保或者发放贷款，个人保单质押贷款除外；
The CIRC may appropriately revise the prohibitive provisions governing the application of insurance capital based on relevant circumstances.
（七）中国保监会禁止的其他投资行为。
Article 16: When engaging in the application of insurance capital, an insurance group (holding) company or insurance company shall comply with the relevant percentage requirements of the CIRC and the specific provisions therefor shall be formulated by the CIRC separately. The CIRC may, according to the circumstances, revise the investment percentages for the application of insurance capital.
中国保监会可以根据有关情况对保险资金运用的禁止性规定进行适当调整。
Article 17: When capital is applied to investment-linked insurance products and to non-life investment type insurance products with no fixed returns, they shall be separated from other insurance product capital at the levels of asset segregation, asset allocation, investment management, staffing, investment transactions and risk control. The specific measures therefor will be formulated by the CIRC.
第十六条 保险集团（控股）公司、保险公司从事保险资金运用应当符合中国保监会相关比例要求，具体规定由中国保监会另行规定。中国保监会可以根据情况调整保险资金运用的投资比例。
Section Two: Capital application model
第十七条 投资连结保险产品和非寿险非预定收益投资型保险产品的资金运用，应当在资产隔离、资产配置、投资管理、人员配备、投资交易和风险控制等环节，独立于其他保险产品资金，具体办法由中国保监会制定。
Article 18: An insurance group (holding) company or insurance company shall effect intensive and professional management of insurance capital in accordance with the requirements of “centralised management, uniform allocation and professional operation”.
第二节 资金运用模式
Insurance capital shall be centrally managed and applied by organisations with legal personality; branches and sub-branches may not engage in the application of insurance capital.
第十八条 保险集团（控股）公司、保险公司应当按照“集中管理、统一配置、专业运作”的要求，实行保险资金的集约化、专业化管理。
Article 19: An insurance group (holding) company or insurance company shall select a qualified commercial bank or other such professional institution to exercise third party custody and supervision over the application of insurance capital. The specific measures therefor will be formulated by the CIRC.
保险资金应当由法人机构统一管理和运用，分支机构不得从事保险资金运用业务。
The insurance assets in the custody of the custodian shall be kept separate from the custodian's own assets and from the other assets in the custodian's custody. If the custodian is liquidated due to being dissolved in accordance with the law, being closed down in accordance with the law or being declared bankrupt in accordance with the law or other such reason, the assets in its custody shall not form part of the property available for liquidation.
第十九条 保险集团（控股）公司、保险公司应当选择符合条件的商业银行等专业机构，实施保险资金运用第三方托管和监督，具体办法由中国保监会制定。
Article 20: When a custodian engages in the custody of insurance capital, its main duties shall include:
托管的保险资产独立于托管机构固有资产，并独立于托管机构托管的其他资产。托管机构因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的，托管资产不属于其清算财产。
(1) insurance capital custody, settlement and delivery, and asset appraisal;
第二十条 托管机构从事保险资金托管的，主要职责包括：
(2) monitoring of investment acts;
（一）保险资金的保管、清算交割和资产估值；
(3) disclosure of information to relevant parties;
（二）监督投资行为；
(4) maintenance of the confidentiality of trade secrets in accordance with the law; and
（三）向有关当事人披露信息；
(5) other duties as specified in laws, regulations, CIRC provisions and the contract.
（四）依法保守商业秘密；
Article 21: When engaging in the custody of insurance capital, a custodian may not:
（五）法律、法规、中国保监会规定和合同约定的其他职责。
(1) divert the capital in its custody for other purposes;
第二十一条 托管机构从事保险资金托管，不得有下列行为：
(2) mix the management of capital in its custody with that of its own capital or mix the management of capital in different custody accounts;
（一）挪用托管资金；
(3) utilise capital in its custody and related information to seek illegal gains; or
（二）混合管理托管资金和自有资金或者混合管理不同托管账户资金；
(4) commit other illegal acts.
（三）利用托管资金及其相关信息谋取非法利益；
Article 22: The investment management capabilities of an insurance group (holding) company or insurance company shall satisfy the relevant standards specified by the CIRC.
（四）其他违法行为。
Based on its investment management capabilities and risk management capabilities, an insurance group (holding) company or insurance company may invest on its own or appoint an insurance asset management firm to do so on its behalf.
第二十二条 保险集团（控股）公司、保险公司的投资管理能力应当符合中国保监会规定的相关标准。
Article 23: If an insurance group (holding) company or insurance company appoints an insurance asset management firm to invest on its behalf, it shall conclude a written contract therewith specifying the parties' rights and obligations and ensuring the mutual independence of the duties of the principal, the agent and the custodian.
保险集团（控股）公司、保险公司根据投资管理能力和风险管理能力，可以自行投资或者委托保险资产管理机构进行投资。
The insurance group (holding) company or insurance company shall perform the duties of formulating the asset strategic allocation guidelines, selecting the agent, monitoring the performance by the agent, assessing the agent's investment performance, etc.
第二十三条 保险集团（控股）公司、保险公司委托保险资产管理机构投资的，应当订立书面合同，约定双方权利与义务，确保委托人、受托人、托管人三方职责各自独立。
The insurance asset management firm shall implement the principal's asset allocation guidelines, assemble an investment portfolio based on the particularities of the insurance capital and treat different capital equitably.
保险集团（控股）公司、保险公司应当履行制定资产战略配置指引、选择受托人、监督受托人执行情况、评估受托人投资绩效等职责。
Article 24: When an insurance group (holding) company or insurance company appoints an insurance asset management firm to invest on its behalf, it may not:
保险资产管理机构应当执行委托人资产配置指引，根据保险资金特性构建投资组合，公平对待不同资金。
(1) prevent or interfere with the agent's normal performance of its duties;
第二十四条 保险集团（控股）公司、保险公司委托保险资产管理机构投资的，不得有下列行为：
(2) demand that the agent provide information on other agents;
（一）妨碍、干预受托机构正常履行职责；
(3) demand that the agent provide a minimum investment return guarantee;
（二）要求受托机构提供其他委托机构信息；
(4) illegally divert insurance profits; or
（三）要求受托机构提供最低投资收益保证；
(5) commit other illegal acts.
（四）非法转移保险利润；
Article 25: An insurance asset management company that has accepted an appointment to manage insurance capital may not:
（五）其他违法行为。
(1) invest in violation of the contract provisions;
第二十五条 保险资产管理机构受托管理保险资金的，不得有下列行为：
(2) treat different capital in an inequitable manner;
（一）违反合同约定投资；
(3) mix the management of its own and of entrusted capital or that of the capital of different principals;
（二）不公平对待不同资金；
(4) divert capital entrusted to it for other purposes;
（三）混合管理自有、受托资金或者不同委托机构资金；
(5) provide a minimum investment return undertaking to the principal;
（四）挪用受托资金；
(6) use insurance capital and the assets derived from the investment thereof to provide security for third parties; or
（五）向委托机构提供最低投资收益承诺；
(7) commit other illegal acts.
（六）以保险资金及其投资形成的资产为他人设定担保；
Article 26: An insurance asset management firm may, in accordance with relevant CIRC provisions, use the invested products falling within the scope of the application of insurance capital as the underlying assets for the insurance asset management product business it engages in.
（七）其他违法行为。
When an insurance group (holding) company or insurance company appoints an insurance asset management firm to invest on its behalf or purchases insurance asset management products therefrom, the insurance asset management firm shall disclose to relevant parties information on the capital investment orientation, investment management, capital custody, risk management and material contingencies in accordance with the contract in a timely manner and ensure that the information it discloses is true, accurate and complete.
第二十六条 保险资产管理机构根据中国保监会相关规定，可以将保险资金运用范围的投资品种作为基础资产，开展保险资产管理产品业务。
An insurance asset management firm shall specify the rate for, and the method of paying, the management fee with the principal or the investment firm in contract form based on market principles and in light of factors such as the size of the assets entrusted, the type of assets, the product risk features and investment performance.
保险集团（控股）公司、保险公司委托投资或者购买保险资产管理产品，保险资产管理机构应当根据合同约定，及时向有关当事人披露资金投向、投资管理、资金托管、风险管理和重大突发事件等信息，并保证披露信息的真实、准确和完整。
The term “insurance asset management product business” means the investment management activities engaged in for the benefit of investors by an insurance asset management firm as issuer or manager involving the sale of product shares to investors such as insurance group (holding) companies, insurance companies and insurance asset management firms to raise funds and the selection of a commercial bank or other such professional firm as custodian.
保险资产管理机构应当根据受托资产规模、资产类别、产品风险特征、投资业绩等因素，按照市场化原则，以合同方式与委托或者投资机构，约定管理费收入计提标准和支付方式。
Part Three: Decision implementation mechanism
保险资产管理产品业务，是指由保险资产管理机构为发行人和管理人，向保险集团（控股）公司、保险公司以及保险资产管理机构等投资人发售产品份额，募集资金，并选聘商业银行等专业机构为托管人，为投资人利益开展的投资管理活动。
Section One: Organisational structure and duties
第三章 决策运行机制
Article 27: An insurance group (holding) company or insurance company shall establish sound corporate governance, expressly specify in its articles of association and relevant rules and regulations the duties of the shareholders' general meeting, board of directors, supervisory board and management in the application of insurance capital and realise the mutual separation and mutual checking among the decision-making authority, operating authority and supervision authority over the application of insurance capital.
第一节 组织结构与职责
Article 28: The application of insurance capital shall be subject to a system wherein the board of directors is in charge. The board of directors of an insurance company shall bear ultimate responsibility for asset allocation, investment policy, risk control and compliance management and mainly perform the following duties:
第二十七条 保险集团（控股）公司、保险公司应当建立健全公司治理，在公司章程和相关制度中明确规定股东大会、董事会、监事会和经营管理层的保险资金运用职责，实现保险资金运用决策权、运营权、监督权相互分离，相互制衡。
(1) reviewing and deciding on the rules and regulations for the management of the application of insurance capital;
第二十八条 保险资金运用实行董事会负责制。保险公司董事会应当对资产配置和投资政策、风险控制、合规管理承担最终责任，主要履行下列职责：
(2) determining the method of managing the application of insurance capital;
（一）审定保险资金运用管理制度；
(3) reviewing and deciding on the investment decision procedure and authorisation mechanism;
（二）确定保险资金运用的管理方式；
(4) reviewing and deciding on the asset strategic allocation plan, annual investment plans, and investment guidelines and relevant revisions thereof;
（三）审定投资决策程序和授权机制；
(5) deciding on material investments;
（四）审定资产战略配置规划、年度投资计划和投资指引及相关调整方案；
(6) reviewing and deciding on the investment strategy and operational plan for new investment products;
（五）决定重大投资事项；
(7) establishing a system for assessment of capital application performance; and
（六）审定新投资品种的投资策略和运作方案；
(8) other relevant duties.
（七）建立资金运用绩效考核制度；
The board of directors shall establish an asset and liability management committee (investment decision committee) and risk management committee.
（八）其他相关职责。
Article 29: When an insurance group (holding) company or insurance company is to decide on appointing an insurance asset management firm to invest on its behalf and on material insurance capital application matters such as investment in unsecured bonds, stocks, equity and immovable assets, the same shall be subject to consideration and adoption by the board of directors.
董事会应当设立资产负债管理委员会（投资决策委员会）和风险管理委员会。
Article 30: The management of an insurance group (holding) company or insurance company shall perform the following duties as authorised by the board of directors:
第二十九条 保险集团（控股）公司、保险公司决定委托投资，以及投资无担保债券、股票、股权和不动产等重大保险资金运用事项，应当经董事会审议通过。
(1) being responsible for the day-to-day operation and management of the application of insurance capital;
第三十条 保险集团（控股）公司、保险公司经营管理层根据董事会授权，应当履行下列职责：
(2) establishing a consulting mechanism between the insurance capital application department, on the one hand, and the financial, actuarial, product and risk control departments, on the other;
（一）负责保险资金运用的日常运营和管理工作；
(3) considering the insurance asset strategic allocation plan and annual asset allocation strategies drafted by the asset management department and submitting the same to the Board of Directors for review and determination;
（二）建立保险资金运用与财务、精算、产品和风控等部门之间的协商机制；
(4) controlling and managing the risks associated with the application of insurance capital;
（三）审议资产管理部门拟定的保险资产战略配置规划和年度资产配置策略，并提交董事会审定；
(5) implementing the asset allocation plan and annual asset allocation strategies reviewed and decided by the board of directors;
（四）控制和管理保险资金运用风险；
(6) proposing revisions to the asset strategic allocation revision plan; and
（五）执行经董事会审定的资产配置规划和年度资产配置策略；
(7) other duties.
（六）提出调整资产战略配置调整方案；
Article 31: An insurance group (holding) company or insurance company shall establish a dedicated insurance asset management department that is independent from the financial, actuarial, risk control and other such business departments and performs the following duties:
（七）其他职责。
(1) drafting the rules and regulations for the management of the application of insurance capital;
第三十一条 保险集团（控股）公司、保险公司应当设置专门的保险资产管理部门，并独立于财务、精算、风险控制等其他业务部门，履行下列职责：
(2) drafting the asset strategic allocation plan and annual asset allocation strategies;
（一）拟定保险资金运用管理制度；
(3) drafting the asset strategic allocation revisions plans;
（二）拟定资产战略配置规划和年度资产配置策略；
(4) implementing the annual asset allocation plans;
（三）拟定资产战略配置调整方案；
(5) implementing measures for management of the risks associated with the application of insurance capital; and
（四）执行年度资产配置计划；
(6) other duties.
（五）实施保险资金运用风险管理措施；
When an insurance group (holding) company or insurance company invests on its own, the insurance asset management department shall be responsible for day-to-day management of investment and trading; if it appoints an insurance asset management firm to invest on its behalf, the asset insurance management department shall perform the duties of the principal, such as monitoring investment acts and evaluating investment performance.
（六）其他职责。
Article 32: The asset management department of an insurance group (holding) company or insurance company shall establish positions at stages such as investment research, asset settlement, risk control, performance evaluation and relevant assurances, establish a firewall system and realise professional, compliant and procedural operation.
保险集团（控股）公司、保险公司自行投资的，保险资产管理部门应当负责日常投资和交易管理；委托投资的，保险资产管理部门应当履行委托人职责，监督投资行为和评估投资业绩等职责。
If an insurance group (holding) company or insurance company invests on its own, the asset management department shall establish investment, trading and other such positions directly related to capital application.
第三十二条 保险集团（控股）公司、保险公司的资产管理部门应当在投资研究、资产清算、风险控制、业绩评估、相关保障等环节设置岗位，建立防火墙体系，实现专业化、规范化、程序化运作。
Article 33: The risk management department of an insurance group (holding) company or insurance company and departments with corresponding management functions shall perform the following duties:
保险集团（控股）公司、保险公司自行投资的，资产管理部门应当设置投资、交易等与资金运用业务直接相关的岗位。
(1) drafting rules and regulations for the management of the risks associated with the application of insurance capital;
第三十三条 保险集团（控股）公司、保险公司风险管理部门以及具有相应管理职能的部门，应当履行下列职责：
(2) reviewing and monitoring the lawfulness and compliance of the application of insurance capital;
（一）拟定保险资金运用风险管理制度；
(3) identifying, evaluating, tracking, controlling and managing the risks associated with the application of insurance capital;
（二）审核和监控保险资金运用合法合规性；
(4) reporting on a regular basis on the management of the risks associated with the application of capital; and
（三）识别、评估、跟踪、控制和管理保险资金运用风险；
(5) other duties.
（四）定期报告资金运用风险管理状况；
Article 34: An insurance asset management firm shall have a chief risk management officer.
（五）其他职责。
The chief risk management officer shall be a member of the company's senior management personnel, be responsible for organising and guiding the insurance asset management firm's risk management, the scope of his/her duties shall encompass all the business stages in the operation of the insurance asset management firm, he/she shall independently report relevant matters to the board of directors and the CIRC and shall submit proposals for guarding against and dissipating major risks.
第三十四条 保险资产管理机构应当设立首席风险管理执行官。
The chief risk management officer may not be in charge of investment management. If he/she needs to be replaced, the reason therefor and details of the performance of his/her duties shall be reported to the CIRC in writing at least five working days before the replacement.
首席风险管理执行官为公司高级管理人员，负责组织和指导保险资产管理机构风险管理，履职范围应当包括保险资产管理机构运作的所有业务环节，独立向董事会、中国保监会报告有关情况，提出防范和化解重大风险建议。
Section Two: Capital application procedure
首席风险管理执行官不得主管投资管理。如需更换，应当于更换前至少五个工作日向中国保监会书面说明理由和其履职情况。
Article 35: An insurance group (holding) company or insurance company shall establish and enhance rules and regulations for the management of the application of insurance capital and an internal control mechanism, clarify the way each stage and relevant positions mesh and the operating standards, strictly separate the responsibilities of front, middle and back office positions, regularly inspect and evaluate the implementation of the rules and regulations and duly ensure the clear demarcation of their powers and duties, that they are relatively independent and that they mutually check each other. The relevant rules and regulations include, but are not limited to the following:
第二节 资金运用流程
(1) rules and regulations for asset allocation;
第三十五条 保险集团（控股）公司、保险公司应当建立健全保险资金运用的管理制度和内部控制机制，明确各个环节、有关岗位的衔接方式及操作标准，严格分离前、中、后台岗位责任，定期检查和评估制度执行情况，做到权责分明、相对独立和相互制衡。相关制度包括但不限于：
(2) rules and regulations for investment research, decision-making and authorisation;
（一）资产配置相关制度；
(3) rules and regulations for the management of trading and settlement;
（二）投资研究、决策和授权制度；
(4) rules and regulations for performance evaluation and assessment;
（三）交易和结算管理制度；
(5) rules and regulations for the management of information systems; and
（四）绩效评估和考核制度；
(6) rules and regulations for risk management, etc.
（五）信息系统管理制度；
Article 36: An insurance group (holding) company or insurance company shall treat the independent legal person as the unit, which shall have overall responsibility for the domestic and foreign markets, comprehensively consider factors such as solvency constraints, the external environment, risk preferences and regulatory requirements, analyse liability targets such as insurance capital costs, cash flow and terms and elect to allocate the assets with the pertinent risk-adjusted return features, terms and liquidity.
（六）风险管理制度等。
Article 37: An insurance group (holding) company or insurance company shall establish a professional analysis platform and use external research results to study and formulate the models, rules and regulations covering the management of transaction counterparties and selection of investment products, set up an investment pool, reserve pool and prohibited investment pool system, and track and analyse market changes in real time so as to provide the basis for decisions on the application of insurance capital.
第三十六条 保险集团（控股）公司、保险公司应当以独立法人为单位，统筹境内境外两个市场，综合偿付能力约束、外部环境、风险偏好和监管要求等因素，分析保险资金成本、现金流和期限等负债指标，选择配置具有相应风险收益特征、期限及流动性的资产。
Article 38: An insurance group (holding) company or insurance company shall establish and enhance an investment decision-making and authorisation system that is relatively centralised, hierarchically managed and in which powers and responsibilities are unified, clearly specify the authorisation method, authority, criteria, procedure, period of validity and responsibilities, and conduct inspections of authorisations and check accountability level by level.
第三十七条 保险集团（控股）公司、保险公司应当建立专业化分析平台，并利用外部研究成果，研究制定涵盖交易对手管理和投资品种选择的模型和制度，构建投资池、备选池和禁投池体系，实时跟踪并分析市场变化，为保险资金运用决策提供依据。
Article 39: An insurance group (holding) company or insurance company shall establish and enhance a fair trading mechanism, effectively control the operational risk and moral hazard of relevant personnel, guard against technical and security holes in the trading system and ensure the compliance, fairness and validity of transactions. The fair trading mechanism shall, at minimum, include the following:
第三十八条 保险集团（控股）公司、保险公司应当建立健全相对集中、分级管理、权责统一的投资决策和授权制度，明确授权方式、权限、标准、程序、时效和责任，并对授权情况进行检查和逐级问责。
(1) implementation of a centralised trading system and strict separation of investment decision-making and transaction execution;
第三十九条 保险集团（控股）公司、保险公司应当建立和完善公平交易机制，有效控制相关人员操作风险和道德风险，防范交易系统的技术安全疏漏，确保交易行为的合规性、公平性和有效性。公平交易机制至少应当包括以下内容：
(2) establishment of a centralised transaction monitoring system, advance warning system and feedback system that satisfy relevant requirements;
（一）实行集中交易制度，严格隔离投资决策与交易执行；
(3) establishment of a sound trade recording system; and
（二）构建符合相关要求的集中交易监测系统、预警系统和反馈系统；
(4) fair treatment of different capital at the levels of account opening, research support, resource allocation, personnel management, etc.
（三）建立完善的交易记录制度；
Article 40: An insurance group (holding) company or insurance company shall establish a performance evaluation system and evaluation criteria that have asset and liability management at their core, regularly carry out performance evaluations and attribution analysis of the application of insurance capital and promote long-term investment, value investment and diversified investment so as to achieve the overall objectives of the application of insurance capital.
（四）在账户设置、研究支持、资源分配、人员管理等环节公平对待不同资金等。
Article 41: An insurance group (holding) company or insurance company shall establish an insurance capital application information management system that minimises or eliminates manipulation factors and automatically identifies, gives forewarnings of and manages and controls asset management risks so as to ensure real time understanding of the risk situation.
第四十条 保险集团（控股）公司、保险公司应当建立以资产负债管理为核心的绩效评估体系和评估标准，定期开展保险资金运用绩效评估和归因分析，推进长期投资、价值投资和分散化投资，实现保险资金运用总体目标。
The information management system shall have compliance and risk indicator thresholds, and the various risk monitoring factors shall be incorporated into the relevant information technology systems so as to reduce operational risk and prevent moral hazard.
第四十一条 保险集团（控股）公司、保险公司应当建立保险资金运用信息管理系统，减少或者消除人为操纵因素，自动识别、预警报告和管理控制资产管理风险，确保实时掌握风险状况。
A comprehensive risk management database that collects and integrates basic market information, records the raw data on insurance capital management and investment transactions and ensures sharing of the information platform shall be established in the information management system.
信息管理系统应当设定合规性和风险指标阀值，将风险监控的各项要素固化到相关信息技术系统之中，降低操作风险、防止道德风险。
Part Four: Risk management and control
信息管理系统应当建立全面风险管理数据库，收集和整合市场基础资料，记录保险资金管理和投资交易的原始数据，保证信息平台共享。
Article 42: An insurance group (holding) company or insurance company shall establish a comprehensive coverage insurance capital application risk management organisation system and operating mechanism that provides monitoring of the entire procedure and involves all personnel, improve risk management technologies and the information technology system and classify, identify, weigh and evaluate various risks through means such as the management system and audits so as to guard against and dissipate risks.
第四章 风险管控
Article 43: An insurance group (holding) company or insurance company shall manage and control risks associated with the mismatching of assets and liabilities, strengthen cost and return management, term management and risk budgeting on the basis of solvency constraints and the liability characteristics of the insurance products, determine risk limits for the application of insurance capital and evaluate and manage asset mismatch risks through means such as gap analysis and sensitivity and scenario testing.
第四十二条 保险集团（控股）公司、保险公司应当建立全面覆盖、全程监控、全员参与的保险资金运用风险管理组织体系和运行机制，改进风险管理技术和信息技术系统，通过管理系统和稽核审计等手段，分类、识别、量化和评估各类风险，防范和化解风险。
Article 44: An insurance group (holding) company or insurance company shall manage and control liquidity risk, test, under different scenarios, the liquidity risk level that it can tolerate and its own risk tolerance capacity based on the particularities of its insurance business and its risk preferences, and formulate liquidity risk management strategies, policies and procedures in order to guard against liquidity risk.
第四十三条 保险集团（控股）公司、保险公司应当管理和控制资产负债错配风险，以偿付能力约束和保险产品负债特性为基础，加强成本收益管理、期限管理和风险预算，确定保险资金运用风险限额，采用缺口分析、敏感性和情景测试等方法，评估和管理资产错配风险。
Article 45: An insurance group (holding) company or insurance company shall manage and control market risk, evaluate and manage interest rate risk, exchange rate risk and financial market fluctuation risk, establish an effective market risk evaluation and management mechanism and implement market risk limit management.
第四十四条 保险集团（控股）公司、保险公司应当管理和控制流动性风险，根据保险业务特点和风险偏好，测试不同状况下可以承受的流动性风险水平和自身风险承受能力，制定流动性风险管理策略、政策和程序，防范流动性风险。
Article 46: An insurance group (holding) company or insurance company shall manage and control credit risk, establish a credit risk management system, in a timely manner, track and evaluate credit risks, carry out tracking analysis of its futures position credit products and transaction counterparties and regularly organise back tests.
第四十五条 保险集团（控股）公司、保险公司应当管理和控制市场风险，评估和管理利率风险、汇率风险以及金融市场波动风险，建立有效的市场风险评估和管理机制，实行市场风险限额管理。
Article 47: An insurance group (holding) company or insurance company shall strengthen management of interbank lending, bond buyback, margin trading and short selling, strictly control margin scale and the use of leverage and prohibit speculation and the use of funds from short-term interbank loans to invest in high risk and low liquidity assets. The participation of insurance capital in derivatives transactions shall be limited to the hedging of risks and may not be used for speculation or amplification of trading. The specific measures therefor will be formulated by the CIRC.
第四十六条 保险集团（控股）公司、保险公司应当管理和控制信用风险，建立信用风险管理制度，及时跟踪评估信用风险，跟踪分析持仓信用品种和交易对手，定期组织回测检验。
Article 48: An insurance group (holding) company or insurance company shall leverage the supervisory function of internal and external audits, and conduct comprehensive internal audits of the application of insurance capital at least once per year. The internal control audit reports shall reveal the compliance and risk situation of the management of the application of insurance capital. A departure audit of senior management personnel in charge of investment, the person in charge of the insurance capital application department and personnel in important positions shall be conducted before such persons leave service.
第四十七条 保险集团（控股）公司、保险公司应当加强同业拆借、债券回购和融资融券业务管理，严格控制融资规模和使用杠杆，禁止投机或者用短期拆借资金投资高风险和流动性差的资产。保险资金参与衍生产品交易，仅限于对冲风险，不得用于投机和放大交易，具体办法由中国保监会制定。
An insurance group (holding) company or insurance company shall regularly report the results of its internal audits of the application of insurance capital and the results of the departure audits of relevant personnel to the CIRC.
第四十八条 保险集团（控股）公司、保险公司应当发挥内部稽核和外部审计的监督作用，每年至少进行一次保险资金运用内部全面稽核审计。内控审计报告应当揭示保险资金运用管理的合规情况和风险状况。主管投资的高级管理人员、保险资金运用部门负责人和重要岗位人员离职前，应当进行离任审计。
Article 49: An insurance group (holding) company or insurance company shall establish a mechanism for dealing with the risks associated with the application of insurance capital, formulate a contingency plan and, in a timely manner, control and dissipate latent risks. When an investment asset experiences a major reduction in value or when a claim cannot be discharged, a plan for dealing with the same shall be formulated and, in a timely manner, reported to the CIRC.
保险集团（控股）公司、保险公司应当定期向中国保监会报告保险资金运用内部稽核审计结果和有关人员离任审计结果。
Article 50: An insurance group (holding) company or insurance company shall ensure that the risk management and control-related positions and personnel have the right to know and the right of inquiry needed to perform their duties, have the right to review and examine all data, information and details relating to the application of insurance capital and have the right to attend in a non-voting capacity meetings related to the application of insurance capital.
第四十九条 保险集团（控股）公司、保险公司应当建立保险资金运用风险处置机制，制定应急预案，及时控制和化解风险隐患。投资资产发生大幅贬值或者出现债权不能清偿的，应当制定处置方案，并及时报告中国保监会。
Part Five: Oversight
第五十条 保险集团（控股）公司、保险公司应当确保风险管控相关岗位和人员具有履行职责所需知情权和查询权，有权查阅、询问所有与保险资金运用业务相关的数据、资料和细节，并列席与保险资金运用相关的会议。
Article 51: The CIRC oversees the application of insurance capital through a combination of both onsite oversight and offsite oversight.
第五章 监督管理
Article 52: The CIRC shall classify insurance group (holding) companies and insurance companies into different categories with respect to the application of insurance capital and regulate them accordingly, and subject them to ongoing oversight and dynamic evaluation based on their corporate governance structures, solvency, investment management capabilities and risk management capabilities.
第五十一条 中国保监会对保险资金运用的监督管理，采取现场监管与非现场监管相结合的方式。
The CIRC shall reinforce the capital constraints on insurance companies, determine a system of indicators for the oversight of risks associated with the application of insurance capital and take pertinent regulatory measures based on evaluation results so as to guard against and dissipate risks.
第五十二条 中国保监会应当根据公司治理结构、偿付能力、投资管理能力和风险管理能力，对保险集团（控股）公司、保险公司保险资金运用实行分类监管、持续监管和动态评估。
Article 53: The qualifications for their positions of the senior management personnel of an insurance group (holding) company or insurance company who are in charge of investment, the person in charge of its asset management department and the directors, supervisors and senior management personnel of an insurance asset management firm shall be subject to the approval of the CIRC before they take up their positions.
中国保监会应当强化对保险公司的资本约束，确定保险资金运用风险监管指标体系，并根据评估结果，采取相应监管措施，防范和化解风险。
Article 54: Material equity investments by insurance group (holding) companies and insurance companies shall be submitted to the CIRC for approval.
第五十三条 保险集团（控股）公司、保险公司分管投资的高级管理人员、资产管理部门的主要负责人、保险资产管理机构的董事、监事、高级管理人员，应当在任职前取得中国保监会核准的任职资格。
An insurance asset management product offered, or promoted and established by an insurance asset management firm shall be submitted for approval the first time, and subsequent similar products reported after the fact.
第五十四条 保险集团（控股）公司、保险公司的重大股权投资，应当报中国保监会核准。
The CIRC will conduct compliance and procedural reviews of the aforementioned matters in accordance with relevant provisions.
保险资产管理机构发行或者发起设立的保险资产管理产品，实行初次申报核准，同类产品事后报告。
The term “material equity investment” means an investment that would confer control over the targeted non-insurance financial enterprise or insurance business-related enterprise.
中国保监会按照有关规定对上述事项进行合规性、程序性审核。
Article 55: The CIRC has the right to require an insurance group (holding) company or insurance company to provide reports, statements, documents and information.
重大股权投资，是指对拟投资非保险类金融企业或者与保险业务相关的企业实施控制的投资行为。
The reports, statements, documents and information so submitted shall be timely, true, accurate and complete.
第五十五条 中国保监会有权要求保险集团（控股）公司、保险公司提供报告、报表、文件和资料。
Article 56: A resolution on a material investment adopted by the shareholders' general meeting, shareholders' meeting or board of directors of an insurance group (holding) company or insurance company shall be reported to the CIRC within five working days after the adoption of such resolution, unless otherwise provided by the CIRC.
提交报告、报表、文件和资料，应当及时、真实、准确、完整。
Article 57: The CIRC has the right to request that the data of an insurance group (holding) company or insurance company relating to the application of insurance capital be linked dynamically to the CIRC's oversight information system.
第五十六条 保险集团（控股）公司、保险公司的股东大会、股东会、董事会的重大投资决议，应当在决议作出后5个工作日内向中国保监会报告，中国保监会另有规定的除外。
Article 58: If the solvency position of an insurance group (holding) company or insurance company fails to satisfy CIRC requirements, the CIRC may place restrictions on the forms of capital application available to it and the percentages thereof.
第五十七条 中国保监会有权要求保险集团（控股）公司、保险公司将保险资金运用的有关数据与中国保监会的监管信息系统动态连接。
Article 59: If an insurance group (holding) company or insurance company violates relevant provisions on the forms of capital application or percentages thereof, the CIRC will order it to rectify the matter within a specified period of time.
第五十八条 保险集团（控股）公司和保险公司的偿付能力状况不符合中国保监会要求的，中国保监会可以限制其资金运用的形式、比例。
Article 60: The CIRC has the right to call in the directors, supervisors and senior management personnel of an insurance group (holding) company or insurance company and the person in charge of its asset management department for a regulatory lecture, and require them to give an account of the application of insurance capital, risk control, internal management and other such material matters.
第五十九条 保险集团（控股）公司、保险公司违反资金运用形式和比例有关规定的，由中国保监会责令限期改正。
Article 61: If an insurance group (holding) company or insurance company commits a serious violation of relevant provisions on capital application, the CIRC may order the replacement of the person in charge and relevant management personnel.
第六十条 中国保监会有权对保险集团（控股）公司、保险公司的董事、监事、高级管理人员和资产管理部门负责人进行监管谈话，要求其就保险资金运用情况、风险控制、内部管理等有关重大事项作出说明。
Article 62: If an insurance group (holding) company or insurance company that has committed a serious violation of relevant provisions on the application of insurance capital and been ordered to rectify the matter within a specified period of time fails to effect such rectification before the expiration of the specified period of time, the CIRC may decide to assign relevant personnel to organise a rectification team and carry out rectification of the company.
第六十一条 保险集团（控股）公司、保险公司严重违反资金运用有关规定的，中国保监会可以责令调整负责人及有关管理人员。
Article 63: If an insurance group (holding) company or insurance company violates the provisions hereof in the application of its insurance capital, the CIRC will impose administrative penalties in accordance with the law.
第六十二条 保险集团（控股）公司、保险公司严重违反保险资金运用有关规定，被责令限期改正逾期未改正的，中国保监会可以决定选派有关人员组成整顿组，对公司进行整顿。
Article 64: If another concerned party involved in the application of insurance capital violates a relevant law, administrative regulations or these Measures in the course of participating in insurance capital application activities, the CIRC shall record its improper conduct and report the relevant circumstances to the department in charge of its industry. If the circumstances are serious, the CIRC may notify the insurance group (holding) company or insurance company that it may not engage in relevant business with such party for three years and consult with the relevant regulatory department on imposing administrative penalties in accordance with the law.
第六十三条 保险集团（控股）公司、保险公司违反本规定运用保险资金的，由中国保监会依法给予行政处罚。
Article 65: If a member of the working personnel of the CIRC abuses his/her authority, is derelict in his/her duties, or divulges the trade secrets of relevant entities and individuals to which he/she is privy, his legal liability shall be pursued in accordance with the law.
第六十四条 保险资金运用的其他当事人在参与保险资金运用活动中，违反有关法律、行政法规和本办法规定的，中国保监会应当记录其不良行为，并将有关情况通报其行业主管部门；情节严重的，中国保监会可以通报保险集团（控股）公司、保险公司3年内不得与其从事相关业务，并商有关监管部门依法给予行政处罚。
Part Six: Supplementary provisions
第六十五条 中国保监会工作人员滥用职权、玩忽职守，或者泄露所知悉的有关单位和人员的商业秘密的，依法追究法律责任。
Article 66: The management and application of insurance capital by insurance asset management firms shall be handled with reference to these Measures.
第六章 附 则
Article 67: The application of the funds in the insurance protection fund, etc. paid by insurance companies shall be handled in accordance with the provisions therefor.
第六十六条 保险资产管理机构管理运用保险资金参照本办法执行。
Article 68: If the CIRC provides otherwise in respect of the application of capital by insurance group (holding) companies, such provisions shall apply.
第六十七条 保险公司缴纳的保险保障基金等运用，从其规定。
Article 69: The CIRC is in charge of interpreting and revising these Measures.
第六十八条 中国保监会对保险集团（控股）公司资金运用另有规定的，从其规定。
Article 70: These Measures shall be effective as of August 31 2010. In the event of a discrepancy between these Measures and existing relevant policies and provisions, these Measures shall prevail.
clp reference:3900/14.04.04prc reference:保监会令 [2014] 第3号promulgated:2014-04-04effective:2014-05-01第六十九条 本办法由中国保监会负责解释和修订。
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