(August 9, 2004, China insurance regulatory Commission, the people's Bank of China 2004 9th release come into force on the date of promulgation) Chapter I General provisions article in order to strengthen the management of overseas use of foreign exchange insurance funds, risk prevention, protecting the interests of the insured, in accordance with the People's Republic of China insurance and the People's Republic of China laws, administrative regulations on foreign exchange control regulations, these measures are formulated.
Article insurance companies mentioned in these measures refers to the People's Republic of China territory, by the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) approved and legally registered in Chinese insurance companies, foreign-owned insurance companies, Sino-foreign joint venture insurance company and a branch of a foreign insurance company.
Foreign Exchange insurance funds in these measures refers to the insurance company's foreign currency-denominated capital, reserve fund and undistributed profits, reserves and deposits the sum of.
The third insurance company engaged in overseas use of foreign exchange funds should follow safety, liquidity and profitability principles of prudent investment, operate independently, at their own risk.
Fourth insurance company engaged in overseas use of foreign exchange funds should comply with the insurance and foreign exchange control laws, administrative regulations and these rules, compliance with foreign laws and regulations.
Fifth, China insurance regulatory Commission and the State administration of foreign exchange (hereinafter referred to as foreign exchange) shall supervise the overseas use of foreign exchange insurance funds.
Second chapter qualification conditions sixth article insurance company engaged in Exchange funds of outside using, should has following conditions: (a) has business exchange business license; (ii) Shang end total assets not below 5 billion Yuan Yuan; (three) Shang end Exchange funds not below 15 million dollars or its equivalent of free exchange currency; (four) paid capacity lines meet China Circ about provides; (five) has professional of funds using sector or related of insurance assets management company;
(F) the internal management system and risk control system in accordance with the provisions of the guidelines on the risk management of insurance funds and (VII) overseas investment experience of more than 2 years the number of professional managers in compliance with the relevant provisions (VIII) specified by the China insurance regulatory Commission, and other conditions.
Seventh article insurance company engaged in Exchange funds of outside using, should in company Shang end Exchange funds balance within, to national Exchange Council proposed meeting out outside of investment pay meeting application, and submitted following file and material a type three copies: (a) applications, at least should including applicants of basic situation, and intends application investment pay meeting lines and investment plans; (ii) Shang a annual by accounting firm audit of company financial report and the foreign currency assets liabilities table;
(Three) Shang a annual late and recently quarter late by accounting firm audit of paid capacity status report and description; (four) features of professional funds using sector or related of insurance assets management company situation introduced; (five) internal management system and risk control system; (six) engaged in outside investment of professionals resume; (seven) territory managed people of about material and managed agreement draft; (eight) outside trustee people of about material and assets delegate management agreement draft, no outside trustee people of except;
(I) specified by the China insurance regulatory Commission, and other materials. Foreign exchange shall be from the date of receiving the complete application documents in the 20th, make a decision of approval or disapproval. Decided to approve, and shall notify the applicant in writing to approve payment for investment limits decided not to approve, and shall notify the applicant in writing and state the reasons.
Decision of approval or disapproval shall be copied to the China insurance regulatory Commission.
Eighth insurance companies because of increased capital shares, listed such factors as increased foreign exchange funds abroad, can be submitted to the foreign exchange-related documents and materials for additional investment to pay the amount of the year.
Foreign exchange shall be approved in accordance with the provisions of the present article seventh.
Third chapter investment range and proportion Nineth article insurance exchange funds of outside using limited to following investment varieties or tool: (a) bank deposits; (ii) foreign government bonds, and international financial organization bonds and foreign company bonds; (three) China of Government or enterprise in outside issued of bonds; (four) bank notes, and large can transfer CDs, currency market products; (five) State provides range within of other investment varieties and tool.
The preceding paragraph (a) alleged the Bank refers to the overseas-funded commercial banks branches and internationally recognized rating agencies for at least the last 3 years the long-term credit rating of a-level or equivalent of a-levels more than foreign banks.
The preceding paragraph (b) referred bonds refers to internationally recognized rating agencies on its rating of a-level or equivalent of a-levels more than bonds.
The preceding paragraph (d) referred to money market product refers to its internationally recognized rating agencies rated AAA grade or the equivalent money market fixed-income products at the AAA level. Tenth Article insurance exchange funds of outside using, its proportion should meet following provides: (a) insurance company of can investment total, shall not over company Shang end Exchange funds balance of 80%, insurance company appeared this approach eighth article provides case of, its can investment total shall not over its Shang end Exchange funds balance and increased funds total of 80%; (ii) insurance company of actual investment total, shall not over national Exchange Council approved of investment pay meeting lines; (three) insurance company in same bank of deposits, Shall not over national Exchange Council approved investment pay meeting lines of 30%, its in outside Exchange funds using settlement account of funds balance not by this items provides limit; (four) except China of Government or enterprise in outside issued of bonds outside, insurance company investment credit rating in a, level of all bonds balance, by cost price calculation, shall not over national Exchange Council approved investment pay meeting lines of 30%; (five) except China of Government or enterprise in outside issued of bonds outside,
Insurance company investment credit rating in AA level following of all bonds balance, by cost price calculation, shall not over national Exchange Council approved investment pay meeting lines of 70%; (six) insurance company investment same company or Enterprise issued bonds of balance, by cost price calculation, shall not over national Exchange Council approved investment pay meeting lines of 10%; (seven) insurance company investment China of Government or enterprise in outside issued bonds of balance, by cost price calculation, shall not over national Exchange Council approved of investment pay meeting lines.
Fourth chapter 11th overseas use of foreign exchange insurance funds investment management operations should be carried out centrally by the parent company strategic asset allocation, internal specialized fund use Department or relevant insurance asset management company is responsible for the operational management.
Insurance branches shall not be engaged in overseas use of foreign exchange funds.
12th overseas use of foreign exchange insurance funds must be based on the guidelines on the risk management of insurance funds, and establish a sound risk control system.
Risk control system shall at least include an investment decision-making process, investment authorization system, research, reporting, risk assessment and performance appraisal systems.
13th insurance company engaged in overseas use of foreign exchange funds, can be commissioned in accordance with the conditions specified in article 14th overseas investment institutions for investment management.
14th article trustee management insurance exchange funds of outside professional investment institutions, should has following conditions: (a) in accordance with where national or area of legal, can business assets management business; (ii) risk monitoring index meet where national or area of legal and regulatory sector of related provides; (three) real received capital and net worth are not below 60 million dollars or its equivalent of free exchange currency, management assets scale not below 50 billion dollars or its equivalent of free exchange currency; (Four) corporate governance structure sound, internal management system and risk control mechanism perfect, recently 3 years in where national or area, no major illegal, and violations behavior of records; (five) has 10 years above international assets management business experience, and has corresponding number of professional investment personnel; (six) written commitment in necessary Shi, according to China Circ of requirements, truthfully provides about insurance exchange funds outside using of trading situation; (seven) where national or area of financial regulatory system perfect,
Financial regulators and the financial regulator has entered into a memorandum of regulatory cooperation, and maintain effective regulatory cooperation; (VIII) other prudent requirements as stipulated by the Circ.
Domestic financial institutions to invest in overseas professional bodies entrusted with the management of foreign exchange insurance funds provided shall be separately formulated by the Circ.
Article 15th entrusted investment management overseas trustee, should be determined by its internal specialized fund use Department or relevant insurance asset management company responsible for the entrusted affair, risk evaluation entrusted assets, overseas trustee investment performance and management capabilities.
Select overseas trustee management of foreign exchange insurance funds, should fully take into account risk management and delegated administration of the foreign exchange funds should be moderately dispersed.
16th overseas use of foreign exchange insurance funds should be focused on the term structure, currency, structure of match the liabilities of the Exchange Fund.
Overseas use of foreign exchange insurance funds should give priority to the purchase of China's Government and enterprises issue overseas bonds.
The fifth chapter assets managed 17th insurance company engaged in overseas use of foreign exchange funds, shall entrust domestic banks all managed the overseas use of its assets.
Commercial banks referred to in the preceding paragraph refers to the Republic of China in Chinese banks, branches of foreign banks, Sino-foreign joint venture banks and foreign-owned banks.
18th article as insurance company territory managed people of commercial banks, should has following conditions: (a) made Exchange specified bank qualification 3 years above; (ii) real received capital not below 8 billion Yuan Yuan, which in the funding Bank of Exchange capital not below 1 billion Yuan Yuan equivalent of free exchange currency, foreign bank branch of real received capital by its head office calculation; (three) made territory securities investment fund managed business qualification; (four) corporate governance structure sound, internal management system and risk control mechanism perfect; (E) have a specialized custody Department and a corresponding number of full-time personnel familiar with global custody business;
(F) safe and efficient clearing settlement system and disaster response mechanisms and (VII) the last 3 years has no record of serious violations, illegal behavior, and their headquarters or branches is not affected by the national or regional regulators significant punishment; (VIII) specified by the China insurance regulatory Commission, and other conditions.
Branches of foreign banks, of the size of its total managed more than $ 100 billion, is not subject to the preceding paragraph (c) provides conditional restrict. 19th article insurance company of territory managed people, should perform following obligations: (a) custody insurance company managed of Exchange funds and securities; (ii) opened insurance exchange funds of territory managed account, and outside Exchange funds using settlement account and securities managed account; (three) handle Exchange funds of meeting out, and meeting into and related exchange procedures; (four) and outside managed agent common supervision insurance company, and insurance assets management company, and outside trustee people of outside investment operation; (five) found insurance company, and Insurance assets management company or outside by trustee investment instruction illegal, and violations of, timely notification insurance company; (six) supervision outside managed agent, ensure insurance exchange funds was security managed; (seven) save insurance company outside using of Exchange funds meeting into, and meeting out, and funds between and the securities trading of records, and voucher, related information, many Yu 15; (eight) according to international payments statistics declared approach, and financial institutions for international payments statistics declared of business operation, and
Foreign assets of the financial institution to liabilities and provisions on the profit and loss report business operations requirements, go through the balance of payments statistics, (IX) assist China by CIRC and the safe inspection of overseas use of foreign exchange insurance funds; (j) specified by the China insurance regulatory Commission, and other obligations. 20th article insurance company of territory managed people should according to following requirements submitted about report: (a) since opened insurance company of territory managed account, and outside Exchange funds using settlement account and securities managed account of day up 5th within, report China CIRC and national Exchange Council; (ii) since insurance company meeting out principal or meeting back principal, and returns of day up 2nd within, to national Exchange Council report about funds of meeting out, and meeting into situation, and CC China CIRC; (three) monthly end Hou 5th within, To China CIRC and national Exchange Council report about insurance company territory managed account of payments situation; (four) each quarter end Hou 10th within, to China CIRC and national Exchange Council submitted insurance exchange funds of outside using situation report; (five) each fiscal year end Hou 1 months within, to China CIRC and national Exchange Council submitted insurance company Shang a annual exchange funds of outside using situation report; (six) found insurance company, and insurance assets management company or outside by trustee investment instruction illegal, and violations of,
Timely reporting to the CIRC and the safe Council; (VII) specified by the China insurance regulatory Commission and other reports.
21st are received by the insurance company approved by the State Bureau of foreign exchange payment for investment credits file, shall hold the approved document, signed with the domestic custodian custodian agreement and opening domestic custody account.
22nd insurance company shall from the date of domestic custody account opened within 5th to the CIRC and the safe Council shall submit the following documents: (a) the custodian agreement, (ii) domestic custodian in accordance with the regulations of supervising an insurance company ' use of domestic custody account, settlement account for overseas use of foreign exchange funds and securities custody account in writing.
Escrow must be stipulated this way 19th and 20th domestic custodian duties provided for in article, domestic custodian violates these obligations, the China insurance regulatory Commission or the foreign exchange requirements of the insurance company to replace its domestic custodian, insurance companies have the right to terminate the contract in advance.
23rd article following funds belongs to insurance company territory managed account of income range: (a) insurance company designated into of Exchange funds; (ii) outside meeting back of insurance exchange funds; (three) bank deposits principal and the interest income; (four) bonds interest income and the sold bonds proceeds price; (five) currency market products of interest income and the sold currency market products of proceeds price; (six) other income.
24th article following spending belongs to insurance company territory managed account of spending range: (a) designated into outside Exchange funds using settlement account of funds; (ii) meeting back insurance company of insurance exchange funds; (three) bank deposits; (four) buy bonds paid of price, including paid of stamp duty, and capital Lee have tax, tax; (five) currency exchange fee, and managed fee and assets management fee; (six) various procedures fee; (seven) other spending.
25th domestic custodian ' options for overseas commercial bank as its overseas escrow agents, should meet the conditions stipulated in the custody agreement.
Domestic custodian shall overseas escrow agent, open foreign exchange insurance funds overseas use of foreign exchange settlement accounts and securities custody accounts for overseas securities registration and clearing institution between Fund settlement and securities custody. 26th article territory managed people should select meet following conditions of outside commercial banks, as its outside managed agent: (a) real received capital not below 2.5 billion dollars or its equivalent of free exchange currency; (ii) international recognized rating institutions recently 3 years on its long-term credit rating in a, level or equivalent to a, level above; (three) has where national or area regulatory sector finds of managed qualification, or and territory managed people has cooperation relationship; (four) corporate governance structure sound, and Internal management system and risk control mechanism perfect; (five) has specifically of managed sector, has corresponding number familiar where national or area managed business of full-time personnel; (six) has security, and efficient of liquidation delivery system and the disaster strain mechanism; (seven) recently 3 years in where national or area, no by major punishment records; (eight) where national or area of financial regulatory system perfect, financial regulatory sector and China financial regulatory institutions has signed regulatory cooperation understanding memorandum,
And maintain effective regulatory cooperation; (IX) specified by the China insurance regulatory Commission and other prudent conditions.
Article 27th domestic custodian overseas escrow agents and its own assets and assets must be strictly separate, and must be set separately for different insurers about overseas use of foreign exchange funds accounts and management.
Supervision and administration of the sixth chapter article 28th foreign exchange according to the overall balance of payments position, adjust the investments in overseas use of foreign exchange insurance funds to pay the amount.
29th article insurance company engaged in Exchange funds of outside using, shall not beyond this approach Nineth article, and tenth article of provides, and shall not has following behavior: (a) to others issued loan or provides guarantees; (ii) money-laundering; (three) and outside trustee people, and territory managed people and outside managed agent conspiracy gets illegal interests; (four) China and outside of related legal and the provides ban of behavior.
30th insurance companies with overseas Trustees, domestic custodians to sign relevant agreements, should clearly require overseas Trustees, domestic custodians to the China insurance regulatory Commission and the National Foreign Exchange Administration provides reports and related information.
31st article to the CIRC and the safe it can call the insurance company, domestic custodian to provide relevant information on overseas use of foreign exchange insurance funds, if necessary, on-site inspection of insurance company or entrust a specialized intermediary agencies to conduct on-site inspections.
Article 32nd overseas commercial banks entrusted with the management of foreign exchange insurance funds shall not concurrently hold the domestic custodian or overseas escrow agent.
33rd article insurance company occurred following case one of of, should in occurred Hou 5th within to national Exchange Council report: (a) change outside trustee people, and territory managed people or outside managed agent of; (ii) company registered capital and shareholders structure occurred major changes of; (three) involved major litigation, and by major punishment and other major matters of; (four) National Exchange Council provides of other case.
Insurance company stipulated in the preceding paragraph (a), (c), which should include reporting to the Circ.
Article 34th domestic custodian of one of the following circumstances shall, before reporting to the CIRC and the safe within the 5th Bureau: (I) significant changes in the registered capital and shareholder structure, (ii) involved in material lawsuits, severely punished and (iii) other matters specified by the CIRC and the.
35th of an insurance company and insurance company of the domestic custodian violates these measures and other related insurance and foreign exchange regulations, supervised by the relevant regulatory authorities in accordance with their respective competencies and responsibilities given administrative punishment.
Insurance company violates these measures if the circumstances are serious, the CIRC may restrict its business scope, ordered to stop accepting new business or revoke its permit to operate insurance business.
The domestic custodian violates these measures if the circumstances are serious, the CIRC may order an insurance company to be replaced.
Article 36th entrusted with the management of foreign exchange insurance funds abroad commits a breach of the relevant provisions, the CIRC and the safe Council may require the insurance company to replace its overseas trustee.
The seventh chapter by-laws mentioned in the 37th article of the measures reported to the China insurance regulatory Commission and safe materials, the Chinese text shall prevail.
Article 38th in Hong Kong S.A.R., and Macau S.A.R. use of foreign exchange funds, reference to the relevant provisions of these measures.
39th overseas use of foreign exchange funds of an insurance asset management company in accordance with the measures implemented.
40th article of the approach is known as the "day" refers to working days, excluding holidays.
41st article this way by the China insurance regulatory Commission and the people's Bank of China is responsible for the interpretation.
42nd these measures come into force on the date of promulgation.
