Indirect Insurance Funds To Invest In Infrastructure Project Management Approach

Original Language Title: 保险资金间接投资基础设施项目管理办法

Read the untranslated law here: https://www.global-regulation.com/law/china/4700619/.html

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General Provisions Article 1 In order to strengthen the management of insurance funds indirect investment in infrastructure projects, prevention and control of operational risk management, insurance funds to ensure the security and maintaining the insurer, the insured and the parties legitimate rights and interests, and promote stable and healthy development of the insurance industry, according to "People's Republic of China Insurance law," "People's Republic of China Trust law," "People's Republic of China contract law" and other laws and administrative regulations, development of this approach.

Second term of the indirect investment of insurance funds in infrastructure projects, which are the principal means of insurance funds entrusted to the trustee, according to the wishes of the client by the trustee in his own name to establish an investment plan, investment infrastructure projects for the beneficiaries or specific purposes, manages or disposes of behavior.

Article principal investment of Trustees established investment plan shall engage custodian property investment plans. Beneficiaries should hire an independent supervisor oversight of investment program management operations.

Article trustor, trustee, beneficiary, trustee, independent monitoring of people and other parties involved in the investment plan should be according to the law in the relevant business activities, and in accordance with this approach, a written contract setting out the parties' rights and obligations.

Article investment plan property independent of the trustee, custodian, independent supervisor and other investment plan management services provide a natural person, legal person or organization other property inherent properties and their management. Trustee Investment Plan property management, property and income use, disposition or other circumstances made, it should be included in the investment plan property.

Article trustee, custodian, independent oversight and other natural persons providing services for the investment program management, legal persons or organizations, due to dissolution according to the law, is revoked or declared bankrupt according to law and other reasons for the termination of liquidation the investment plan assets do not belong to their liquidation property. Debt inherent property of a natural person, legal person or organization claims

investment plan property shall provide services with the trustee, custodian, independent supervisor and other investment plan management resulting phase offset. Different credit and debt investment plan property must not offset each other.

Non-debt due to the implementation of investment plans, investment plans for the property shall not be enforced.

Article indirect investment of insurance funds in infrastructure projects should follow the safety, profitability, liquidity and asset-liability matching principle. The principal shall prudent investment, guard against risk. Natural person, legal person or organization trustee, custodian, independent supervisor and other investment plan management services provided, should fulfill their duties, fulfill honesty, faith, prudence, and diligence.

Article VIII of China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) is responsible for formulating policies related to indirect investment of insurance funds in infrastructure projects.

China Insurance Regulatory Commission and the relevant regulatory authorities according to the law of the parties and related business activities indirect investment of insurance funds in infrastructure projects supervision and management.



Investment schemes Chapter IX The term investment plan, refers to the parties to the contract agreed upon in the form of their respective rights and obligations, to determine the share of investment, the amount of currency, term investment or exit, use of funds, income payments and transfer the contents of beneficiary certificates of financial instruments.

Article X of the investment plan can take debt, equity, property and other viable way to invest in infrastructure projects.

Investment plans to take credit way to invest in infrastructure projects should have a clear repayment schedule. Take equity, and government investment in social capital model of cooperation in infrastructure projects should be selected toll pricing mechanism transparent, with an expected stable cash flow or have a project with a clear exit arrangements.

Article XI infrastructure projects planned investment shall meet the following conditions:

(a) comply with the national industrial policy and related policies;

(ii) project approval , development, construction, and operation to fulfill the statutory procedures; (iii) financing body

last two years no bad credit record; other conditions

(d) of China Insurance Regulatory Commission.

Article XII investment plan may not invest in any of the following circumstances infrastructure projects:

(a) countries banned or restricted investments;

(b) State regulations should be made but have not yet obtained a valid license;

(c) subject uncertain or unclear ownership and other legal risks exist;

(iv) does not comply with financing financing body the statutory requirements;

(e) other circumstances of the China Insurance Regulatory Commission.

Article XIII investment plan shall include at least the following instruments:

(a) investment plan prospectus; trustee

(ii) the principal and signed by the trustee the subject and the contract, the contract shall include at least the name of the investment plan, management, rights and obligations of the parties, duration or exit the investment, amount, distribution of income and payment plan property investment, management fees and remuneration, investment property loss plan after bear way, liability and breach of contract dispute resolution, etc;


(C) of the principal and the custodian custodian contract signed contract should at least include a range of hosting property, income property investment plan allocation, fund settlement, accounting and valuation costs accrued liquidated damages content liability;

(iv) investment contracts signed by the trustee and the body financing or related agreements, should include at least the amount of investment, the investment period or exit, and the use of funds allocation, project management, operations management, liability for breach of contract and other content;

(v) the supervision contract with independent oversight beneficiary who signed the contract shall include at least the supervision of the independent oversight people, above the limit of funds transfer confirmation and allocation of funds, project management, operations, construction quality supervision, content liquidated damages liability;

(f) the beneficiary of the General Assembly Statutes;

(vii) investment plan with a credit enhancement arrangements shall include credit enhancement of legal documents;

(viii) other legal instruments of the China Insurance Regulatory Commission.

Preceding paragraph (b), (c), (d), (e), the provisions of subparagraph (vi) other legal instrument shall set forth the relevant parties involved in fiduciary, custody, investment, supervision matter.

Article XIV of the investment plan prospectus shall at least contain the following items:

(a) investment and risk management;

(ii) investment plans and infrastructure object basic information projects, including the use of funds, amount, duration or exit the investment, repayment, warranties and liability for breach of information disclosure; (iii) the parties

basic information, including name, address Contact information and association;

(iv) investment feasibility analysis;

(v) investment plan business processes, including registration and custody matters, after investment management, risk and control measures , liquidity arrangements, income distribution and account management; the establishment and termination

(vi) investment plan; tax situation

(vii) investment plan;

(eight ) investment plan agreed or laws, administrative regulations and other content China Insurance regulatory Commission regulations.

Investment and risk management should raise significant places in the specification to be prompt in investment plans.

Article XV investment plans the parties shall agree in writing trustee management fees in the investment plan, the provision for standard hosting fees, monitoring fees and other remuneration, method of calculation, payment, terms, and ensure compliance breach content responsibility.

Parties should follow the principle of fair market, considering the operating costs, and other factors need to perform their duties reasonably determine the relevant rate levels. The parties concerned have agreed, you can increase or decrease the amount of the agreed remuneration, amend the remuneration agreement. Article XVI beneficiary

investment plans amount should be divided into equal shares.

Beneficiary by beneficiary certificates indicate the beneficiary. The beneficiary may transfer beneficiary certificates. Beneficiary certificates of the transferee shall be qualified investors with a risk identification and affordability. Beneficiary certificates of transfer, the transferee inherited the original beneficiary of the rights and obligations, rights and obligations of the investment plans of other parties do not change due to the transfer occurred.

Investment plan beneficiary certificates transfer rules shall be formulated by the China Insurance Regulatory Commission.

Article 17 of the following circumstances, investment plan termination:

(a) the occurrence of the agreed investment plan causes for termination;

(ii) investment program subsisting breach of investment planning purposes;

(iii) investment planning purposes has been achieved or can not be realized;

(iv) investment plan is revoked or lifted;

(v) investment plan parties agreed;

(vi) investment plan agreed or laws, administrative regulations and other circumstances of the China Insurance regulatory Commission. After

Article XVIII investment program terminates, the trustee shall, within 90 days from the date of termination, liquidation of investment plans and to issue audited liquidation report on the parties and the regulatory authorities.

Beneficiaries other investment plan property right ownership and the relevant parties in the investment plan should be the date of receipt of the liquidation report within 30 days to comment. Not to mention a written objection, except for its deemed approved the liquidation report, the liquidation trustee of the matters listed in the report discharged from liability, but the trustee misconduct. Time and procedures Article XIX parties

investment plan should be strictly in accordance with the agreed investment plan, investment plan income distribution and related assets.

Diershitiao trustee, custodian, independent oversight person violated the provisions of the agreement or investment plan, resulting in damage to property investment plan, it shall bear the corresponding liability according to law.


Principal Chapter III Article 21 The term principal means within the territory of People's Republic of China, the insurance company by the China Insurance Regulatory Commission approved the establishment of the insurance company and the insurance holding company (hereinafter referred to as insurance institutions) as well as other risks identified and tolerance of qualified investors.

One or more clients can invest in an investment program, a client can invest in multiple investment plans.

Article 22 The insurance plan as an investment principal shall meet the following conditions:

(a) having a resolution of the Board or the Board of Directors approved the investment authority;


(B) the establishment of a sound investment decision-making and authorization mechanisms, risk control mechanisms, operational processes, internal management system and accountability system;

(iii) the introduction of property investment plan trusteeship mechanism; | ||
(iv) that owns a number of investment professionals;

(v) the last three years without a major investment in illegal record;

(vi) solvency in line with China Insurance Regulatory Commission the relevant provisions;

(7) other conditions of China Insurance Regulatory Commission.

Insurance agencies entrusted insurance asset management companies and other specialized management agencies, carry out on behalf of its client-related rights and obligations, subject to clause (iv) limit.

Article 23 The principal shall perform the following duties:

(a) assess the feasibility of investment investment plans;

(ii) testing and bear the risk of the investment plan ability to develop risk prevention measures and plans;

(iii) select the trustee and the trustee, beneficiary rights conventions;

(D) signed a fiduciary contract with the trustee, determine the investment program management Information, agreed trustee management, use and disposal authority oversight duties of the trustee; case

(v) supervision trustee to perform their duties;

(f) the parties concerned agreed remuneration the withdrawal method and payment;

(VII) on a regular basis to the relevant parties understand managed investment scheme property, use, and disposal of the balance of payments situation and the project construction and operation management of information and require it to specify;

(h) according to relevant laws, administrative regulations and the investment plans agreed or due to unforeseen special reason resulting in the investment plan does not meet the interests of the beneficiaries, requiring the trustee to adjust investment plans of property management;

(ix) the trustee in violation of relevant laws and agreed investment plan, property damage investment plans, require the trustee to restore the status quo of property investment plan, compensation;

(X) trustee custodian in violation of the purpose of the investment plan to dispose of property or investment plan management, utilization and disposal of property investment plan with gross negligence, and remove the trustee according to the agreed investment plan and of this regulation, the trustee;

(ten a) investment plan to save the investment accounting records, reports, etc;

(xii) subject to the supervision of the China Insurance Regulatory Commission, promptly submit relevant documents and materials;

(XIII) investment plan agreed or laws, administrative regulations and other duties of the China Insurance regulatory Commission.

Article 24 principal following acts are prohibited:

(a) the investment is not registered in accordance with the relevant provisions of the investment plan;

(ii) the use of illegal investment schemes transfer of insurance funds, transportation improper benefits to related parties;

(iii) prevent the relevant parties to fulfill investment plans agreed responsibilities;

(iv) investment plan agreed or laws, administrative regulations and China CIRC prohibited.


Trustee Chapter IV Article 25 The term trustee is defined according to the agreed investment plan, in accordance with the wishes of the client, for the interests of the beneficiaries, in their own name to invest in infrastructure trust projects, insurance asset management companies, industrial investment fund management company or other professional regulatory agencies.

Trustee and custodian, independent monitoring of people, the same person can not be the subject of financing, and independent monitoring trustee with the people, the body may not have financing relationships.

Trustee and the trustee has affiliated shall promptly disclose to the investment plans of the parties, to the China Insurance Regulatory Commission report.

Article 26 Trustees established investment plan should have the corresponding investment management capabilities. Specific rules shall be formulated by the China Insurance Regulatory Commission.

Article 27 The Trustees established investment plan, designated registration authority shall register the China Insurance Regulatory Commission.

Trustee shall submit the registration agency for registration materials. Trustee submitted registration materials shall be true, complete and standardized.

Registry for completeness and compliance procedures of registration materials were reviewed, the investment value and risks of the investment plan does not make substantive judgments.

Article 28 The trustee shall perform the following duties:

(a) investigate the case of investment projects, due diligence report issued;

(ii) selection of infrastructure projects to assess the value of project investment and operational risk management;

(c) the establishment of an investment plan, entrusted with the client signed the contract;

(D) signed an investment contract with the main financing or related agreements, conventions financing subject written commitment to accept independent monitoring of the human oversight and supervision of an independent supervisor to facilitate the implementation;

(five) on behalf of the principal and the custodian entering into an escrow agreement, for each investment plan to open a separate investment plan property bank accounts;

(vi) independent oversight on behalf of the beneficiary and the independent monitoring of people signing a contract for the best interests of the beneficiaries, caution investment plan matters, the protection of investors plan property;

(vii) investment plan in the authorized amount, promptly issued to the trustee project funds transfer instruction;

(viii) the timely allocation and payment of benefits to beneficiaries of investment plans, investment plans will expire restitution beneficiaries;

(ix) assist beneficiaries to handle matters relating to the transfer of beneficiary certificates;


(X) timely disclosure of information investment plan, the parties concerned to accept inquiries truthfully provide relevant materials, reports project management operations;

(k) management and continuous tracking and monitoring infrastructure projects or operations requiring financing body will perform relevant information disclosure obligations;

(xii) preparation of investment program management and financial accounting reports;

(xiii) hire an accounting firm audit the investment program management agency and investment operations;

(XIV) investment plan to save the process of a complete record of the transaction and investment projects accounting records, reports and other;

(xv) the conservative investment plans of commercial law confidential;

(xvi) the beneficiary of its substantive change investment plans, timely information on the investment plan documents submitted to the China Insurance Regulatory Commission to change;

(XVII) in case of emergency emergency, timely reports to the relevant parties, the China Insurance regulatory Commission and the relevant regulatory authorities;

(xviii) initiative to accept the supervision of the parties concerned, China Insurance regulatory Commission and the relevant regulatory authorities, submit the relevant documents and information;

(XIX) investment plan agreed or laws, administrative regulations and other duties of the China Insurance regulatory Commission.

Trustee in accordance with Article 29 of the agreed investment plan get paid.

Former trustee investment plans in violation of the agreed investment plan to dispose of property, or due to violation of the management duties, causing improper handling investment plan investment property loss plan without recovery plan investment property or made compensations undisturbed, may not request payment remuneration.

Violation of Article 30 trustee investment plan contract so that debts or losses suffered by third parties own the negative, with their own property.

Trustee fiduciary contract, management, utilization and disposal of illegitimate interests acquired property investment plan, investment plan should be part of the property; resulting in loss of property investment plans, should bear the liability.

Trustee to provide false or fuzzy information, independent oversight mislead people, damage to property investment plans, should bear the liability.

Article 31 of the following circumstances, the trustee responsibilities termination:

(a) the trustee is suspended or terminated in accordance with the law fiduciary business;

( b) the trustee is dismissed or the principal beneficiary of the General Assembly;

(c) The trustee disbands according to law, is revoked, was taken over by law or declared bankrupt according to law;

(D) investment other circumstances agreed plan.

Article 32 trustee duties terminated, the principal or the beneficiary of the General Assembly should appoint a new trustee within 30 days.

Trustee duties terminated, before the new successor trustee, former trustee shall continue to carry out his duties properly keep the relevant information, in time for fiduciary management business transfer procedures. The new trustee shall inherit the former trustee investment plans transaction processing duties.

Trustee appears Article 31 (c) case, the principal or the beneficiary of the General Assembly shall appoint a temporary trustee in charge of matters related to investment plans. When

investment program terminates, the trustee shall continue to carry out his duties until the completion of liquidation.

Article 33 trustee duties terminated, should hire an accounting firm to audit its behavior entrusted with the management of the investment plan, the audit results in writing informed the other parties of the investment plan, and submitted to the China Insurance Regulatory Commission and the relevant regulatory authorities.

Article 34 The trustee shall have the following behavior:

(a) misappropriation of property investment plan;

(ii) the property investment plan for credit transactions;

(c) of the property investment plan for others to provide security or to a person other than the subject of financing loans;

(d) the investment plan property and his inherent property, the property of others mix management;

(five) different investment plans to mix the property management;

(vi) the use of the property investment plan to reap rewards beyond the agreed interest, or for others to seek illegitimate interests;
|| | (g) in any way to provide guaranteed minimum return on investment or commitment;

(viii) unfair manage different property investment plan;

(ix) the trustee inherent property and property investment plan trade or investment schemes of different mutual property transactions;

(X) result in property investment plan with unlimited liability investment;

(k) investment plan agreed or the laws and administrative regulations and China Insurance Regulatory Commission prohibited.


Chapter beneficiaries Article 35 The term beneficiaries refers beneficiary certificates held by investment plans, investment plans enjoys the beneficial right person.

Investment plan beneficiaries may be the principal. The beneficiary may serve as an independent supervisor.

Principal is the only beneficiary, the principal may demand the lifting of the investment plan. Investment plan agreed otherwise prevail.

Article 36 insurance institutions transferee investment plan beneficiary certificates shall comply with the conditions of this Article 22 regulations. After Article 37

investment plan into effect, the beneficiaries are legally entitled to the following rights:

(a) Share capital gains investment plans;

(ii) participate in the liquidation distribution the remaining property after the investment plan;

(III) according to the law to transfer its holdings of investment plans beneficiary certificates;


(IV) according to the requirements of the General Assembly to convene or convening of beneficiaries, according to plan beneficiary certificates held by investment share or investment plans agreed to exercise voting rights;

(v) investment plan to interested parties understand the investment program management and project construction and operation of information, monitoring performance of duties related parties;

(vi) investment plan agreed or laws, administrative regulations and other rights of China Insurance regulatory Commission.

Article 38 of two or more beneficiaries, the beneficiaries of the General Assembly should be established. Beneficiaries of the General Assembly by law to exercise the following powers:

(a) the beneficiary of the General Assembly for consideration and independent oversight charter contract;

(ii) decided to extend the contract or early termination of the Trustee Investment Plan period;

(c) decided to change the investment plan property investment;

(iv) decided to replace the trustee, custodian, independent supervisor;

(five) decided to adjust the trustee, custodian as well as other parties who pay standard investment plans; other powers

(vi) investment plan agreed.

Article 39 held by the beneficiary of the General Assembly more than 1/3 of the investment plan of the beneficiary or beneficiary certificates share proposed the convening of a trustee. In addition to the sudden emergency, convener should be at least 10 days advance notice to convene the General Assembly of the time the beneficiary, in the form of meeting to consider matters of procedure and voting procedures and other matters, and China Insurance Regulatory Commission report. China Insurance Regulatory Commission can delegate the custody officer as the meeting observers.

Beneficiary of the General Assembly held a vote to submit issues and other matters for consideration in accordance with the implementation of the Constitution and the relevant provisions of the beneficiary of the General Assembly.

Article 40 investment plans to terminate its investment plans or the beneficiary will transfer all beneficiary certificates, its own rights and obligations of the beneficiary to terminate.

Article 41 beneficiaries following acts are prohibited:

(a) incite illegal trustee investment;

(b) harm the interests of other beneficiaries; | ||
(iii) interfere with other parties to perform their duties in accordance with law;

(iv) investment plan agreed or laws, administrative regulations and the China Insurance regulatory Commission prohibited.



Chapter VI trustee Article 42 The term trustee, is defined according to the agreed investment plan, hired by the client, responsible for the investment plan property custodian bank or commercial other specialized financial institutions.

An investment plan to choose a custodian. Custodian and trustee shall, Financing Body for the same person, and may not have a relationship with the financing body.

Trustee and the beneficiary for the same person, the trustee and the trustee or the beneficiary has affiliated shall promptly disclose to the investment plans of the parties, to the China Insurance Regulatory Commission report.

Article 43 A custodian shall comply with the relevant conditions of China Insurance Regulatory Commission, and has obtained the relevant qualifications custody business.

Article 44 A custodian shall perform the following duties:

(a) hosting duties faithfully;

(b) depending on the investment plan, establish special accounts ensure the independence and security of property investment plan complete;

(c) according to the client instruction, timely hosting plan investment property, for the transfer of funds client;

(IV) according to the agreed investment plan audit trustee instruction, in time for the allocation of capital investment plans, investment income and investment maturity plan property included account designated beneficiary;

(v) ensure that the financing body to pay income distribution and property investment into liquidation special account investment plans;

(VI) is responsible for investment accounting plan accounting, review, review the value of the property investment plan trustee calculated;

(vii) understand and obtain investment program management operations for information, require the trustee, subject financing an explanation;

(8) to supervise the use of funds and the recovery of investment plans, investment plans and calculate income distribution, illegal operations found that the trustee shall promptly and to the other parties China Insurance regulatory commission and the relevant regulatory authorities report;

(IX) prepared regularly hosting report;

(X) timely disclosure of information on investment plans, truthfully provide relevant materials, the implementation of the investment plan report, commissioned

(k) investment plan to save funds transfer orders, revenue calculation, payment and distribution of accounting records, reports and other;; and beneficiaries and independent monitoring of human inquiry

(twelve ) initiative to accept the trustor and beneficiary oversight of the China Insurance regulatory Commission and the relevant regulatory authorities, submit the relevant documents and information thereto;

(XIII) investment plan agreed or laws, administrative regulations and the China Insurance regulatory Commission other duties.

Trustee in accordance with Article 45 of the agreed investment plans get paid.

Custodian trustee for failure to fulfill obligations for property damage investment plans, should bear the liability.

Article 46 of the following circumstances, the termination of trusteeship:

(a) suspend or terminate the trustee is engaged in trust business in accordance with law;

( b) The custodian was dismissed by the principal or the beneficiary of the General Assembly;

(c) the trustee legally dissolved, revoked, was taken over by law or declared bankrupt according to law;

(D) investment other circumstances agreed plan.

Trusteeship is terminated, the principal or the beneficiary Article 47 shall appoint a new trustee within 30 days.


Trusteeship is terminated, before the new successor trustee, former trustee shall continue to carry out his duties, safekeeping hosting management information, in time for hosting business transfer procedures. The new trustee shall inherit the original investment plan trustee handling affairs responsibilities.

Custodian present Measures Article 46 (c) case, the principal or the beneficiary of the General Assembly may designate a temporary custodian is responsible for matters related to hosting.

Article 48 The trusteeship is terminated, should hire an accounting firm to its hosting plan property investment audit, the audit results will inform the other parties to the investment plan, and submitted to the China Insurance Regulatory Commission and the relevant regulatory authorities.

Article 49 The trustee shall have the following behavior:

(a) misappropriation of their property investment plan hosting;

(ii) its investment plan to host mixed property and his inherent property management;

(3) to its hosting of different investment schemes mixing property management;

(d) the investment plan assets in trust its managed care;

(V) with the trustee, financing body, independent oversight conspiring to harm the interests of the beneficiaries;

(vi) investment plan agreed or laws, administrative regulations and the China Insurance regulatory Commission prohibited. Chapter VII



independent supervisor Article 50 The term independent oversight refers to persons under the investment plan agreed by the beneficiary hired to safeguard the interests of the beneficiaries of the fiduciary people management investment plans and financing operations subject specific professional governing body oversight.

An investment plan to select an independent oversight, project construction and operation period respectively can hire an independent supervisor, except as otherwise agreed investment plans. Independent monitoring with the agent, the main financing may not be the same person can not have a relationship. Article 51

independent oversight agency served by the following people:

(a) investment plan beneficiaries;

(ii) the most recent year domestic rating AA level the above financial institutions;

(iii) national authorities have issued professional organizations related business licenses; other agencies

(iv) approval of China Insurance Regulatory Commission.

Article 52 The independent oversight shall meet the following conditions:

(a) has a good market image and integrity;

(2) having a sound internal management project monitoring and operating system, and the implementation of norms;

(c) have independently assume oversight responsibilities of the professional knowledge and skills;

(d) engaged in related businesses and more than 3 years relevant experience ;

(v) the past three years is not the competent authority or regulatory penalties;

(vi) other conditions of China Insurance regulatory Commission.

Article 53 Independent Oversight shall perform the following duties:

(a) comply with professional standards, faithfully carry out its oversight responsibilities;

hire legal (ii), if necessary natural persons and other organizations to assist in the completion of an independent oversight responsibilities;

(3) supervising the trustee investment plans and fulfill the statutory management, investment plans agreed responsibilities case;

(iv) tracking and monitoring financing infrastructure projects for which a principal management, including but not limited to investment funds plan to invest, project duration, quality, cost, operations and performance of the contract situation. Financing Body found seriously deteriorated financial situation, the secured party can not continue to provide effective security and other significant circumstances, shall report to the parties concerned and the China Insurance Regulatory Commission and the relevant regulatory authorities;

(v) Analysis of project construction and operational risks in a timely manner propose recommendations to prevent and resolve;

(vi) learn, get information about investment plans and project management operations, and require the trustee, subject financing an explanation;

(vii) beneficiaries to attend the General Assembly;

(viii) to submit to the beneficiary and the China Insurance regulatory Commission monitoring reports, the initiative to accept the supervision and inspection of the beneficiary and China Insurance regulatory Commission and the relevant regulatory authorities, submit the relevant documents and information;

( ix) investment plan agreed or laws, administrative regulations and other duties of the China Insurance regulatory Commission.

Article 54 in accordance with the Independent Oversight people get paid the agreed investment plans.

Independent supervisor ineffective oversight property damage due to investment plans, should bear the liability.

Article 55 of the following circumstances, the termination of the duties of independent oversight:

(a) independent oversight were suspended or terminated in accordance with the law independent monitoring business;
| || (b) independent oversight were dismissed beneficiary of the General Assembly;

(c) independent oversight person disbands according to law, is revoked, was taken over by law or declared bankrupt according to law;

(four ) other circumstances stipulated in the investment plan.

Article 56 Independent Oversight termination of the duties, the beneficiary of the General Assembly should appoint a new independent supervisor within 30 days.

Independent oversight termination of the duties, the newly independent former supervisor successor, former independent oversight shall continue to carry out his duties, supervision and safekeeping of information, in time for the transfer of supervision of business procedures. The new independent oversight shall inherit the original independent monitoring of people dealing with investment plans affairs responsibilities.

Independent supervisor of the present Measures Article 55 (c) of the case, the beneficiary of the General Assembly can designate a temporary independent oversight person responsible for matters related to independent oversight.

Article 57 Independent Oversight termination of the duties, should inform the other parties, and China Insurance Regulatory Commission report.


Article 58 independent supervisors following acts are prohibited:

(a) with the trustee, custodian and financing body collusion harm the interests of the beneficiaries;

(b) investment plans agreed or laws, administrative regulations and the China Insurance regulatory Commission prohibited.


Chapter VIII Information Disclosure Article 59 The parties shall agree or laws, administrative regulations, and the provisions of the relevant departments of China Insurance Regulatory Commission in accordance with the investment plan, investment plan intact relevant information, fulfill the information disclosure obligations to ensure that interested parties may inspect or copy. Time and manner

parties agreed investment plan shall, accurate, timely, standardized submit the investment plan management operations, oversight of documentation, and is responsible for the authenticity and integrity.

Article 60 The trustee shall, according to the provisions of Article 13, to provide the principal investment plans and other legal documents and legal opinions written document, full disclosure of relevant information, express elements of the investment plan, disclosed and eye-catching way to prompt all kinds of risks and risk principles.

Article 61 The trustee shall be in accordance with the agreed investment plan to disclose the following information to the client, beneficiary, trustee and independent oversight person:

(a) to establish investment plans, including principal amount and scope of beneficiaries and the total funding;

(ii) investment plan operations management, including trustees, project financing body, credit enhancement latest case, earnings and principal payments, investment management, the home and property investment plan termination and distribution, investment plans and investment plans related parties to assist interested parties the transaction occurred without his like;

(c) significant events, and sudden emergencies measures intended;

(iv) investment plan quarter, six months, annual management report, which shall be attached to the annual management report financial report audited by an accounting firm;

(v) investment agreed or planned laws, administrative regulations and the China Insurance regulatory Commission and the relevant regulatory requirements of information disclosure. The information

Article 62 The trustee shall report to the China Insurance Regulatory Commission of the measures specified in Article 61.

Annual management report submitted to the China Insurance Regulatory Commission should also include the following information:

(a) the relevant subsidiary or business unit operating conditions;

(ii) the relevant management personnel performance of duties.

Article 63 insurance institution as principal or the beneficiary shall submit a report in accordance with the investment China Insurance Regulatory Commission.

Beneficiary beneficiary of the General Assembly convened, it shall promptly disclose the relevant resolutions and the beneficiary of the General Assembly to all beneficiaries.

Article 64 trustees, independent oversight shall provide the trustor and beneficiary of China Insurance Regulatory Commission and the relevant regulatory authorities to disclose, information and report the following matters:

(a) trustee fulfillment of duties;

(ii) investment plan income and property status quo;

(iii) custody reports and monitoring reports;

(d) requires disclosure and reporting matter.

Article 65 trustees, independent oversight shall take the necessary measures to promote full disclosure of detailed information about the financing body.

Article 66 reports and the parties when disclosure of information should be provided to ensure that the report and the information is true, effective, complete, shall not misrepresent, discredit other parties may not be made in violation of laws and administrative regulations and the provisions commitment.

Article 67 In addition to the provisions of the content, where it is possible for the client, or the interests of the beneficiaries of the decision to produce a material effect on the information, the parties have an obligation to fulfill disclosure duties.



Risk management Chapter IX Article 68 of the principal, the beneficiary shall carry out a substantive assessment of the investment plans risk, according to the nature of funds, investment management and risk management capabilities, reasonable develop investment programs to fulfill the corresponding internal audit procedures, independent investment at your own risk.

Article 69 The trustee shall establish an effective risk control system, covering project development, project review and approval key decision-making and risk monitoring. Board of Trustees is responsible for periodic review and evaluation of business development, and to bear the ultimate responsibility for risk management.

Article 70 The trustee shall improve investment accountability system, establish the mechanism responsible for the risk, and play a role in risk oversight responsibilities people business operations. The trustee submit reports to the principal beneficiary and China Insurance Regulatory Commission, the risk shall be responsible to confirm the signing.

Article 71 The trustee shall establish appropriate mechanisms and risk management of net capital reserve mechanism to ensure that the business against unexpected loss needs. Risk provisioning management fee income from the investment plan, the provision ratio of not less than 10%, mainly due to compensation for illegal trustee, fiduciary breach of contract, to perform their duties and other losses to property resulting from the investment plan is not responsible. Insufficient compensation for such losses, the trustee shall use his inherent property compensation.


Article 72 The trustee shall fulfill their duties, due diligence, strengthen the management and ongoing monitoring to track the main financing, credit enhancement, investment projects, to grasp the use of funds and investment operations, according to the investment plan investment develop appropriate risk control measures to ensure fiduciary responsibilities.

Article 73 of the principal beneficiary should give full play to the supervisory role of the investors in a timely manner with the trustee, custodian, independent supervisor informed of relevant information, tracking and monitoring of investment plan implementation and management of specific conditions.

Article 74 of the principal beneficiary shall trustees, custodians and independent monitoring conducted due diligence assessed annually, if necessary, in accordance with the agreed investment program to be replaced. Abnormal or emergency and other major risk events

Article 75 occurred during the existence of the investment plan, the parties should take positive measures to minimize damage to property investment plans.

Trustee becomes aware, or should be aware of the date of the occurrence of risk events obligation of information disclosure to clients, beneficiaries and other relevant parties within five days, report to the China Insurance Regulatory Commission.

Article 76 The parties shall not violate the investment plans agreed or laws, administrative regulations and the China Insurance Regulatory Commission, disclosure of trade secrets related to the investment program.



Chapter Supervision and Administration Article 77 The China Insurance Regulatory Commission in accordance with law on investment plans to supervise the business activities of the parties, may order the parties to hire an accounting firm have the appropriate qualifications, if necessary audit business investment plans and financial position. The parties should cooperate actively, can not occur the following behavior:

(a) refuse or obstruct the supervision and inspection supervising officer;

(2) refusing, delaying the provision of information on matters relating to inspection;

(iii) conceal, forge, alter or destroy their accounting documents, accounting books, accounting statements and other relevant materials; other prohibited acts

(d) of China Insurance Regulatory Commission.

Relevant regulatory authorities in accordance with their respective duties, according to the business case trustee, custodian and independent oversight and other interested parties to conduct supervision and inspection.

Article 78 China Insurance Regulatory Commission to establish accountability system, responsible for the principal beneficiary and its senior management and key operational staff for inspection and accountability. In violation of the relevant laws, administrative regulations and the provisions of the conduct inquiries and monitor conversations, and shall be given administrative punishment.

Principal, after the senior management and the main beneficiaries of operational staff departing, found in violation of the law during the work of the institution, administrative regulations and the provisions shall be prosecuted according to law.

Article 79 trustee, custodian, independent monitoring of violation of relevant laws, administrative regulations and the provisions of China Insurance Regulatory Commission will record their bad behavior. In serious cases, China Insurance Regulatory Commission can legally suspend its indirect investment of insurance funds in infrastructure projects business, and in conjunction with the relevant regulatory authorities shall be given administrative punishment.

China CIRC may restrict, prohibit principal beneficiaries have a bad record of investment trustees, custodians and investment plans independent monitoring people involved. Beneficiaries have invested in such investment plans, China Insurance Regulatory Commission may require the transfer of its beneficiary certificates. Professional Service Agency and associated personnel

Article 80 to provide services for investment plans, should comply with the practice standards and professional ethics, objectivity, diligence, independent professional advice published. Related intermediary service organizations or persons not responsible performance of their duties, or a report issued contain false, misleading statements or material omissions, it should bear the corresponding legal responsibility.

81, China Insurance Regulatory Commission may change according to market conditions and investment operations, adjust the investment scope of the provisions relating to the qualifications of the parties, to invest in infrastructure projects.



Chapter XI Supplementary Provisions Article 82 The term relationship refers to the relationship between the parties concerned with controlling shares, or shares in terms of funding, funding with regard to third under his control.

Article 83 insurance agencies as investment plans trustor or the beneficiary, the proportion of investment in specific investment plans, should comply with the relevant provisions of the insurance regulatory capital ratio.

Article 84 non-insurance organizations as investment plans trustor or the beneficiary shall also comply with other relevant laws, administrative regulations and the relevant regulatory authorities.

85 insurance funds in the investment plan in the form of indirect investment in non-class infrastructure and real estate projects, with reference to the present Measures.

Article 86 of the present Measures include more than this number.

Article 87 of this approach by the China Insurance Regulatory Commission is responsible for interpreting, revision.

Article 88 These Measures shall go into effect August 1, 2016. China Insurance Regulatory Commission on March 14, 2006 release of "indirect investment of insurance funds in infrastructure projects pilot management approach" (China Insurance Regulatory Commission Order No. 1, 2006) shall be abolished simultaneously.




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