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(Issued by the China Insurance Regulatory Commission on 17 February 2005.)

颁布日期:20050217  实施日期:20050217  颁布单位:中国保监会

  In order to strengthen the administration of stock investment with insurance funds and safeguard against investment operational risks, and pursuant to the Administration of Stock Investment of Insurance Institutional Investors Tentative Procedures (“Tentative Procedures”), Guidelines for Custody of Stock Assets of Insurance Companies (Trial Implementation) (“Custody Guidelines”), we hereby notify you of issues relating to stock investment by insurance institutional investors as follows:

  1. Insurance companies shall, in accordance with the special characteristics of funds of property and life insurance, formulate stock investment strategy plans and submit an application for engaging in stock investment business to the China Insurance Regulatory Commission.

  2. Stock investment by insurance institutional investors shall comply with the following provisions on ratios:

  (1) the balance of stock investments by insurance institutional investors in traditional insurance products shall be calculated at cost price, and may not exceed 5% of the assets after the assets of investment-linked insurance products and universal insurance products are deducted from the total assets of the company at the end of the previous year. The proportion of stock investments in investment-related insurance products calculated at cost price may be 100% of the assets in the account of such products at maximum. The proportion of stock investments in universal insurance products calculated at cost price may not exceed 80% of the assets in the account of such products;

  (2) the cost balance of insurance institutional investors investing in a listed company with a circulating share capital of less than 100 million shares may not exceed 20% of the company‘s stock assets that may be used for investment (here and hereinafter, including investment-linked insurance and universal insurance products);

  (3) the cost balance of investment in the traded shares of the same listed company by insurance institutional investors may not exceed 5% of the stock assets that may be used for investment of such listed company;

  (4) the quantity of the traded stocks of the same listed company invested in by an insurance institutional investor may not exceed 10% of the circulating share capital or 5% of the total share capital of the listed company;

  (5) convertible bonds that are converted into shares of a listed company held by an insurance institutional investor shall be transferred to the stock investment securities account of the company to be included in the calculation of proportion of stock investment; and

  (6) an insurance institutional investor that entrusts an insurance asset management company with stock investment shall specify in the entrustment contract the asset base and investment proportion for stock investment.

  3. Insurance institutional investors shall, in accordance with the Use of Insurance Funds Risk Control Guidelines (Trial Implementation), focus on long-term and steady investment, establish a truly feasible risk control system, and implement risk control over the entire process of stock investment to cover every risk point. Insurance institutional investors shall use risk control techniques and means to control stock investment risks.

  4. Where there is a huge fluctuation in the market value of the stock assets of an insurance institutional investor and the loss exceeds 10% of the cost of the stock investment of the company or the profit exceeds 20% of the cost of the stock investment of the company, it shall submit a Report on Risk Control of Stock Investments to the China Insurance Regulatory Commission within three days. The Report shall include at least the following:

  (1) market value o

f the stock assets and the details of fluctuation during the reporting period;

  (2) risk tolerance index for stock investment, current status of risk tolerance, and details of implementation of risk control;

  (3) risk assessment of stock assets;

  (4) risk control measures for stock assets; and

  (5) other matters deemed necessary to be reported.

  5. Insurance institutional investors shall select custodians and securities business institutions in accordance with the principles of fairness, impartiality, and openness. An insurance institutional investor shall enter into a custody agreement with the head office of a commercial bank, and may not link the stock asset custodian business with the relevant businesses of the custodian.

  6. Insurance institutional investors must open a new stock investment securities account. The application materials to be submitted to the China Insurance Regulatory Commission by insurance institutional investors shall, in addition to the particulars stipulated in Article 8 of the Tentative Procedures, include an Application for Securities Account and Application for Seat, and the product approval document (photocopy) in triplicate in case of investment-linked insurance and universal insurance products.

  7. An insurance institutional investor shall, on the strength of the Securities Account Confirmation Letter issued by the Fund Use Supervision Department of the China Insurance Regulatory Commission, authorize the custodian to open a securities account with the China Securities Depository Clearing Corporation Limited (CSDCC)。

  Insurance institutional investors may not carry out stock investments through the original securities account. Matters regarding the clearing of original securities accounts shall be announced separately.

  8. Insurance institutional investors must designate a special bank account for stock investments, which is used for fund transfer to and from the special deposit account opened with the custodian. Transfer of funds for purchase in the primary market must be conducted through special deposit accounts.

  9. Insurance asset management companies must carry out stock transactions of custody assets through their independent seat. In case of applications for exclusive seat for stock investment, the relevant procedures shall be handled with the securities exchange on the strength of the Seat Confirmation Letter issued by the Fund Use Supervision Department of the China Insurance Regulatory Commission.

  Where an insurance institutional investor rents a seat of a securities business institution, such securities business institution must comply with Article 41 of the Tentative Procedures. The seat rented must not be linked to the seat of the securities business institution for its own account and other seats not for its own account.

  10. Where an insurance institutional investor implements a system of full custody of assets, it shall entrust the custodian with the custody of all stocks, bank deposits, negotiable instruments of the central bank, government bonds, enterprise bonds, financial bonds and securities investment funds, and shall hand over the relevant securities accounts and fund accounts for management by the custodian.

  11. Insurance institutional investors shall cooperate with securities exchanges, CSDCC, securities business institutions, custodians and relevant institutions in accomplishing technical integration in relation to relevant seats, securities accounts, transactions and settlement, and ensure that systems such as the computer room facilities, computer equipment, operating system software, database software and communication equipment operate safely and accurately and that information flow without obstruction.

  12. Insurance institutional investors must strengthen education on legal system and professional ethics, abide by laws and regulations,

operate in accordance with regulations and accept supervision in accordance with the law. According to Article 25 of the Tentative Procedures, insurance institutional investors may not use stocks assets for transactions on credit, nor for granting loans or providing guarantees to others. If laws and regulations such as the Tentative Procedures and Custody Guidelines are violated, the China Insurance Regulatory Commission shall impose penalty in accordance with the relevant provisions in Article 145 of the PRC, Insurance Law


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