关于印发《保险机构投资者债券投资管理暂行办法》的通知
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各保险公司、保险资产管理公司： 为加强债券投资管理，丰富投资品种，优化资产结构，有效分散风险，提高资产质量，我会根据保险资金投资和债券市场需要，制定了《保险机构投资者债券投资管理暂行办法》（以下简称办法）。现印发你们，并将有关事项通知如下： 一、要坚持资产负债匹配管理的原则，按照公司的资产战略配置计划、投资策略和保监会制定的监管标准，自主配置债券资产，取得长期稳定的投资收益。 二、要加强信用风险研究，建立债券信用风险评估系统，及时对债券信用状况进行持续跟踪分析评估，并以此为依据，科学决策，审慎投资，切实防范信用风险。 三、要完善债券投资的风险控制制度，制定科学严谨的业务操作流程，确保债券投资的安全高效。 四、要高度重视债券投资管理，认真执行《办法》有关规定，保监会将对各保险机构的执行情况进行检查。 以上通知，请认真遵照执行。 二○○五年八月十七日 附：保险机构投资者债券投资管理暂行办法 第一章 总 则 第一条 为加强保险资金债券投资管理，丰富投资品种，改善投资组合，有效分散风险，根据《中华人民共和国保险法》及有关法律法规，制定本办法。 第二条 本办法所称保险机构投资者（以下简称保险机构），是指经中国保险监督管理委员会（以下简称中国保监会）批准设立并依法登记注册，从事债券投资的保险公司和保险资产管理公司。保险集团公司、保险控股公司从事债券投资，适用本办法。 第三条 本办法所称债券是指各类发行人，依法在境内发行的人民币债券和外币债券。 第四条 保险机构可投资债券，包括政府债券、金融债券、企业（公司）债券及有关部门批准发行的其他债券。 第五条 保险机构应按资产负债匹配管理要求、中国保监会监管标准，制定资产战略配置计划和投资策略，自主配置债券资产，自担风险，自负盈亏。 第六条 保险机构应按中国保监会有关规定，委托第三方独立托管债券资产。 第七条 中国保监会负责制定保险机构债券投资管理政策和规定，适时调整债券投资品种和投资比例，依法对投资活动进行监督管理。 第二章 政府债券投资 第八条 保险机构投资政府债券，可按资产配置需要和投资策略，自主确定投资总比例和单项比例，保持一定比例的政府债券。 第三章 金融债券投资 第九条 保险机构投资的金融债券，包括中央银行票据、政策性银行金融债券、政策性银行次级债券、商业银行金融债券、商业银行次级债券、商业银行次级定期债务、保险公司次级定期债务、国际开发机构人民币债券等。 第一节 中央银行票据 第十条 保险机构投资中央银行票据，可按资产配置需要和投资策略，自主确定投资总比例和单项比例。 第二节 政策性银行金融债券和次级债券 第十一条 保险机构投资的政策性银行金融债券，应是政策性银行按照《全国银行间债券市场金融债券发行管理办法》（以下简称管理办法），经中国人民银行核准，在全国银行间债券市场发行的金融债券。 保险机构投资的政策性银行次级债券，应是政策性银行按照《商业银行次级债券发行管理办法》（以下简称次级债办法），经中国银行业监督管理委员会（以下简称中国银监会）资格审查，并经中国人民银行批准，在全国银行间债券市场发行的次级债券。 第十二条 保险机构投资的政策性银行金融债券和次级债券可以免于信用评级。 第十三条 保险机构投资政策性银行金融债券和次级债券，可按资产配置需要和投资策略，自主确定投资总比例和单项比例。 第十四条 保险机构投资定向发行的政策性银行金融债券或私募发行的次级债券，其发行人条件和债券信用级别，按本办法第十一条和第十二条的规定执行。投资该债券的余额计入政策性银行金融债券和次级债券的余额，总比例和单项比例按本办法第十三条的规定执行。 第三节 商业银行金融债券和次级债券 第十五条 保险机构投资的商业银行金融债券和次级债券，其发行人应符合《管理办法》、《次级债办法》及中国人民银行、中国银监会的其他有关规定，同时还应具备下列条件： （一）总资产不低于2000亿元人民币； （二）核心资本充足率不低于4%； （三）最近三年连续盈利； （四）国内信用评级机构评定的A级或者相当于A级以上的长期信用级别； （五）境外上市并免于国内信用评级的，国际信用评级机构评定的BB级或者相当于BB级以上的长期信用级别； （六）及时、充分、准确、完整地披露信息。披露内容至少包括资产总额、负债总额、所有者权益、营业收入、净利润、平均权益收益率、不良贷款率、呆坏账拨备比率、资本充足率等指标和数据； （七）中国保监会规定的其他条件。 前款第（四）项、第（五）项同一发行人同时具有国内信用评级和国际信用评级的，以国内信用级别为准。 第十六条 保险机构投资的商业银行金融债券和次级债券，应具有国内信用评级机构评定的A级或者相当于A级以上的长期信用级别。 第十七条 保险机构投资具有担保的金融债券和次级债券，担保人的资信不得低于发行人的信用级别。 第十八条 保险机构投资的商业银行金融债券和次级债券，应符合下列比例规定： （一）投资商业银行金融债券和次级债券的余额，合计按成本价格计算不得超过该保险机构上季末总资产的30％； （二）投资同一家商业银行发行金融债券和次级债券的余额，累计不得超过该保险机构上季末总资产的10%； （三）投资同一期单品种信用级别在AA级或者相当于AA级以上的商业银行金融债券或者次级债券的份额，不得超过该期单品种发行额的20%，余额不得超过该保险机构上季末总资产的5%； （四）投资同一期单品种信用级别在A级或者相当于A级的商业银行金融债券或者次级债券的份额，不得超过该期单品种发行额的10%，余额不得超过该保险机构上季末总资产的3%. 第十九条 保险机构投资定向发行的商业银行金融债券或私募发行的次级债券，其发行人条件和债券信用级别，按本办法第十五条、第十六条和第十七条的规定执行。投资该债券的余额计入商业银行金融债券和次级债券的余额，总比例和单项比例按本办法第十八条的规定执行。 第四节 商业银行次级定期债务 第二十条 保险机构投资的商业银行次级定期债务，应是国有商业银行和全国性股份制商业银行，按照《关于将次级定期债务计入附属资本的通知》和《次级债办法》，经中国银监会批准发行的次级定期债务。 保险机构投资的商业银行次级定期债务，其发行人、次级定期债务应符合本办法第十五条、第十六条的规定。 第二十一条 保险机构投资的商业银行次级定期债务，应符合下列比例规定： （一）投资商业银行次级定期债务的余额，按成本价格计算不得超过该保险机构上季末总资产的8％； （二）投资一家银行发行次级定期债务的余额，累计不得超过该保险机构上季末总资产的5%； （三）投资同一期单品种商业银行次级定期债务的份额，不得超过该期单品种发行额的10%，余额不得超过该保险机构上季末总资产的3%. 第二十二条 保险机构投资的商业银行次级定期债务，期限不得超过6年。 第五节 保险公司次级定期债务 第二十三条 保险机构投资的保险公司次级定期债务，应是保险公司按《保险公司次级定期债务管理暂行办法》，经中国保监会批准定向募集的次级定期债务。 第二十四条 保险机构投资的保险公司次级定期债务，应符合下列比例规定： （一）投资保险公司次级定期债务的余额，按成本价格计算不得超过该保险机构上季末净资产的20%； （二）投资同一家保险公司发行次级定期债务的余额，累计不得超过该保险机构上季末净资产的4%； （三）投资同一期保险公司次级定期债务的份额，不得超过该期保险公司次级定期债务发行额的20%，余额不得超过该保险机构上季末净资产的1%. 第二十五条 保险机构与定向募集次级定期债务的保险公司存在下列情况之一的，保险机构不得投资该保险公司定向募集的次级定期债务： （一）保险机构受保险公司控制； （二）保险机构控制保险公司； （三）保险机构与保险公司受同一第三方控制。 第六节 国际开发机构人民币债券 第二十六条 保险机构投资的国际开发机构人民币债券，应是国际开发性金融机构按照《国际开发机构人民币债券发行管理暂行办法》，经有关部门审核，报国务院同意发行的人民币债券。 第二十七条 保险机构投资国际开发机构人民币债券，可按资产配置需要和投资策略，自主确定投资总比例和单项比例。 第四章 企业（公司）债券投资 第二十八条 保险机构投资短期融资券、可转换公司债券，按企业（公司）债券投资管理。 第一节 企业（公司）债券 第二十九条 保险机构投资的企业（公司）债券，其发行人除符合国家有关规定外，还应具备下列条件： （一）上年末净资产不低于20亿元人民币； （二）最近三个会计年度连续盈利； （三）及时提供经审计的最近三个会计年度的财务报表； （四）待偿还企业（公司）债券的余额，不超过该企业最近一个会计年度净资产的40%； （五）担保人的资信不得低于发行人的信用级别； （六）及时提供执业律师出具的有关信息披露的法律意见书； （七）及时披露财务信息，披露内容至少包括资产总额、负债总额、主营业务收入、资产负债比率、EBITDA/利息、速动比率、股东权益收益率等指标和数据； （八）中国保监会规定的其他条件。 第三十条 保险机构投资的企业（公司）债券，应具有国内信用评级机构评定的AA级或者相当于AA级以上的长期信用级别。 第三十一条 保险机构投资的企业（公司）债券，应符合下列比例规定： （一）投资企业（公司）债券的余额，按成本价格计算不得超过该保险机构上季末总资产的30％； （二）投资一家企业（公司）发行债券的余额，累计不得超过该保险机构上季末总资产的10%； （三）担保人符合下列条件之一，提供不可撤销连带责任担保的，保险机构投资同一期单品种企业（公司）债券的份额，不得超过该期单品种发行额的20%，余额不得超过该保险机构上季末总资产的5%. 1、上年度国内信用评级在AA级以上的金融机构； 2、铁路建设基金、三峡工程建设基金等国家专项基金； 3、上年末净资产在200亿元人民币以上的非金融企业。 （四）担保人或者担保方式不符合本条第（三）项所列条件或者规定的，保险机构投资同一期单品种企业（公司）债券的份额，不得超过该期单品种发行额的10%，余额不得超过该保险机构上季末总资产的3%. 第三十二条 保险机构投资无担保的企业（公司）债券，由中国保监会另行规定。 第二节 可转换公司债券 第三十三条 保险机构投资的可转换公司债券，其发行人除符合国家有关规定外，还应具备下列条件： （一）担保人的资信不得低于债券发行人的信用级别； （二）提供明确的偿债计划和担保合同。 第三十四条 保险机构投资的可转换公司债券，应符合下列比例规定： （一）投资可转换公司债券的余额，计入企业（公司）债券的余额，合计余额按成本价格计算，不得超过该保险机构上季末总资产的30%； （二）投资一家公司发行可转换公司债券的余额，计入同一企业（公司）债券的余额，累计不得超过该保险机构上季末总资产的10%，其中，可转换公司债券余额按成本价格计算，不得超过该保险机构上季末总资产的5%； （三）担保人符合下列条件之一的，保险机构投资同一期可转换公司债券的份额，不得超过该期发行额的20%，余额不得超过该保险机构上季末总资产的3%； 1、上年度国内信用评级机构评级在AA级以上的金融机构； 2、上年末净资产在200亿元人民币以上的企业。 （四）担保人不符合本条第（三）项所列条件的，保险机构投资同一期可转换公司债券的份额，不得超过该期发行额的10%，余额不得超过该保险机构上季末总资产的1%. 第三十五条 保险机构投资可转换公司债券转换成股票的，应按《保险机构投资者股票投资管理暂行办法》（以下简称股票投资办法）的规定执行。 第三节 短期融资券 第三十六条 保险机构投资的短期融资券，应是非金融企业按照《短期融资券管理办法》，经中国人民银行备案，在全国银行间债券市场发行的短期融资券。 第三十七条 保险机构投资的短期融资券，其发行人除符合《短期融资券管理办法》规定条件外，还应具备下列条件： （一）上年末净资产不低于20亿元人民币； （二）最近两个会计年度连续盈利； （三）待偿还短期融资券的余额，不超过该企业最近一个会计年度净资产的40%； （四）及时披露财务信息，披露内容至少包括资产总额、负债总额、主营业务收入、资产负债比率、EBITDA/利息、速动比例、股东权益收益率等指标和数据； （五）中国保监会规定的其他条件。 第三十八条 保险机构投资短期融资券的信用评级，应符合下列条件： （一）国内信用评级机构评定的A-1级或者相当于A-1级的短期信用级别； （二）按照《短期融资券管理办法》规定，予以豁免信用评级的上市公司，最近三年的信用评级和跟踪评级必须具备下列条件之一： 1、国内信用评级机构评定的AA级或者相当于AA级以上的长期信用级别； 2、国际信用评级机构评定的BBB级或者相当于BBB级以上的长期信用级别； 同一发行人同时具有国内信用评级和国际信用评级的，以国内信用级别为准。 第三十九条 保险机构投资的短期融资券，应符合下列比例规定： （一）投资短期融资券的余额，计入企业（公司）债券的余额，合计余额按成本价格计算不得超过该保险机构上季末总资产的30%，其中，短期融资券余额按成本价格计算，不得超过该保险机构上季末总资产的10%； （二）投资一家企业（公司）发行短期融资券的余额，计入同一企业（公司）债券的余额，累计不得超过该保险机构上季末总资产的10%，其中，短期融资券余额不得超过该保险机构上季末总资产的3%； （三）投资同一期单品种企业（公司）短期融资券的份额，不得超过该期发行额的10%，余额不得超过该保险机构上季末总资产的3%. 第五章 风险控制 第四十条 保险机构应按《保险资金运用风险控制指引》的要求，建立完善的债券投资风险控制制度，制定科学、严谨、高效的业务操作流程，并向中国保监会备案。 第四十一条 保险机构选择的债券资产托管人，应是符合《股票投资办法》规定条件的商业银行或者其他专业金融机构。 第四十二条 保险机构与托管人签订的债券托管协议内容、托管人职责和义务，以及对托管人的监督管理，按照《保险公司股票资产托管指引（试行）》的有关规定执行。 第四十三条 保险机构应加强债券投资的风险管理，对债券投资组合的期限结构、品种配置、信用分布和流动性要求等进行合理安排，并对债券投资资产质量、收益水平、风险属性、风险危害和发生频率等进行跟踪管理。定期对政策风险、信用风险、市场风险、流动性风险和操作风险进行分析评估，将债券投资总体风险控制在可承受范围内。 第四十四条 保险机构应建立债券发行人和债券的信用风险评估系统，对债券发行人和债券的信用状况进行持续跟踪评估，并作为债券投资决策的重要依据。 第四十五条 保险机构应根据债券发行人的信用状况和债券风险程度，以及中国保监会的监管标准，设定投资限制，定期或者在债券发行人和债券信用状况发生变化时，调整投资限额。 第四十六条 保险机构投资同一发行人发行或者提供担保的各类债券（不含政府债券、中央银行票据、政策性银行金融债券、政策性银行次级债券）的余额，按成本价格计算，合计不得超过该保险机构上季末总资产的20%. 第四十七条 保险机构为投资连结保险产品设立的投资账户，投资商业银行金融债券、次级债券和企业（公司）债券的比例，可以为该账户上季末总资产的100%； 保险机构为万能寿险产品设立的投资账户，投资商业银行金融债券、次级债券和企业（公司）债券的比例，不得超过该账户上季末总资产的80%； 保险机构为其他保险产品设立的独立核算账户，投资商业银行金融债券、次级债券和企业（公司）债券的比例，不得超过保险条款具体约定的比例和中国保监会的有关规定。 第四十八条 保险机构投资的债券，最新跟踪信用评级下调时，保险机构应按中国保监会的有关规定，制定调整措施，限期将该债券投资调至规定的比例内。 第四十九条 保险机构投资的债券，其发行人出现以下情况之一的，应停止投资该发行人新发行和已发行的债券，并妥善处置已持有的债券： （一）最新信息显示发行人不符合本办法规定条件； （二）不能按时偿付本金或者利息； （三）不能按照规定及时、充分、准确、完整披露有关信息； （四）不能按照规定进行跟踪信用评级； （五）不符合中国保监会规定的其他条件。 第五十条 保险机构进行债券回购交易，应有效控制回购规模，规避流动性风险。 保险机构在证券经营机构席位进行债券交易和回购交易，应每日核对标准券余额和未到期债券回购情况，防止债券和资金被挤占、挪用。 保险机构在银行间债券市场进行债券回购交易，应按保监会有关规定，建立交易对手选择标准，回购融资额度应不高于该抵押债券的市场公允价格，防范信用风险、市场风险和道德风险。 第五十一条 保险公司委托多个投资管理机构进行债券投资的，其债券投资余额合并计算，不得超过中国保监会规定的投资比例。 第五十二条 保险资产管理公司受托管理多个保险公司和其他机构债券资产，应按保险公司和其他机构的资产配置要求，公平、公正地管理债券资产。 保险资产管理公司自有资金与受托管理资金在同一投资渠道的总投资比例和单一投资对象的投资比例应当分别计算。 第五十三条 保险机构选择证券经营机构席位进行债券交易，该证券经营机构应符合《股票投资办法》规定的条件。 第五十四条 保险机构应与证券经营机构总公司签订经纪业务协议。协议至少应载明《股票投资办法》规定的证券经营机构的义务。证券经营机构违反有关义务，中国保监会要求保险机构更换证券经营机构的，保险机构有权提前终止协议。 第五十五条 保险机构与债券资产托管人之间的资金划拨和费用支付、保险机构与证券经营机构之间的费用支付必须采用转帐方式。 第五十六条 保险机构与证券经营机构或其他非保险机构之间不得有下列行为： （一）出租、出借托管的各类债券； （二）签订债券委托投资代理协议； （三）直接或者变相非法转移利润，或者用其他手段进行利益输送，谋取不当利益； （四）法律、行政法规和中国保监会禁止的其他行为。 第六章 监督管理 第五十七条 证券经营机构向保险机构出租席位的，应向中国保监会提供符合《股票投资办法》规定条件的证明材料和履行职责的承诺书。中国保监会将从资产规模、公司治理、内部控制、诚信状况、研究能力、市场地位等方面，对其进行评估并出具审核意见书。 第五十八条 保险机构开立证券账户、租用席位，应向中国保监会提交《证券账户申请书》和《席位申请书》，取得中国保监会资金运用监管部确认函后，办理相关手续。 第五十九条 保险机构应按规定，向中国保监会报送下列报表、报告或者其他事项： （一）债券投资的相关报表； （二）风险指标的计算方法和使用情况说明； （三）与托管人、证券经营机构签订债券托管协议和债券经纪业务协议副本； （四）中国保监会要求的其他报告事项。 第六十条 中国保监会定期不定期对保险机构债券投资的风险控制制度、业务操作流程和信用风险评估系统等进行检查，也可聘请会计师事务所等中介机构对保险机构债券投资情况进行检查。 第六十一条 中国保监会核准保险机构可投资债券的信用评级机构，有关规定另行制定。新规定颁布前，本办法所称信用评级机构适用经中国保监会认可的企业债券信用评级机构。 第六十二条 保险机构投资资产支持证券、非银行金融机构发行的金融债券、金融机构发行的短期融资券等金融产品的有关规定，由中国保监会另行制定。 第六十三条 保险机构参与债券远期等衍生产品交易的有关规定，由中国保监会另行制定。 第六十四条 保险机构投资债券违反法律、行政法规及本办法规定的，中国保监会应与其相关高级管理人员和主要业务人员监管谈话或者进行质询；情节严重的，可依法给予行政处罚。 第六十五条 保险机构投资债券违反法律、行政法规及本办法规定的，中国保监会将限制债券投资范围，或者暂停其债券投资资格，并根据有关法规予以相应处罚。 第七章 附 则 第六十六条 外国保险公司在中国境内设立的分公司，本办法视同境内保险机构法人管理。 第六十七条 本办法由中国保监会负责解释，此前与本办法规定不一致的，以本办法为准。 第六十八条 本办法自发布之日起执行。 Notice of the China Insurance Regulatory Commission on Printing and Distributing the Notice on the Provisional Measures for the Administration of Bond Investments of Insurance Institutional Investors All insurance companies and insurance asset management companies: In order to strengthen the administration of bond investments, diversify investment products, optimize the asset structure, effectively disperse risks and enhance the asset quality, this Commission has formulated the Provisional Measures for the Administration of Bond Investments of Insurance Institutional Investors （hereinafter referred to as the Measures） in accordance with the requirements of insurance fund investments and the bond market. These Measures are hereby printed and distributed to you, and the relevant matters are notified as follows: I. It is imperative to adhere to the principle of matching asset-liability with management and to freely allocate bond assets according to the strategic asset allocation plan, investment strategies and supervisory standards formulated by the CIRC, so as to obtain long-term and stable investment yields. II. Efforts should be made to strengthen the study of credit risks, establish the appraisal system of bond credit risks, timely conduct continuous and follow-up analysis and appraisal of the credit standing of bonds, and based thereon, make scientific decisions and prudent investments and practically preventing credit risks. III. Efforts should be made to perfect the risk control system of bond investment, formulate scientific and rigorous business operational procedures and guarantee the safety and high efficiency of bond investments. IV. It is imperative to think highly of the administration of bond investments and seriously implement the relevant provisions of the Measures. The CIRC will check the implementation of all insurance institutions. Please earnestly implement the above-mentioned Notice. August 17, 2005 Provisional Measures for the Administration of Bond Investments of Insurance Institutional Investors Chapter I General Provisions Article 1 These Measures are formulated according to the Insurance Law of the People's Republic of China and other relevant laws and regulations for the purposes of strengthening the administration of bond investments, diversifying investment products, optimizing the asset structure, effectively dispersing risks and enhancing the asset quality. Article 2 The term "insurance institutional investors" （hereinafter referred to as insurance institutions） as mentioned in these Measures refers to those insurance companies and insurance asset management companies that are established and registered upon approval of the China Insurance Regulatory Commission （hereinafter referred to as the CIRC） and are engaged in bond investments. These Measures shall apply to the bond investments of insurance group companies and insurance holding companies. Article 3 The term "bonds" as mentioned in these Measures refers to the Renminbi bonds and foreign currency bonds issued within the territory of China by all kinds of issuers. Article 4 An insurance company can invest in bonds, which include the government bonds, financial bonds, enterprise （company） bonds and other bonds issued upon approval of the relevant department. Article 5 An insurance company shall, according to the requirements of matching assets with debts and the supervisory standards of the CIRC, formulate the strategic asset allocation plans and investment strategies, allocate bond assets on its own initiative, and bear risks, profits and losses by itself. Article 6 An insurance company shall, according to the relevant provisions of the CIRC, entrust a third party for the independent custody of bond assets. Article 7 The CIRC shall be responsible for the formulation of policies and provisions on the administration of bond investments of insurance institutions, timely adjustment of bond investment products and proportion, as well as the supervision and administration of investment activities. Chapter II Government Bond Investments Article 8 In case an insurance institution invests in government bonds, it may, according to the requirements about asset allocation and investment strategies, freely determine the proportion of total investment and the proportion of each investment and keep a certain proportion of government bonds. Chapter III Financial Bond Investments Article 9 The financial bonds as invested in by an insurance institution include the central bank bills, financial bonds of policy banks, subordinated bonds of policy banks, financial bonds of commercial banks, subordinated bonds of commercial banks, subordinated term debts of commercial banks, subordinated term debts of insurance companies and Renminbi bonds of international development institutions, etc…… Section I Central Bank Bills Article 10 In case an insurance institution invests in the central bank bills, it may, according to the requirements about asset allocation and investment strategies, freely determine the proportion of total investment and the proportion of each investment. Section II Financial Bonds and Subordinated Bonds of Policy Banks Article 11 The financial bonds of policy banks invested in by an insurance institution shall be the financial bonds that are issued by policy banks in the national inter-bank bond market according to the Measures for the Administration of the Issuance of Financial Bonds in the National Inter-bank Bond Market （hereinafter referred to as the Measures for the Administration） and upon approval of the People's Bank of China. The subordinated bonds of policy banks as invested in by an insurance institution shall be the subordinated bonds that are issued by policy banks in the national inter-bank bond market according to the Measures for the Administration of the Issuance of Subordinated Bonds of Commercial Banks （hereinafter referred to as the Measures for Subordinated Bonds）, after passing the qualification examination of the China Banking Regulatory Commission （hereinafter referred to as the CBRC） and upon approval of the People's Bank of China. Article 12 The financial bonds and subordinated bonds of policy banks as invested in by an insurance institution may be exempt from credit rating. Article 13 In case an insurance institution invests in the financial bonds and subordinated bonds of policy banks, it may, according to the requirements about asset allocation and investment strategies, freely determine the proportion of total investment and the proportion of each investment. Article 14 In case an insurance institution invests in the financial bonds of policy banks issued towards particular investors or the privately issued subordinated bonds, the conditions for issuers and the bond credit rating shall be implemented according to Articles 11 and 12 of these Measures. The balance of investment in the above-mentioned bonds shall be calculated into the balance of financial bonds and subordinated bonds of policy banks, and the proportion of total investment and the proportion of each investment shall be implemented according to Article 13 of these Measures. Section III Financial Bonds and Subordinated Bonds of Commercial Banks Article 15 As to the financial bonds and subordinated bonds of commercial banks invested in by an insurance institution, their issuer shall, in addition to the Measures for the Administration, the Measures for Subordinated Bonds and other relevant provisions as set down by the People's Bank of China and the CBRC, meet the following conditions: （1）Its total assets are no less than RMB 200 billion yuan; （2）Its core capital adequacy ratio is no less than 4 %; （3）It has a favorable balance for recent three years; （4）It is appraised as the long-term credit rating of Class A or a level higher than Class A by a domestic credit rating institution; （5）It is listed overseas and free of domestic credit rating, and is appraised by an international credit rating institution as the long-term credit rating of Class BB or a level higher than Class BB; （6）It has timely, sufficiently, accurately and completely disclosed relevant information, which at least includes the total amount of assets, total amount of debts, owners' equities, turnover, net profits, yield ratio of average equities, ratio of non-performing loans, ratio of doubtful and bad debts, capital adequacy ratio and other indicators and data; and （7）Other conditions as prescribed by the CIRC. In case an issuer simultaneously has the domestic credit rating and international credit rating as mentioned in Items （4） and （5） of the preceding paragraph, the domestic credit rating shall prevail. Article 16 In case an insurance institution invests in the financial bonds and subordinated bonds of commercial banks, the issuer of the aforesaid bonds shall be appraised by a domestic credit rating institution as the long-term credit rating of Class A or a level higher than Class A. Article 17 In case an insurance institution invests in the financial bonds and subordinated bonds with guarantee, the credit standing of the guarantor may not be lower than the credit rating of the issuer. Article 18 The financial bonds and subordinated bonds of commercial banks invested in by an insurance company shall accord with the following provisions in regard to the proportion: （1）The balance of investment in the financial bonds and subordinated bonds of commercial banks may not exceed 30% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （2）The sum of the balance of investment in the financial bonds and subordinated bonds of a same commercial bank may not exceed 10% of the total assets of the aforesaid insurance institution at the end of last quarter; （3）The portion of investment in a single type of financial bonds or subordinated bonds of commercial banks appraised as the long-term credit rating of Class AA or a level higher than Class AA at a same term may not exceed 20% of the amount of issuance of the aforesaid single type at the aforesaid same term, and the balance may not exceed 5% of the total assets of the aforesaid insurance institution at the end of last quarter; and （4）The portion of investment in a single type of financial bonds or subordinated bonds of commercial banks appraised as the long-term credit rating of Class A or a level higher than Class A at a same term may not exceed 10% of the amount of issuance of the aforesaid single type at the aforesaid same term, and the balance may not exceed 3% of the total assets of the aforesaid insurance institution at the end of last quarter. Article 19 In case an insurance institution invests in the financial bonds of commercial banks issued towards particular investors or the privately issued subordinated bonds, the conditions for issuers and the bond credit rating shall be implemented according to Articles 15, 16 and 17 of these Measures. The balance of investment in the above-mentioned bonds shall be incorporated into the balance of financial bonds and subordinated bonds of commercial banks, and the proportion of total investment and the proportion of each investment shall be determined according to Article 18 of these Measures. Section IV Subordinated Term Debts of Commercial Banks Article 20 The subordinated term debts of commercial banks as invested in by an insurance institution shall be the subordinated term debts that are issued by state-owned commercial banks or national joint stock commercial banks according to the Notice on Including Subordinated Term Debts into the Attached Capital and the Measures for Subordinated Bonds and upon approval of the CBRC. As to the subordinated term debts of commercial banks invested in by an insurance institution, their issuer and the subordinated term debts shall accord with Articles 15 and 16 of these Measures. Article 21 The subordinated term debts of commercial banks as invested in by an insurance company shall accord with the following provisions in regard to the proportion: （1）The balance of investment in the subordinated term bonds of commercial banks may not exceed 8% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （2）The sum of the balance of investment in the subordinated term bonds of a same bank may not exceed 5% of the total assets of the aforesaid insurance institution at the end of last quarter; and （3）The portion of investment in a single type of subordinated term bonds of commercial banks at a same term may not exceed 10% of the amount of issuance of the aforesaid single type at the aforesaid term, and the balance may not exceed 3% of the total assets of the aforesaid insurance institution at the end of last quarter. Article 22 The term of subordinated term debts of commercial banks as invested in by an insurance company may not exceed six years. Section V Subordinated Term Debts of Insurance Companies Article 23 The subordinated term debts of insurance companies as invested in by an insurance institution shall be the subordinated term debts that are raised from targeted sources by insurance companies according to the Interim Measures for the Administration of Subordinated Term Debts of Insurance Companies and upon approval of the CIRC. Article 24 The subordinated term debts of insurance companies as invested in by an insurance institution shall accord with the following provisions in regard to the proportion: （1）The balance of investment in the subordinated term bonds of insurance companies may notexceed 20% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （2）The sum of the balance of investment in the subordinated term bonds of a same insurance company may not exceed 4% of the total assets of the aforesaid insurance institution at the end of last quarter; and （3）The portion of investment in the subordinated term bonds of insurance companies at a same term may not exceed 20% of the issuance amount of subordinated term bonds of insurance companies at the above-mentioned term, and the balance may not exceed 1% of the total assets of the aforesaid insurance institution at the end of last quarter. Article 25 In case an insurance institution has any of the following relations with an insurance company that raises subordinated term debts from targeted sources, the insurance institution may not invest in the subordinated term debts raised by the above-mentioned insurance company from targeted sources: （1）The insurance institution is controlled by the insurance company; （2）The insurance institution controls the insurance company; or （3）Both the insurance institution and the insurance company are controlled by a same third party. Section VI Renminbi Bonds of International Development Institutions Article 26 The Renminbi bonds of international development institutions invested in by an insurance institution shall be the Renminbi bonds that are issued by international development institutions according to the Interim Measures for the Administration of the Issuance of Renminbi Bonds by International Development Institutions after passing the examination of the relevant department and upon the approval of the State Council. Article 27 In case an insurance institution invests in Renminbi bonds of international development institutions, it may, according to the requirements about asset allocation and investment strategies, freely determine the proportion of total investment and the proportion of each investment. Chapter IV Enterprise （Company） Bond Investments Article 28 In case an insurance institution invests in short-term financing bonds or convertible company bonds, it shall be governed by the provisions on the enterprise （company） bond investments. Section I Enterprise （Company） Bonds Article 29 As to the enterprise （company） bonds invested in by an insurance institution, their issuer shall, in addition to the relevant provisions of the state, satisfy the following requirements: （1）Its net assets at the end of last year shall not be lower than RMB 2 billion yuan; （2）It has a favorable balance for recent three fiscal years; （3）It shall provide the audited financial statements for recent three fiscal years in good time; （4）The balance of enterprise （company） bonds to be compensated may not exceed 40% of its net assets of the latest fiscal year; （5）The credit standing of the guarantor shall not be lower than the credit rating of the issuer; （6）The legal opinions about information disclosure as issued by practicing lawyers shall be provided in good time; （7）It shall timely disclose the financial information, which includes the total amount of assets, total amount of debts, revenues of main businesses, asset-liability ratio, EBITDA/interests, quick ratio, yield rate of shareholders' equities, other indicators and data; and （8）Other conditions as prescribed by the CIRC. Article 30 The enterprise （company） bonds as invested in by an insurance institution shall be appraised by an international credit rating institution as the long-term credit rating of Class AA or a level higher than Class AA. Article 31 The enterprise （company） bonds as invested in by an insurance institution shall accord with the following provisions in regard to the proportion: （1）The balance of investment in the enterprise （company） bonds shall not exceed 30% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （2）The sum of the balance of investment in the enterprise （company） bonds of a same enterprise （company） may not exceed 10% of the total assets of the aforesaid insurance institution at the end of last quarter; （3）If the guarantor accords with any of the following conditions and provides the guarantee of irrevocable joint and several liabilities, the portion of investment in a single type of enterprise （company） bonds at a same term may not exceed 20% of the amount of issuance at the above-mentioned term, and the balance may not exceed 5% of the total assets of the aforesaid insurance institution at the end of last quarter: a. A financial institution that is appraised by a domestic credit rating institution as the credit rating of Class AA or a level higher than Class AA for the last year; b. A special fund of the state such as the Railway Construction Fund or the Construction Fund of Three-Gorges Project; or c. A non-financial enterprise whose net assets are RMB20 billion yuan or more for the last year. （4）If the guarantor or the mode of guarantee does not accord with the conditions or provisions as listed in Item （3） of this Article, the portion of investment in a single type of enterprise （company） bonds at a same term may not exceed 10% of the amount of issuance at the above-mentioned term, and the balance may not exceed 3% of the total assets of the aforesaid insurance institution at the end of last quarter. Article 32 The provisions for insurance institutions to invest in the enterprise （company） bonds without guarantee shall be separately formulated by the CIRC. Section II Convertible Company Bonds Article 33 The convertible company bonds as invested in by an insurance institution shall, in addition to meeting the relevant provisions of the state, accord with the following requirements: （1）The credit standing of the guarantor shall not be lower than the credit rating of the issuer of bonds; and （2）The specific debt discharging plans and the guarantee contract shall be provided. Article 34 The convertible company bonds as invested in by an insurance institution shall accord with the following provisions in regard to the proportion: （1）The balance of investment in the convertible company bonds, the balance calculated into the enterprise （company） bonds or the sum of the balance may not exceed 30% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （2）The sum of the balance of investment in the convertible company bonds of a same enterprise （company） and the balance calculated into the bonds of a same enterprise （company） may not exceed 10% of the total assets of the aforesaid insurance institution at the end of last quarter, where the balance of convertible company bonds may not exceed 5% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （3）If the guarantor accords with any of the following conditions, the portion of investment in a single type of convertible company bonds at a same term may not exceed 20% of the amount of issuance at the above-mentioned term, and the balance may not exceed 3% of the total assets of the aforesaid insurance institution at the end of last quarter; a. A financial institution that is appraised by a domestic credit rating institution as the credit rating of Class AA or a level higher than Class AA for the last year; or b. An enterprise whose net assets are RMB20 million yuan or more for the last year. （4）If the guarantor does not accord with the conditions as listed in Item （3） of this Article, the portion of investment in a single type of convertible company bonds at a same term may not exceed 10% of the amount of issuance at the above-mentioned term, and the balance may not exceed 1% of the total assets of the aforesaid insurance institution at the end of last quarter. Article 35 In case an insurance institution converts the convertible company bonds that it invests in into stocks, the conversion shall be governed by the Provisional Measures for the Administration of Stock Investments of Insurance Institutional Investors （hereinafter referred to as the Measures for Stock Investments）. Section III Short-term Financing Bonds Article 36 The short-term financing bonds as invested in by an insurance institution shall be the short-term financing bonds that are issued in the national inter-bank bond market by non-financial enterprises according to the Measures for the Administration of Short-term Financing Bonds and after be reported to the People's Bank of China for archival purposes. Article 37 As to the short-term financing bonds as invested in by an insurance institution, their issuer shall, in addition to satisfying the requirements as set down in the Measures for the Administration of Short-term Financing Bond, meet the following requirements: （1）Its net assets at the end of last year shall not be lower than RMB 2 billion yuan; （2）It has a favorable balance for recent two fiscal years; （3）The balance of short-term financing bonds to be compensated may not exceed 40% of its net assets of the latest fiscal year; （4）It has timely disclosed the financial information, which at least includes the total amount of assets, total amount of debts, revenues of main businesses, asset-liability ratio, EBITDA/interests, quick ratio, yield rate of shareholders' equities, other indicators and data; and （5）Other conditions as prescribed by the CIRC. Article 38 The credit rating of short-term financing bonds as invested in by an insurance institution shall accord with the following conditions: （1）Being appraised by a domestic credit rating institution as the credit rating of Class A-1 or a level higher than Class A-1; and （2）As to a listed company that is exempt from the credit rating under the Measures for the Administration of Short-term Financing Bonds, its credit rating and follow-up rating for recent three years shall satisfy either of the following conditions: a. Being appraised by a domestic credit rating institution as the long-term credit rating of Class AA or a level higher than Class AA; b. Being appraised by an international credit rating institution as the long-term credit rating of Class BBB or a level higher than Class BBB. In case an issuer simultaneously has the domestic credit rating and international credit rating, the domestic credit rating shall prevail. Article 39 The short-term financing bonds as invested in by an insurance institution shall accord with the following provisions in regard to the proportion: （1）The balance of investment in the short-term financing bonds, the balance calculated into the enterprise （company） bonds or the sum of the balance may not exceed 30% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price. Where the balance of short-term financing bonds may not exceed 10% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price; （2）The sum of the balance of investment in the short-term financing bonds of a same enterprise （company） and the balance calculated into the bonds of a same enterprise （company） may not exceed 10% of the total assets of the aforesaid insurance institution at the end of last quarter as calculated at the cost price, where the balance of short-term financing bonds may not exceed 3% of the total assets of the aforesaid insurance institution at the end of last quarter; and （3）The portion of investment in a single type of short-term financing bonds at a same term may not exceed 10% of the amount of issuance at the above-mentioned term, and the balance may not exceed 3% of the total assets of the aforesaid insurance institution at the end of last quarter. Chapter V Risk Control Article 40 An insurance company shall, according to the requirements as set down in the Guidelines for Risk Control in the Utilization of Insurance Funds, establish a perfect risk control system of bond investment, formulate scientific, rigorous and high-efficiency business operational procedures and report them to the CIRC for archival purposes. Article 41 The custodian of bond assets as selected by an insurance institution shall be a commercial bank or any other professional financial institution in line with the conditions as set down in the Measures for Stock Investments. Article 42 The contents of the bond custody agreement entered into between an insurance institution and a custodian, the duties and obligations of the custodian as well as the supervision and administration of the custodian shall be governed by the relevant provisions as set down in the Guidelines for the Custody of Stock Assets of Insurance Companies （for Trial Implementation）. Article 43 An insurance institution shall strengthen the risk management of bond investment, properly arrange the term structure, allocation of bond types, credit distribution and liquidity requirements of bond investment portfolio, carry out follow-up administration of the capital quality, level of yields, risk nature, harms of risks and occurrence frequency of bond investments, regularly analyze and evaluate the policy risk, credit risk, market risk, liquidity risk and operational risk, and control the overall risks of bond investments within the endurable range. Article 44 An insurance institution shall establish an appraisal system of credit risks of bond issuers and bonds, carry out continuous and follow-up appraisal of the credit standing of the bond issuer and bonds, and take them as an important basis for making decisions in regard to bond investments. Article 45 An insurance institution shall, according to the credit standing of the bond issuer, the risk degree of bonds and the supervisory standards of the CIRC, specify the investment quota, and adjust the investment quota regularly or do so when the credit standing of the bond issuer is changed. Article 46 In case an insurance institution invests in various bonds （excluding government bonds, central bank bills, financial bonds of policy banks or subordinated bonds of policy banks） issued or guaranteed by a same issuer, the sum of the balance of aforesaid various bonds may not exceed 20% of the total assets of the above-mentioned insurance institution at the end of the previous quarter as calculated at the cost price. Article 47 In case an insurance institution opens an investment account for investment-linked insurance products, the proportion of investment in the financial bonds and subordinated bonds of commercial banks and the enterprise （company） bonds may not exceed 100% of the total assets of the above-mentioned account at the end of the previous quarter. In case an insurance institution opens an investment account for universal life insurance products, the proportion of investment in the financial bonds and subordinated bonds of commercial banks and the enterprise （company） bonds may not exceed 80% of the total assets of the above-mentioned account at the end of the previous quarter. In case an insurance institution opens an independent assessment account for other insurance products, the proportion of investment in the financial bonds and subordinated bonds of commercial banks and the enterprise （company） bonds may not exceed the specific proportion as stipulated in the insurance clause and the relevant provisions as prescribed by the CIRC. Article 48 In regard to the bonds as invested in by an insurance institution, when the latest follow-up credit rating is lowered, the insurance institution shall, according to the relevant provisions as set down by the CIRC, formulate the adjustment measures and adjust the above-mentioned bond investments to the prescribed proportion within the time limit. Article 49 In case the issuer of the bonds as invested in by an insurance institution is under any of the following circumstances, the insurance institution shall stop investing in the bonds that are newly or already issued by the above-mentioned issuer, and shall properly dispose of the bonds it holds: （1）The latest information shows that the issuer does not meet the conditions as provided for in these Measures; （2）The issuer cannot pay the principal or interests in time; （3）The issuer cannot timely, sufficiently, accurately or completely disclose the relevant information according to the relevant provisions; （4）The issuer cannot carry out the follow-up credit rating according to the provisions; or （5）The issuer falls to meet any other condition as prescribed by the CIRC. Article 50 In case an insurance company carries out bond buy-back transactions, it shall effectively control the buy-back scale and evade the liquidity risk. In case an insurance company carries out the bond transactions or buy-back transactions at the seat of a securities institution, it shall verify the balance of standard bonds and the conditions on the buy-back of undue bonds every day, and avoid the occupation and appropriation of bonds and capital. In case an insurance company carries out bond buy-back transactions in the inter-bank bond market, it shall, according to the relevant provisions of the CIRC, determine the standards for selecting bargaining counterparts, and the buy-back financing quota shall not be higher than the fair market price of the aforesaid bonds under mortgage, so as to avoid credit risk, market risk and moral risk. Article 51 In case an insurance company entrusts several investment management institutions for bond investments, the sum of the balance of bond investments shall not exceed the investment proportion as prescribed by the CIRC. Article 52 In case an insurance assets management company is entrusted for managing the bond assets of several insurance companies and other institutions, it shall fairly and equitably manage the bond assets according to the asset collocation requirements of those insurance companies and other institutions. The total investment proportion of self-owned capital and the capital managed by entrustment of an insurance assets management company in the same investment channel and the investment proportion of a single investment target shall be separately calculated. Article 53 In case an insurance company selects the seat of a securities institution for bond transactions, the above-mentioned securities institution shall accord with the conditions as provided for in the Measures for Stock Investments. Article 54 An insurance company shall conclude a brokerage agreement with the head office of a securities institution, the said agreement shall at least state the obligations of the securities institution as provided for in the Measures for Stock Investments. In case the securities institution violates the relevant obligations, the CIRC shall request the insurance institution to change the securities institution, and the insurance company has the right to terminate the above-mentioned agreement in advance. Article 55 The capital appropriation or fee payment between an insurance institution and a custodian of bond assets, or the fee payment between an insurance institution and a securities institution shall be conducted by way of account transfer. Article 56 An insurance institution may not commit any of the following acts with a securities institution or any other non-insurance institution: （1）leasing or lending any kind of bond under its custody; （2）entering into any entrusted bond investment agreement; （3）directly and illegally transferring profits or doing so in any disguised form, or conducting profit transfer by any other means for seeking for improper interests; or （4）any other act as prohibited by any law or administrative regulation or by the CIRC. Chapter VI Supervision and Administration Article 57 Where securities institution rents any seat to an insurance institution, it shall provide documents and materials that meet the conditions as provided for in the Measures for Stock Investments as well as a letter of commitment, promising to perform its duties and responsibilities to the CIRC, which shall conduct assessment and issue its review opinions in terms of assets scale, corporate governance, internal control, credit standing, research capability and market status, etc…… Article 58 An insurance institution that opens a securities account or rents a seat shall submit an Application Form for Securities Accounts or an Application Form for Seats to the CIRC, and go through the relevant formalities after obtaining a letter of confirmation issued by the department for overseeing the insurance fund management under the CIRC. Article 59 An insurance institution shall, according to the provisions, submit the following statements, reports or other matters to the CIRC: （1）statements about the bond investment; （2）explanations about the calculation methods of risk indicators and the conditions on the use thereof; （3）duplicates of the bond custody agreement and the bond brokerage agreement concluded with the custodian and the securities institution respectively; and （4）other matters that should be reported as required by the CIRC. Article 60 The CIRC shall, regularly or irregularly, inspect the risk control systems, business operational procedures and credit risk appraisal systems for bond investments of insurance institutions, or may employ auditing firms or other intermediary institutions to inspect the bond investments of insurance institutions. Article 61 The CIRC shall be responsible for examining and approving the credit rating institutions for the insurance institutions that may invest in bonds, and the relevant provisions thereof shall be separately formulated. Prior to the promulgation of new provisions, the credit rating institutions as mentioned in these Measures shall be governed by the provisions on the credit rating institutions of enterprise bonds as approved by the CIRC. Article 62 The relevant provisions for insurance institutions to invest in the asset-backed securities, financial bonds issued by non-bank financial institutions, short-term financing bonds issued by financial institutions and other financial products shall be separately formulated by the CIRC. Article 63 The relevant provisions for insurance institutions to take part in the bond forward transactions or the transactions of derivative products shall be separately formulated by the CIRC. Article 64 In case an insurance institution violates any of the laws, administrative regulations or these Measures when investing in bonds, the CIRC shall talk with or inquiry the senior managerial personnel concerned and main business operators; if the circumstance is serious, the CIRC shall give administrative sanctions to them. Article 65 In case an insurance institution violates any of the laws, administrative regulations or these Measures when investing in bonds, the CIRC shall restrict the scope of its bond investments or suspend its bond investment qualification and give corresponding punishments to it pursuant to the relevant laws. Chapter VII Supplementary Provisions Article 66 Any branch established within the territory of China by a foreign insurance company shall be treated as a domestic insurance institutional legal person under these Measures. Article 67 The power to interpret these Measures shall remain with the CIRC. In case any provision promulgated heretofore conflicts with these Measures, the latter shall prevail. Article 68 These Measures shall come into force as of the day of promulgation |
