Chapter I General Principles

Article 1 These Measures are formulated in accordance with the Insurance Law of People's Republic of China (PRC) and other laws and administrative regulations for the purpose of regulating the use of insurance funds, preventing risks in the use of insurance funds, protecting the legitimate rights and interests of insurance parties and maintaining the order of the insurance market.

Article 2 These Measures shall apply to insurance group (holding) companies and insurance companies legally established in China to engage in insurance fund utilization activities.

Article 3 The term "insurance funds" as mentioned in these Measures refers to the capital, provident fund, undistributed profits, various reserves and other funds of insurance group (holding) companies and insurance companies denominated in local and foreign currencies.

Article 4 The use of insurance funds must aim at serving the insurance industry, adhere to the principles of prudence and safety, meet the requirements of solvency supervision, implement asset-liability management and comprehensive risk management according to the nature of insurance funds, and realize intensification, specialization, standardization and marketization.

The use of insurance funds should adhere to independent operation. Insurance group (holding) companies and shareholders of insurance companies shall not interfere with the use of insurance funds in violation of laws and regulations.

Article 5 China Insurance Regulatory Commission (hereinafter referred to as China Insurance Regulatory Commission) shall supervise and manage the use of insurance funds according to law.

Chapter II Forms of Capital Utilization

Section 1 Scope of Fund Utilization

Article 6 The use of insurance funds is limited to the following forms:

(1) Bank deposits;

(2) buying and selling bonds, stocks, shares of securities investment funds and other securities.

(3) investing in real estate;

(4) investing in equity;

(five) other forms of use of funds as prescribed by the State Council.

Insurance funds engaged in overseas investment shall comply with the relevant provisions of the China Insurance Regulatory Commission, the People's Bank of China and the State Administration of Foreign Exchange.

Article 7 Where insurance funds are deposited in banks, commercial banks that meet the following conditions shall be selected as deposit banks:

(1) Its capital adequacy ratio, net assets and provision coverage ratio meet the regulatory requirements;

(two) the governance structure is standardized, the internal control system is sound, and the business performance is good;

(3) No major violations of laws and regulations have been found in the last three years;

(4) Its credit rating has reached the standards set by the China Insurance Regulatory Commission.

Article 8 Bonds invested by insurance funds shall reach the credit rating assessed by credit rating agencies recognized by the China Insurance Regulatory Commission and meet the prescribed conditions, mainly including government bonds, financial bonds, corporate bonds, debt financing instruments for non-financial enterprises and other bonds that meet the prescribed conditions.

Article 9 The stocks invested by insurance funds mainly include publicly issued and traded stocks and non-public stocks issued by listed companies to specific targets.

Insurance funds to carry out stock investment, divided into general stock investment, major stock investment and acquisition of listed companies. The CIRC will implement different supervision according to different situations.

The investment of insurance funds in the shares of companies listed in the national share transfer system for small and medium-sized enterprises, as well as the shares subscribed and traded in foreign currencies, shall be separately stipulated by the China Insurance Regulatory Commission.

Article 10 To invest insurance funds in securities investment funds, fund managers shall meet the following conditions:

(1) Good corporate governance and sound risk control mechanism.

(two) to perform the contract according to law and safeguard the legitimate rights and interests of investors.

(3) The establishment time exceeds 1 year (inclusive).

(4) There has been no major violation of laws and regulations in the last three years; If it has been established for less than 3 years, it has no major violations of laws and regulations since its establishment.

(5) Establish an effective firewall mechanism between securities investment funds and asset management business of specific customers.

(six) the investment team is stable, the historical investment performance is good, and the asset scale or fund share under management is relatively stable.

Article 11 The real estate invested by insurance funds refers to land, buildings and other fixed objects attached to land, and the specific measures shall be formulated by the China Insurance Regulatory Commission.

Article 12 The equity invested by insurance funds shall be the equity of joint stock limited companies and limited liability companies established and registered in China according to law and not publicly listed on the stock exchange.

Article 13 Insurance group (holding) companies and insurance companies shall use their own funds to purchase real estate for their own use, make acquisitions of listed companies or engage in equity investment to realize the holding of other enterprises.

Fourteenth insurance group (holding) companies and insurance companies to invest in other enterprises, should comply with the relevant solvency supervision regulations. If the insurance subsidiary of an insurance group (holding company) does not meet the solvency supervision requirements of the China Insurance Regulatory Commission, the insurance group (holding company) shall not invest in non-insurance financial enterprises.

Equity investment to realize holding is limited to the following enterprises:

(1) Insurance enterprises, including insurance companies, insurance asset management institutions, insurance professional agencies, insurance brokerage institutions and insurance assessment institutions;

(2) Non-insurance financial enterprises;

(3) Enterprises related to insurance business.

The term "insurance asset management institutions" as mentioned in these Measures refers to financial institutions that are legally registered and entrusted with the management of insurance funds and other funds with the consent of the China Insurance Regulatory Commission, including insurance asset management companies and their subsidiaries, and other professional insurance asset management institutions.

Article 15 Insurance funds may be invested in asset securitization products.

The asset securitization products mentioned in the preceding paragraph refer to financial products issued by financial institutions on the basis of cash flow generated by specific basic assets and through structuring as repayment support and credit enhancement.

Article 16 Insurance funds can be invested in private equity funds such as venture capital funds.

The term "venture capital fund" as mentioned in the preceding paragraph refers to an equity investment fund established according to law and managed by a qualified fund management institution, which mainly invests in the common shares of start-up enterprises or the rights and interests such as preferred shares and convertible bonds that can be converted into common shares according to law.

Article 17 Insurance funds can be invested to set up professional insurance asset management institutions such as real estate, infrastructure and pension, and professional insurance asset management institutions can set up qualified private insurance funds. The specific measures shall be formulated by the China Insurance Regulatory Commission.

Article 18 Unless otherwise stipulated by the China Insurance Regulatory Commission, insurance group (holding) companies and insurance companies engaged in the use of insurance funds shall not engage in the following acts:

(1) Deposited in non-bank financial institutions;

(2) Buying stocks that have been "specially treated" by the Exchange and "specially treated by warning of risk of termination of listing";

(3) Investing in enterprise equity and real estate that do not conform to the national industrial policy;

(four) directly engaged in real estate development and construction;

(5) Providing guarantees or loans to others by using investment assets formed by the use of insurance funds, except personal policy pledge loans;

(6) Other investment activities prohibited by China CIRC.

Article 19 Insurance group (holding) companies and insurance companies engaged in the use of insurance funds shall meet the requirements of the China Insurance Regulatory Commission for proportional supervision, and the specific provisions shall be formulated separately by the China Insurance Regulatory Commission.

China CIRC may adjust the classification, variety and relevant proportion of insurance assets according to the actual situation of the use of insurance funds.

Article 20 The use of funds to invest in linked insurance products and non-life insurance products with non-scheduled returns shall be independent of the funds of other insurance products in terms of asset isolation, asset allocation and investment management, and the specific measures shall be formulated by the China Insurance Regulatory Commission.

Section 2 Ways of Using Funds

Article 21 Insurance group (holding) companies and insurance companies shall implement intensive and specialized management of insurance funds in accordance with the requirements of "centralized management, unified allocation and specialized operation".

Insurance funds shall be uniformly managed and used by legal person institutions, and branches shall not engage in the use of insurance funds.

Twenty-second insurance group (holding) companies and insurance companies should choose qualified professional institutions such as commercial banks to implement third-party custody and supervision of the use of insurance funds. The specific measures shall be formulated by the China Insurance Regulatory Commission.

The insurance assets under custody are independent of the inherent assets of the custodian institution and other assets under custody of the custodian institution. If the custodian institution is liquidated due to dissolution, cancellation or bankruptcy according to law, the custody assets do not belong to its liquidation property.

Article 23 The main responsibilities of a custodian institution engaged in the custody of insurance funds include:

(1) Custody, liquidation, delivery and asset evaluation of insurance funds;

(2) Supervising investment behavior;

(3) disclosing information to relevant parties;

(4) Keeping business secrets according to law;

(5) Other duties as stipulated by laws, administrative regulations, the China Insurance Regulatory Commission and the contract.

Article 24 A custodian institution engaged in the custody of insurance funds shall not commit any of the following acts:

(1) Misappropriation of trust funds.

(2) Mixed management of custody funds and self-owned funds or mixed management of funds in different custody accounts;

(three) the use of trust funds and related information to seek illegal interests;

(4) Other illegal acts.

Article 25 Insurance group (holding) companies, insurance companies and insurance asset management institutions shall have corresponding investment management capabilities when conducting insurance fund utilization business.

Article 26 Insurance group (holding) companies and insurance companies may, according to their investment management capabilities and risk management capabilities, make their own investments or entrust qualified investment managers as trustees in accordance with relevant regulatory provisions.

The term "investment manager" as mentioned in these Measures refers to insurance asset management institutions, securities companies, securities asset management companies, securities investment fund management companies and other professional investment management institutions established according to law and conforming to the provisions of the China Insurance Regulatory Commission.

Article 27 Where an insurance group (holding company) or insurance company entrusts an investment manager to make investment, it shall conclude a written contract to stipulate the rights and obligations of both parties, and ensure the independence of the responsibilities of the trustor, trustee and custodian.

Insurance group (holding) companies and insurance companies shall perform the duties of formulating strategic asset allocation guidelines, selecting trustees, supervising the implementation of trustees and evaluating the investment performance of trustees.

The trustee shall implement the client's asset allocation guidelines, construct the investment portfolio according to the characteristics of insurance funds, and treat different funds fairly.

Article 28 An insurance group (holding company) or an insurance company may not commit the following acts when entrusting an investment manager with investment:

(1) Obstructing or interfering with the normal performance of duties by the trustee;

(2) Asking the trustee to provide information of other trustees;

(3) Require the trustee to provide a minimum investment income guarantee;

(4) illegally transferring insurance interests or conveying other illegitimate interests;

(5) Other illegal acts.

Article 29 An investment manager entrusted with the management of insurance funds shall not commit any of the following acts:

(a) investment in violation of the contract;

(2) The treatment of different funds is unfair;

(3) Mixed management of its own funds, entrusted funds or funds of different entrusted institutions;

(4) misappropriating the entrusted funds.

(five) to provide the minimum investment income commitment to the entrusting institution;

(six) to provide security for others with insurance funds and assets formed by their investment;

(seven) entrusted funds;

(8) Providing channel services for the entrusting institution;

(9) Other illegal acts.

Thirtieth insurance asset management institutions may, in accordance with the relevant provisions of the China Insurance Regulatory Commission, take the investment varieties within the scope of insurance funds as basic assets and carry out insurance asset management products business.

When an insurance group (holding company) or an insurance company entrusts to invest or purchase insurance asset management products, the insurance asset management institution shall, in accordance with the contract, timely disclose information such as capital investment, investment management, fund custody, risk management and major emergencies to the relevant parties, and ensure the truthfulness, accuracy and completeness of the disclosed information.

An insurance asset management institution shall, according to the scale of entrusted assets, asset categories, product risk characteristics, investment performance and other factors, sign a contract with the client or investment institution in accordance with the principle of marketization, and stipulate the accrual standard and payment method of management fee income.

Insurance asset management product business refers to the investment management activities that insurance asset management institutions, as issuers and managers, sell product shares to qualified investors such as insurance group (holding) companies, insurance companies and insurance asset management institutions, raise funds, and choose professional institutions such as commercial banks as custodians for the benefit of investors.

Article 31 An insurance asset management institution shall conduct issuance, registration, custody, trading, settlement, information disclosure, relevant credit enhancement, mortgage financing and other businesses on the asset registration and trading platform recognized by the China Insurance Regulatory Commission.

Insurance funds invest in other financial products other than insurance asset management products, and the information of financial products shall be registered and disclosed on the asset registration and trading platform recognized by the China Insurance Regulatory Commission. Refer to the relevant provisions of insurance asset management products for specific operations.

Other financial products mentioned in the preceding paragraph refer to financial products issued by commercial banks, trust companies, securities companies, securities investment fund management companies and other financial institutions in accordance with the provisions of relevant laws and administrative regulations and in line with the provisions of the China Insurance Regulatory Commission.

Chapter III Decision-making Operation Mechanism

Section 1 Organizational Structure and Responsibilities

Article 32 Insurance group (holding) companies and insurance companies shall establish and improve corporate governance, clearly define the responsibilities of shareholders (shareholders' meeting), board of directors, board of supervisors and management in the articles of association and related systems, and realize the separation and mutual checks and balances of decision-making power, operation power and supervision power in the use of insurance funds.

Article 33 The board of directors shall be responsible for the use of insurance funds. The board of directors of an insurance company bears the ultimate responsibility for asset allocation and investment policies, risk control and compliance management, and mainly performs the following duties:

(1) Examining and approving the management system for the use of insurance funds;

(two) to determine the management mode of the use of insurance funds;

(3) Decision-making procedures and authorization mechanism for examining and approving investment;

(4) Examining and approving strategic asset allocation plans, annual asset allocation plans and relevant adjustment plans;

(5) Deciding on major investment matters;

(six) to examine and approve the investment strategy and operation plan of new investment varieties;

(seven) to establish a performance appraisal system for the use of funds;

(8) Other related duties.

The board of directors shall set up professional committees with corresponding functions such as investment decision-making, asset-liability management and risk management.

Article 34 The decision of an insurance group (holding company) or insurance company to entrust to invest in unsecured bonds, stocks, equity and real estate and other major insurance funds shall be reviewed and approved by the board of directors.

Article 35 The management of an insurance group (holding company) and an insurance company shall perform the following duties authorized by the board of directors:

(a) responsible for the daily operation and management of the use of insurance funds;

(2) Establishing a communication and consultation mechanism between the use of insurance funds and the departments of finance, actuarial science, products and risk control;

(3) To review the strategic allocation plan, annual asset allocation plan and relevant adjustment plan of insurance assets drawn up by the Asset Management Department and submit them to the board of directors for approval;

(4) Organizing the implementation of the strategic asset allocation plan and the annual asset allocation plan approved by the board of directors;

(5) Controlling and managing the risks in the use of insurance funds.

(6) Other related duties.

Article 36 Insurance group (holding) companies and insurance companies shall set up special insurance asset management departments, which are independent of other business departments such as finance, actuarial science and risk control, and perform the following duties:

(1) Formulating a management system for the use of insurance funds;

(2) Formulating strategic asset allocation plans, annual asset allocation plans and relevant adjustment plans;

(3) Implementing the strategic asset allocation plan and the annual asset allocation plan.

(4) Implementing risk management measures for the use of insurance funds.

(5) Other related duties.

If an insurance group (holding company) or insurance company invests by itself, the insurance asset management department shall be responsible for the daily investment and transaction management; Where an investment is entrusted, the insurance asset management department shall perform the duties of the principal such as supervising the investment behavior and evaluating the investment performance.

Article 37 Insurance asset management departments of insurance group (holding) companies and insurance companies shall set up posts in investment research, asset liquidation, risk control, performance evaluation and related guarantees, establish a firewall system, and realize professional, standardized and procedural operation.

Where an insurance group (holding company) or an insurance company invests by itself, the insurance asset management department shall set up posts directly related to investment, trading and other fund utilization businesses.

Article 38 Insurance group (holding) companies, risk management departments of insurance companies and departments with corresponding management functions shall perform the following duties:

(1) Formulating a risk management system for the use of insurance funds;

(2) Checking and monitoring the legality and compliance of the use of insurance funds;

(3) Identifying, evaluating, tracking, controlling and managing risks in the use of insurance funds;

(4) Regularly report the risk management status of the use of insurance funds.

(5) Other related duties.

Article 39 An insurance asset management institution shall set up a chief risk management officer.

The chief risk management officer is a senior manager of the company, responsible for organizing and guiding the risk management of insurance asset management institutions. The scope of its duties shall include all business links of the operation of the insurance asset management institution, report relevant information to the board of directors and the China Insurance Regulatory Commission independently, and put forward suggestions on preventing and resolving major risks.

The chief risk management officer should not be responsible for investment management. If replacement is required, the reasons and performance of duties shall be explained in writing to the China Insurance Regulatory Commission at least 5 working days before replacement.

Section 2 Flow of Fund Utilization

Article 40 Insurance group (holding) companies and insurance companies shall establish and improve the management system and internal control mechanism for the use of insurance funds, clarify the connection mode and operation norms of all links and related posts, strictly separate the responsibilities of front, middle and back posts, and regularly check and evaluate the implementation of the system to ensure that the rights and responsibilities are clear, relatively independent and balanced. Related systems include, but are not limited to:

(a) the relevant system of asset allocation;

(2) investment research, decision-making and authorization system;

(3) Transaction settlement management system;

(4) Performance evaluation and examination system;

(5) Information system management system;

(6) Risk management system, etc.

Article 41 An insurance group (holding company) and an insurance company shall, with an independent legal person as the unit, co-ordinate the domestic and overseas markets, comprehensively analyze the liability indicators such as the cost of insurance funds, cash flow and maturity, and comprehensively consider factors such as solvency constraints, external environment, risk preference and regulatory requirements, and select and allocate assets with corresponding risk-return characteristics, maturity and liquidity.

Article 42 Insurance group (holding) companies and insurance companies shall establish professional analysis platforms, use external research results to study and formulate models and systems covering counterparty management and investment variety selection, track and analyze market changes in real time, and provide basis for insurance fund utilization decisions.

Article 43 Insurance groups (holding companies) and insurance companies shall establish and improve an investment decision-making and authorization system that is relatively centralized, managed at different levels, with unified powers and responsibilities, and define the authorization mode, authority, standards, procedures, restrictions and responsibilities, and conduct authorization inspection and accountability step by step.

Article 44 An insurance group (holding company) and an insurance company shall establish and improve a fair trading mechanism, effectively control the operational risk and moral hazard of relevant personnel, prevent technical safety omissions in the trading system, and ensure compliance, fairness and effectiveness of trading behavior. A fair trade mechanism shall at least include the following contents:

(a) the implementation of centralized trading system, strict isolation of investment decision-making and transaction execution;

(two) the construction of centralized trading monitoring system, early warning system and feedback system that meet the relevant requirements;

(3) Establishing a perfect transaction record system;

(4) Treat different funds fairly in account setting, research support, resource allocation and personnel management.

Insurance group (holding) companies and insurance companies shall abide by the relevant laws and regulations of the securities industry, establish and improve the risk isolation mechanism, implement the investment information declaration system of relevant employees themselves and their immediate family members, and effectively prevent insider trading, using undisclosed information transactions, interest transfer and other illegal acts.

Article 45 Insurance group (holding) companies and insurance companies shall establish a performance evaluation system and evaluation criteria with asset-liability management as the core, regularly carry out performance evaluation and attribution analysis on the use of insurance funds, promote long-term investment, value investment and diversified investment, and realize the overall goal of the use of insurance funds.

Article 46 Insurance group (holding) companies and insurance companies shall establish an information management system for the use of insurance funds, reduce or eliminate human manipulation factors, automatically identify, report and control asset management risks, and ensure real-time control of risk status.

The information management system should set compliance and risk index thresholds, integrate all elements of risk monitoring into relevant information technology systems, reduce operational risks and prevent moral risks.

The information management system shall establish a comprehensive risk management database, collect and integrate basic market data, record the original data of insurance fund management and investment transactions, and ensure the sharing of information platforms.

Chapter IV Risk Management and Control

Article 47 Insurance group (holding) companies and insurance companies shall establish a risk management organization system and operation mechanism with full coverage, full monitoring and full participation in the use of insurance funds, improve risk management technology and information technology systems, classify, identify, quantify and evaluate various risks through management systems and audits, and prevent and resolve risks.

Article 48 Insurance group (holding) companies and insurance companies shall control the risk of asset-liability mismatch, strengthen cost-benefit management, term management and risk budget according to the solvency constraints and the liability characteristics of insurance products, determine the risk limit for the use of insurance funds, and evaluate and manage the risk of asset mismatch by using methods such as gap analysis, sensitivity and scenario testing.

Article 49 Insurance group (holding) companies and insurance companies shall manage and control liquidity risk, test liquidity risk level and their own risk tolerance under different conditions according to insurance business characteristics and risk preference, and formulate liquidity risk management strategies, policies and procedures to prevent liquidity risk.

Article 50 Insurance group (holding) companies and insurance companies shall control market risks, assess and manage interest rate risks, exchange rate risks and financial market fluctuation risks, establish effective market risk assessment and management mechanisms, and implement market risk limit management.

Article 51 Insurance group (holding) companies and insurance companies shall control credit risks, establish a credit risk management system, track and evaluate credit risks in a timely manner, track and analyze credit varieties and position counterparties, and organize regular back-testing inspections.

Article 52 Insurance group (holding) companies and insurance companies shall strengthen the management of interbank lending, bond repurchase and margin financing and securities lending, strictly control the scale of financing and the use of leverage, and prohibit short-term lending funds from speculating or investing in assets with high risks and poor liquidity. The participation of insurance funds in derivatives trading is limited to hedging risks and may not be used for speculation. The specific measures shall be formulated by the China Insurance Regulatory Commission.

Article 53 An insurance group (holding company), an insurance company and an insurance asset management institution shall establish a risk responsible person system and define the corresponding risk responsible person when conducting investment business or asset management product business. The specific measures shall be formulated by the China Insurance Regulatory Commission.

Article 54 Insurance group (holding) companies and insurance companies shall establish internal audit and external audit systems.

Insurance group (holding) companies and insurance companies shall conduct internal audit on the use of insurance funds at least once a year.

Insurance group (holding) companies and insurance companies shall employ qualified external professional audit institutions to conduct annual special audits on the internal control of the use of insurance funds.

The results of the above internal audit and annual audit shall be reported to the China Insurance Regulatory Commission. The specific measures shall be formulated by the China Insurance Regulatory Commission.

Article 55 Before leaving their posts, senior managers in charge of investment, heads of insurance fund utilization departments and personnel in important positions of insurance group (holding) companies and insurance companies shall conduct exit audits, and the audit results shall be reported to the China Insurance Regulatory Commission.

Article 56 Insurance group (holding) companies and insurance companies shall establish a risk handling mechanism for the use of insurance funds, formulate emergency plans, and control and resolve potential risks in a timely manner. If the investment assets depreciate sharply or the creditor's rights cannot be paid off, a disposal plan shall be formulated and reported to the China Insurance Regulatory Commission in a timely manner.

Article 57 Insurance group (holding) companies and insurance companies shall ensure that posts and personnel related to risk control enjoy the right to know and inquire when performing their duties, and have the right to consult and inquire all data, materials and details related to the use of insurance funds, and attend meetings related to the use of insurance funds as nonvoting delegates.

Article 58 Where the insurance fund utilization activities of insurance group (holding) companies and insurance companies involve related transactions, they shall abide by laws, administrative regulations, national accounting system and relevant regulatory provisions of the China Insurance Regulatory Commission.

Chapter V Supervision and Administration

Article 59 The China Insurance Regulatory Commission shall adopt a combination of on-site supervision and off-site supervision in the supervision and management of the use of insurance funds.

The CIRC of China may authorize its dispatched offices to exercise supervision over the use of insurance funds.

Article 60 The China Insurance Regulatory Commission shall conduct classified supervision, continuous supervision, risk monitoring and dynamic evaluation on the use of insurance funds by insurance group (holding) companies and insurance companies in accordance with the corporate governance structure, solvency, investment management ability and risk management ability, and relevant regulatory rules such as internal control and compliance scoring.

China CIRC shall strengthen the capital constraint on insurance companies, determine the risk supervision index system for the use of insurance funds, and take corresponding supervision measures according to the evaluation results to prevent and resolve risks.

Article 61 The senior managers of insurance group (holding) companies and insurance companies responsible for investment, and the directors, supervisors and senior managers of insurance asset management companies shall obtain the post qualifications approved by the China Insurance Regulatory Commission before taking up their posts.

The chief investment officer of an insurance group (holding company) or insurance company shall be a senior manager responsible for investment.

The chief investment officer of an insurance group (holding company) or insurance company and the main person in charge of the asset management department shall report to the China Insurance Regulatory Commission within 10 working days after taking office.

Article 62 Major equity investments of insurance group (holding) companies and insurance companies shall be reported to the China Insurance Regulatory Commission for approval.

Specific measures for major equity investment shall be formulated separately by the China Insurance Regulatory Commission.

Article 63 Insurance asset management products issued or initiated by insurance asset management institutions shall be subject to examination and approval, filing or registration management.

Registration does not make substantive judgment on the investment value and risk of insurance asset management products.

Article 64 China CIRC has the right to require insurance group (holding) companies and insurance companies to provide reports, statements, documents and materials.

The reports, statements, documents and materials submitted shall be timely, truthful, accurate and complete.

Article 65 Insurance group (holding) companies and insurance companies shall disclose relevant information on the use of insurance funds according to law. Major investment resolutions of insurance group (holding) companies and insurance company's shareholders' (general) meeting and board of directors shall be reported to China CIRC within 5 working days after the resolution is made, unless otherwise stipulated by China CIRC.

Article 66 The China Insurance Regulatory Commission has the right to require insurance group (holding) companies and insurance companies to dynamically connect the relevant data on the use of insurance funds with the regulatory information system of the China Insurance Regulatory Commission.

Insurance group (holding) companies and insurance companies shall, in accordance with the provisions of the China Insurance Regulatory Commission, timely, accurately and completely submit relevant data to the regulatory information system of the China Insurance Regulatory Commission.

Article 67 If an insurance group (holding company) or an insurance company violates the provisions of these Measures and is under any of the following circumstances, the China Insurance Regulatory Commission may limit the form and proportion of its capital utilization:

(a) the solvency status does not meet the requirements of the China Insurance Regulatory Commission;

(2) There are significant risks in corporate governance.

(3) The use of funds violates the relevant provisions of related party transactions.

Sixty-eighth insurance groups (holding companies) and insurance companies that violate the relevant provisions on the form and proportion of capital use shall be ordered by the China Insurance Regulatory Commission to make corrections within a time limit.

Article 69 The China Insurance Regulatory Commission has the right to conduct supervision talks with directors, supervisors, senior managers and heads of insurance asset management departments of insurance group (holding) companies and insurance companies, and ask them to explain major issues concerning the use of insurance funds, risk control and internal management.

Article 70 If an insurance group (holding company) or an insurance company seriously violates the relevant provisions on the use of funds, the China CIRC may order the adjustment of the responsible person and relevant management personnel.

Article 71 If an insurance group (holding company) or insurance company seriously violates the relevant provisions on the use of insurance funds and is ordered to make corrections within a time limit, the China Insurance Regulatory Commission may decide to send relevant personnel to form a rectification team to rectify the company.

Article 72 Where an insurance group (holding company) or insurance company uses insurance funds in violation of the provisions of these Measures, the China Insurance Regulatory Commission shall impose administrative penalties such as fines, limiting business scope, ordering it to stop accepting new business or revoking its business license, and impose administrative penalties such as warning, fines, disqualification and prohibition from entering the insurance industry on the relevant responsible personnel according to law.

Where an administrative penalty is imposed, the insurance group (holding company) and the insurance company shall investigate the internal responsibilities of the relevant responsible personnel.

Article 73 If other parties involved in the use of insurance funds violate relevant laws, administrative regulations and the provisions of these Measures, the China Insurance Regulatory Commission shall record their bad behaviors and notify the relevant industry authorities; Seriously, China.