Article 11 Overseas investment of insurance funds shall be in the financial markets of the countries or regions listed in Annex 1, and the investment shall be in the following categories: (1) Money market categories include commercial bills, bank bills, and large transferable certificates of deposit with a term of not more than one year.

, reverse repurchase agreements, short-term government bonds and overnight placements and other money market instruments or products.

Issuers of money market instruments (including securities used as collateral for reverse repurchase agreements) should obtain a credit rating of A or above.

(2) Fixed income products include bank deposits, government bonds, government-backed bonds, international financial organization bonds, corporate bonds, convertible bonds and other fixed income products.

Bonds should be denominated in major international currencies, and both the issuer and the debt must be rated BBB or equivalent to BBB or above by an internationally recognized rating agency.

If the bond is exempted from credit rating requirements according to regulations, its issuer shall have a credit rating no lower than the bond rating requirements.

Bonds issued by the Chinese government overseas are not subject to credit rating restrictions.

Convertible bonds shall be listed for trading on the main market of the national or regional stock exchange listed in Annex 1.

(3) Equity includes equity instruments or products such as ordinary shares, preferred shares, global depositary receipts, American depositary receipts, and unlisted enterprise equity.

Stocks and depositary receipts shall be listed and traded on the main board of the national or regional stock exchange listed in Annex 1.

Direct investment in unlisted enterprise equity is limited to enterprise equity in finance, pension, medical care, energy, resources, automobile services and modern agriculture.

(4) Direct investment in real estate is limited to mature commercial real estate and office real estate that are located in core areas of major cities in developed markets listed in Annex 1 and have stable returns.

Article 12 Overseas funds invested with insurance funds shall meet the following conditions: (1) The securities investment fund is recognized or registered by the national or regional securities regulatory authorities listed in Annex 1; the fund manager complies with the provisions of Article 6;

The past performance for traceability is no less than 3 years; the structure is simple and clear, the underlying assets are clear and comply with the provisions of Article 11 (1), (2) and (3); the money market fund should also obtain an AAA rating or equivalent

AAA rating; (2) The investment target of the equity investment fund is in the growth stage, mature stage or has high merger and acquisition value, and is not restricted by the countries and regions listed in Annex 1; the scale of subscribed funds is not less than 300 million U.S. dollars or equivalent.

The value is freely convertible into currency, and the paid-in capital is in proportion to the subscription scale; it has more than 10 professionals with equity investment and related experience; among the senior managers, no less than 2 have more than 8 years of relevant experience.

And have complete experience in fund raising, management and exit, and have led and exited no less than 5 projects (excluding parent funds); have at least 3 main professionals who have worked together for more than 3 years; have a complete governance structure,

Effective incentive and restraint mechanisms and interest protection mechanisms; setting key person clauses can ensure the exclusivity of the management team.

Insurance funds may be invested in parent funds whose underlying assets are equity investment funds that comply with the provisions of the preceding paragraph.

The transaction structure of a fund of funds should be simple and clear and should not include other funds of funds.

For equity investment funds invested with insurance funds, financial institutions and their subsidiaries are not allowed to actually control the management and operation of the fund, and are not allowed to hold general partnership interests in the fund.

(3) Real estate trust investment funds (REITs) are listed for trading on the national or regional exchanges listed in Annex 1.

Article 13 If the same investment target has credit ratings from more than two credit rating agencies during the same accounting period, the lower principle shall be used to confirm the credit rating.

Article 14 The overseas investment balance of an insurance institution shall not exceed 15% of the total assets at the end of the previous year, and the investment balance in the emerging markets listed in Annex 1 shall not exceed 10% of the total assets at the end of the previous year.

Insurance institutions shall calculate the proportion of various types of domestic and overseas investment products on a consolidated basis, and the proportion of individual investments shall be based on similar domestic products.

Article 15 Overseas investment of insurance funds shall control the outflow or inflow of short-term funds and comply with the following regulations: (1) The funds lent out by reverse repurchase transactions and overnight placements shall not exceed 1% of the total assets at the end of the previous year; (2)

) The amount of borrowed funds for transaction clearing purposes shall not exceed 1% of the total assets at the end of the previous year, and the period of borrowed funds shall not exceed 5 working days.

Article 16 Overseas investment of insurance funds shall not involve the following behaviors: (1) Investing in physical commodities, precious metals or certificates and commodity derivatives representing precious metals; (2) Using securities operating institutions to raise funds, purchasing securities and participating in unheld securities

Short-selling transactions of underlying assets; (3) Borrowing funds in any other form except for borrowing funds for transaction settlement purposes.