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;

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

Insurance funds engaged in overseas investment shall comply with the relevant regulatory provisions of the China Insurance Regulatory Commission.

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 been above investment grade for three consecutive years.

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.

The shares of listed companies investing in GEM and those subscribed and traded in foreign currency 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) The company has good governance, and its net assets have remained above 1 billion yuan for three consecutive years;

(two) to perform the contract according to law, safeguard the legitimate rights and interests of investors, and have no bad records in the last three years;

(3) Establishing an effective firewall mechanism between securities investment funds and asset management business of specific customers;

(4) The investment team is stable, the historical investment performance is good, and the scale of assets under management or fund share is relatively stable.

Article 11 Real estate invested by insurance funds refers to land, buildings and other fixtures attached to land. 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 may not use various reserves to purchase real estate for their own use or make equity investment in other enterprises to realize holding.

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, professional insurance agencies and insurance brokers;

(2) Non-insurance financial enterprises;

(3) Enterprises related to insurance business.

Fifteenth insurance group (holding) companies and insurance companies engaged in the use of insurance funds shall not have 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 projects that do not meet the national industrial policy, such as stable cash flow return expectation or asset appreciation value and high pollution;

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

(5) engaging in venture capital;

(six) the investment assets formed by the use of insurance funds are used to provide guarantees or loans for others, except for personal policy pledge loans;

(seven) other investment activities prohibited by the China Insurance Regulatory Commission.

The CIRC of China may, according to the relevant circumstances, make appropriate adjustments to the prohibitive provisions on the use of insurance funds.

Article 16 Insurance group (holding) companies and insurance companies shall meet the following proportional requirements when using insurance funds:

(1) The book balance of assets invested in bank demand deposits, government bonds, central bank bills, policy bank bonds and money market funds shall not be less than 5% of the Company's total assets at the end of last quarter;

(2) The total book balance of unsecured corporate bonds and debt financing instruments invested in non-financial enterprises shall not be higher than 20% of the total assets of the Company at the end of last quarter;

(3) The book balance of investment stocks and equity funds shall not exceed 20% of the total assets of the company at the end of last quarter;

(4) The book balance of equity invested in unlisted enterprises shall not be higher than 5% of the total assets of the company at the end of last quarter; The book balance of investment in equity-related financial products of unlisted enterprises shall not be higher than 4% of the total assets of the company at the end of last quarter, and the sum of the two items shall not be higher than 5% of the total assets of the company at the end of last quarter;

(5) The book balance of investment real estate is not higher than 65,438+00% of the company's total assets at the end of last quarter; The book balance of investment in real estate-related financial products is not higher than 3% of the company's total assets at the end of last quarter, and the sum of the two items is not higher than 65,438+00% of the company's total assets at the end of last quarter;

(6) The book balance of debt investment plans such as infrastructure investment shall not be higher than 65,438+00% of the company's total assets at the end of last quarter;

(seven) insurance group (holding) companies and insurance companies to realize the controlling equity investment in other enterprises, the cumulative investment cost shall not exceed their net assets.

The total assets mentioned in items (1) to (6) of the preceding paragraph shall be deducted from the balance of the assets of bond repurchase funds, investment-linked insurance and non-life insurance products with non-scheduled income; The total assets of an insurance group (holding company) shall be the total assets of the parent company of the group.

Debt financing instruments for non-financial enterprises refer to securities issued by non-financial enterprises with legal person status in the inter-bank bond market, and agreed to repay the principal and interest within a certain period of time;

Financial products related to the equity of unlisted enterprises refer to investment plans or investment funds based on the equity of unlisted enterprises initiated or issued by domestic equity investment management institutions according to law;

Real estate-related financial products refer to investment plans or investment funds based on real estate assets initiated or issued by real estate investment management institutions in China according to law;

Debt investment plans such as infrastructure refer to financial instruments that insurance asset management institutions and other professional management institutions issue beneficiary certificates of investment plans, raise funds from customers such as insurance companies, invest in infrastructure projects, and pay the principal and expected income according to the agreement.

Insurance group (holding) companies and insurance companies shall control the proportion of investment instruments, single varieties, single counterparties, affiliated enterprises and companies within the group to invest in the same target, so as to prevent the risk of centralized use of funds.

The specific management measures for the use of insurance funds shall be formulated by the China Insurance Regulatory Commission. China CIRC may make appropriate adjustments to the proportion of investment in the use of insurance funds according to relevant circumstances.

Article 17 The capital utilization of investment-linked insurance products and investment-type insurance products with non-life insurance non-scheduled income shall be independent of the capital of other insurance products in terms of asset isolation, asset allocation, investment management, staffing, investment transactions and risk control, and the specific measures shall be formulated by the China Insurance Regulatory Commission.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.