(Order 20 10 No.9 of the CIRC on July 30th; According to Order No.3 of China Insurance Regulatory Commission on April 4, 20 14, Decision of China Insurance Regulatory Commission on Amending the Interim Measures for the Administration of the Use of Insurance Funds, Article 1 in order to regulate the use of insurance funds, guard against the risks of the use of insurance funds, safeguard the legitimate rights and interests of insurance parties and promote the sustained and healthy development of the insurance industry, according to the Insurance Law of People's Republic of China (PRC).

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 be steady, follow the principle of 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.

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. 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 engaged in the use of insurance funds shall meet the relevant proportion requirements of the China CIRC, and the specific provisions shall be formulated separately by the China CIRC. China CIRC may adjust the investment proportion of insurance funds according to the situation.

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.

Section 2 Ways of Using Funds

Article 18 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.

Article 19 Insurance group (holding) companies and insurance companies shall choose qualified professional institutions such as commercial banks to implement third-party custody and supervision over 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 20 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;

(five) other duties as stipulated by laws, regulations, the China Insurance Regulatory Commission and the contract.

Article 21 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 22 The investment management capabilities of insurance group (holding) companies and insurance companies shall meet the relevant standards stipulated by the China Insurance Regulatory Commission.

Insurance group (holding) companies and insurance companies may, according to their investment management capabilities and risk management capabilities, invest by themselves or entrust insurance asset management institutions to make investments.

Article 23 Where an insurance group (holding company) or insurance company entrusts an insurance asset management institution to invest, 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.

An insurance asset management institution shall implement the customer asset allocation guidelines, build a portfolio according to the characteristics of insurance funds, and treat different funds fairly.

Article 24 An insurance group (holding company) or an insurance company shall not commit the following acts when entrusting an insurance asset management institution 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) Illegal transfer of insurance interests;

(5) Other illegal acts.

Article 25 An insurance asset management institution 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) other illegal acts.

Article 26 An insurance asset management institution 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 conduct 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, promptly 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 in which insurance asset management institutions, as issuers and managers, sell product shares to investors such as insurance group (holding) companies, insurance companies and insurance asset management institutions, raise funds, and employ professional institutions such as commercial banks as custodians to serve the interests of investors. Section 1 Organizational Structure and Responsibilities

Article 27 Insurance group (holding) companies and insurance companies shall establish and improve corporate governance, clearly stipulate the responsibilities of the shareholders' meeting, the board of directors, the board of supervisors and the management for the use of insurance funds in the company's articles of association and related systems, and realize the separation and mutual checks and balances of the decision-making power, operation power and supervision power for the use of insurance funds.

Article 28 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 investment plans, investment guidelines 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 an asset-liability management committee (investment decision-making committee) and a risk management committee.

Article 29 The decision of an insurance group (holding company) or insurance company to entrust investment and 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 30 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;

(two) to establish a consultation mechanism between the use of insurance funds and financial, actuarial, product and risk control departments;

(3) Examining the insurance asset strategic allocation plan and annual asset allocation strategy drawn up by the Asset Management Department and submitting them to the board of directors for approval;

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

(5) Implementing the asset allocation plan and annual asset allocation strategy approved by the board of directors;

(six) put forward the adjustment plan to adjust the strategic allocation of assets;

(7) Other duties.

Article 31 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 and annual asset allocation strategies;

(3) Drawing up an adjustment plan for the strategic allocation of assets;

(4) Implementing the annual asset allocation plan;

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

(6) Other 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, supervise the investment behavior and evaluate the investment performance.

Article 32 Insurance group (holding) companies and asset management departments of insurance companies shall set up posts in investment research, asset liquidation, risk control, performance evaluation and related guarantees, and establish a firewall system to realize professional, standardized and procedural operation.

If an insurance group (holding company) or insurance company invests by itself, the asset management department shall set up positions directly related to the fund utilization business such as investment and trading.

Article 33 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 of fund utilization.

(5) Other duties.

Article 34 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. In case of replacement, the reasons and performance of duties shall be explained in writing to the China Insurance Regulatory Commission at least five working days before replacement.

Section 2 Flow of Fund Utilization

Article 35 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 positions, 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 36 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 37 Insurance group (holding) companies and insurance companies shall establish a professional analysis platform, make use of external research results, study and formulate models and systems covering counterparty management and investment variety selection, build investment pools, alternative pools and non-investment pools, track and analyze market changes in real time, and provide basis for insurance fund utilization decisions.

Article 38 An insurance group (holding company) and an insurance company shall establish and improve an investment decision-making and authorization system that is relatively centralized, managed at different levels, with unified powers and responsibilities, define the authorization mode, authority, standards, procedures, restrictions and responsibilities, and conduct authorization inspection and accountability step by step.

Article 39 Insurance groups (holding companies) and insurance companies shall establish and improve a fair trading mechanism, effectively control the operational risks and moral risks of relevant personnel, guard against technical security 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.

Article 40 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 41 Insurance group (holding) companies and insurance companies shall establish an information management system for the use of insurance funds, reduce or eliminate man-made 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 information platform to enjoy. Article 42 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 43 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 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 gap analysis, sensitivity and scenario testing.

Article 44 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 45 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 46 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 47 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 borrowing 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 and amplification trading. The specific measures shall be formulated by the China Insurance Regulatory Commission.

Article 48 Insurance group (holding) companies and insurance companies shall play the supervisory role of internal audit and external audit, and conduct an internal comprehensive audit on the use of insurance funds at least once a year. The internal control audit report shall reveal the compliance and risk status of insurance fund management. Senior managers responsible for investment, heads of insurance fund utilization departments and personnel in important positions shall be audited before leaving their posts.

Insurance group (holding) companies and insurance companies shall regularly report to the China Insurance Regulatory Commission the internal audit results of the use of insurance funds and the audit results of the departure of relevant personnel.

Article 49 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 50 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 51 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.

Article 52 The China Insurance Regulatory Commission shall conduct classified supervision, continuous supervision and dynamic evaluation on the use of insurance funds by insurance group (holding) companies and insurance companies according to the corporate governance structure, solvency, investment management ability and risk management ability.

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

Article 54 Major equity investments of insurance group (holding) companies and insurance companies shall be reported to the China CIRC for approval.

Insurance asset management products issued or initiated by insurance asset management institutions shall be subject to initial declaration and approval, and similar products shall be declared afterwards.

China CIRC will conduct compliance and procedural audit on the above matters according to relevant regulations.

Major equity investment refers to the investment behavior of holding non-insurance financial enterprises or enterprises related to insurance business.

Article 55 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 56 Major investment resolutions of insurance group (holding company), insurance company's shareholders' meeting, shareholders' meeting and board of directors shall be reported to the China Insurance Regulatory Commission within 5 working days after the resolution is made, unless otherwise stipulated by the China Insurance Regulatory Commission.

Article 57 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.

Article 58 If the solvency status of insurance group (holding) companies and insurance companies does not meet the requirements of the China CIRC, the China CIRC may restrict the form and proportion of their capital utilization.

Article 59 If an insurance group (holding company) or insurance company violates the relevant provisions on the form and proportion of capital utilization, the China Insurance Regulatory Commission shall order it to make corrections within a time limit.

Article 60 The CIRC of China has the right to conduct supervision talks with directors, supervisors, senior managers and heads of asset management departments of insurance group (holding) companies and insurance companies, and ask them to explain the use of insurance funds, risk control and internal management.

Article 61 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 62 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.

Sixty-third insurance groups (holding companies) and insurance companies that use insurance funds in violation of these Provisions shall be given administrative punishment by the China Insurance Regulatory Commission according to law.

Sixty-fourth other parties to the use of insurance funds in violation of relevant laws, administrative regulations and the provisions of these measures, the China Insurance Regulatory Commission shall record their bad behavior and notify the relevant industry authorities; If the circumstances are serious, the China Insurance Regulatory Commission may notify the insurance group (holding company) and the insurance company not to engage in related business within 3 years, and negotiate with the relevant regulatory authorities to give administrative punishment according to law.

Article 65 Any staff member of the China Insurance Regulatory Commission who abuses his power, neglects his duty or divulges business secrets of relevant units and personnel shall be investigated for legal responsibility according to law. Article 66 The management and utilization of insurance funds by insurance asset management institutions shall be implemented with reference to these Measures.

Article 67 The use of insurance guarantee funds paid by insurance companies shall be in accordance with its provisions.

Article 68 If the China CIRC has other provisions on the use of funds by insurance group (holding) companies, those provisions shall prevail.

Article 69 The China Insurance Regulatory Commission shall be responsible for the interpretation and revision of these Measures.

Article 70 These Measures shall come into force as of August 36, 2065438 +0. Where the original relevant policies and regulations are inconsistent with these measures, these measures shall prevail.