保险机构投资者股票投资管理暂行办法 Provisional Regulations on Administration of Stock Investment of Insurance Institu

　　4. Stocks whose issuer's accounting firm refuses to give opinions about or gives reserved opinions about the issuer's financial statement of the previous year；

　　5. Stocks whose issuer has disclosed serious deterioration of operation results， heavy losses or heavy losses expected in the future；

　　6. Stocks whose issuer has disclosed the fact that it is being investigated by a regulatory authority or has been seriously punished by a regulatory authority in the past 1 year；

　　7. Stocks of other types specified by the CIRC.

　　Article 15

　　The balance of an insurance institutional investor's investment in convertible corporate bonds shall be incorporated in the balance of enterprise bonds investment in accordance with relevant stipulations of the Provisional Regulations on Administration of Insurance Companies' Investment in Enterprise Bonds.

　　After conversion into stocks， the convertible corporate bonds held by an insurance company shall be incorporated at cost price in the investment balance of RMB common stocks in accordance with relevant stipulations of the CIRC on stock investment proportion.

　　Article 16

　　For the investment account opened by an insurance institutional investor for unit-linked insurance， the proportion of stock investment may reach 100%.

　　For the investment account opened by an insurance institutional investor for universal life insurance， the proportion of stock investment shall not exceed 80%.

　　For the independent accounts opened by an insurance institutional investor for other insurance products， the proportion of stock investment shall not exceed the percentage specified by the CIRC.

　　For the independent accounts opened by an insurance institutional investor for the above insurance products， the proportion of stock investment shall not exceed the specific proportion stipulated in insurance clauses.

　　Chapter 4　Asset Custody

　　Article 17

　　An insurance company shall choose commercial banks or other specialized financial institutions that satisfy the requirements specified in the Guidelines for Stock Asset Custody of Insurance Companies as the stock asset c

ustodian.

　　Article 18

　　The stock asset custodian of an insurance company shall fulfill the following obligations：

　　1. Keep in safe custody the funds and stock assets of the insurance company；

　　2. Handle matters concerning clearing and settlement on a timely basis in accordance with the instructions of the insurance company or the insurance asset management company；

　　3. Supervise the investment operation of the insurance company or the insurance asset management company；

　　4. Evaluate the value of the stock assets that the insurance company placed in its custody；

　　5. Submit stock asset custody reports to the insurance company or the insurance asset management company regularly；

　　6. Submit relevant statistics of the stock assets， regularly and irregularly submit to the CIRC reports on risk assessment and on performance assessment of the stock assets in accordance with the supervision and administration requirements of the CIRC；

　　7. Keep complete records， account books， report forms and other relevant materials of activities of stock asset custody business； important materials about stock assets　in its custody including vouchers， trading records and contracts shall be kept for over 15 years；

　　8. Other obligations specified by the CIRC.

　　Article 19

　　The stock asset custodian of an insurance company shall strictly separate its own assets from stock assets in its custody and it shall open different relevant accounts for different insurance companies and manage the accounts separately.

　　Article 20

　　The stock asset custodian of an insurance company shall not engage in the following activities：

　　1. Exercising mixed management of stock assets placed in its custody by an insurance company and assets of its own；

　　2. Exercising mixed management of stock assets placed in its custory by an insurance company and other assets in its custody；

　　3. Exercising mixed management of stock assets palced in its custody by different insurance companies；

　　4. Misappropriating the stock assets placed in its custody by an insurance company；

　　5. Seeking benefits for itself or for a third party by taking advantage of the stock assets placed in its custody by an insurance company and relevant information；

　　6. Violation of laws， administrative regulations， relevant stipulations of the State or the custody agreement；

　　7. Other activities prohibited by the CIRC.

　　Article 21

　　An insurance company shall enter into a custody agreement with a stock asset custodian. The custody agreement shall state clearly the following：

　　1. Obligations of the stock asset custodian specified in Article 18， Article 19 and Article 20 in these Regulations；

　　2. Where a stock asset custodian violates the obligations specified in Item 1 of this Article and the CIRC requires the insurance company concerned to replace the stock asset custodian， the insurance company has the right to terminate the custody agreement in advance.

　　Article 22

　　Where a stock asset custodian is dissolved， closed down or goes bankrupt in accordance with law， the stock assets placed in its custody by an insurance company shall not be included in the category of assets to be liquidated.

　　Chapter 5　Forbidden Activities of Insurance Institutional Investors

　　Article 23

　　The scope and proportion of stock investment of an insurance institutional investor shall not exceed those specified by the CIRC.

　　Article 24

　　No managerial personnel of an insurance institutional investor engaged in decision making， research， trading and clearing of stock investment or other relevant personnel　of the insurance institutional investor shall engage in insider trading.

　　The insider trading mentioned in the preceding paragraph shall be determined in ac

cordance with the Securities Law of the People's Republic of China and the Provisional Regulations on Prohibition of Securities Fraud.

　　Article 25

　　An insurance institutional investor shall not engage in the following activities in stock investment：

　　1. Transferring profits between securities accounts of insurance funds of different nature；

　　2. Purchasing stocks by illegal financing；

　　3. Other activities specified by the CIRC.

　　Article 26

　　It is prohibited for any insurance institutional investor to obtain illegitimate benefits or to shift risks to others by any of the following means：

　　1. Carrying out combined or successive purchases or sales independently or in collusion with others by building up an advantage in terms of funds or shareholdings or using one's advantage in terms of information， thereby manipulating the trading prices of securities；

　　2. Collaborating with others to mutually trade securities or to mutually buy or sell securities not held by them， at a prearranged time and price and by prearranged means， thereby affecting the price or volume of the securities traded；

　　3. Buying or selling securities from or to oneself without transfer of ownership of the securities by means of making oneself the other party to the transaction， thereby affecting the price or volume of the securities traded；

　　4. Manipulating the trading prices of securities by other means.

　　Article 27

　　Where a listed company directly or indirectly holds more than 10% equity of an insurance institutional investor， the insurance institutional investor shall not invest in stocks of this listed company or stocks of an affiliated company of the listed company.

　　Article 28

　　Insurance institutional investors， stock asset custodians， securities business institutions and other securities intermediaries shall not fabricate trading records， financial information or other materials.

　　Article 29

　　Unless otherwise specified by the CIRC， an insurance company shall not entrust institutions other than insurance asset management companies to carry out stock investment.

　　Chapter 6　Risk Control

　　Article 30

　　An insurance institutional investor shall have the conceptions of long-term investment and value investment； it shall optimize its asset allocation and diversify its investment risks.

　　Article 31

　　An insurance institutional investor shall establish a sound and complete stock investment risk control system in accordance with the Guidelines for Risk Control of Utilization of Insurance Funds.

　　Article 32

　　The stock investment risk control system of an insurance institutional investor shall at least include the following：

　　1. Investment decision-making process；

　　2. Investment authorization system；

　　3. Research and report system；

　　4. Stock scope selection system；

　　5. Risk assessment and performance assessment index systems；

　　6. Code of professional ethics；

　　7. Mechanism for handling sudden occurrence of major events.

　　Where an insurance company entrusts an insurance asset management company to carry out stock investment， the stock investment risk control system of the insurance company shall at least include the stock custody system in addition.

　　Where an insurance company is directly engaged in stock investment， its stock i

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