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

nvestment risk control system shall at least include the stock custody system， the stock trading management system and the information management system in addition.

　　The stock investment risk control system of an insurance asset management company shall at least include the stock trading management system and the information management system in addition.

　　Article 33

　　When investing in stocks， an insurance institutional investor s

hall prepare a written research report before making any of the following important decisions：

　　1. The amount of funds for a single investment exceeds what is determined by the institutional investor；

　　2. An investment that involves more than 5% of investable stock assets；

　　3. Investment portfolio or investment direction needs material adjustment；

　　4. Criteria for selection of stock scope needs material adjustment；

　　5. The risk tolerance of stock investment needs material adjustment.

　　Article 34

　　When determining the scope of investable stocks， an insurance institutional investor shall consider all indexes of a listed company including governance structure， earning power， information transparency and stock liquidity.

　　The insurance institutional investor shall make stock investment within the scope of investable stocks.

　　Article 35

　　An insurance institutional investor shall determine the benchmark for evaluating the performance of stock investment before making an investment and take as reference the indexes of stocks with good performance， blue chips and stocks with strong liquidity.

　　The benchmark for evaluating the performance of stock investment of the insurance industry shall be separately specified by the CIRC.

　　Article 36

　　When utilizing the following funds， an insurance institutional investor shall respectively open a securities account and a funds account for each of the following types of funds and conduct separate accounting of the accounts：

　　1. The funds of traditional insurance products；

　　2. The funds of participating insurance products；

　　3. The funds of universal insurance products；

　　4. The funds of unit-linked insurance products；

　　5. The funds of insurance products subject to independent accounting as specified by the CIRC.

　　Article 37

　　An insurance asset management company and an insurance company directly engaged in stock investment shall trade stocks through independent seats. Regulations on administration of independent seats of stock trading shall be separately formulated.

　　Article 38

　　Stock trading instructions of an insurance asset management company and those of an insurance company directly engaged in stock investment shall be implemented by the independent trading department and full-time trading personnel.

　　Article 39

　　An insurance asset management company and an insurance company directly engaged in stock investment shall establish information management system including fire wall， post responsibilities， access control and safety protection.

　　Article 40

　　An insurance asset management company and an insurance company directly engaged in stock investment shall standardize the operation procedures of stock trading systems including facilities of computer room， communication equipment， computer equipment， operating system software and database software.

　　Article 41

　　Where an insurance institutional investor chooses to trade stocks through the seats of a securities business institution， the securities business institution shall satisfy the following requirements：

　　1. Good financial status， steady operation and net capital of over RMB 1 billion；

　　2. Sound internal control system；

　　3. The funds for trading settlement of its customers are fully deposited into commercial banks with qualification of deposit and custody for funds for securities trading settlement；

　　4. Having opened settlement deposit accounts for its own trading settlement and　settlement deposit accounts for its customers' trading settlement separately with China Securities Registration and Settlement Company Ltd.；

　　5. Having set up seats for its proprietary business and seats for its non-proprietary business separately in Shanghai Stock Exchange and Sh

enzhen Stock Exchange；

　　6. Communication conditions and trading facilities are efficient， safe and meet the requirements of stock trading， and its information services are comprehensive；

　　7. Capable of securities market research and able to provide consulting services in time；

　　8. Having no record of major violation of laws or regulations， having not been punished by the CSRC in the past 3 years and not being filed or investigated；

　　9. Having no record of dishonesty， no activities of occupying and using， or misappropriating customers' guaranty funds or securities in the previous year；

　　10. Making written promises to accept the inspection of the stock trading status of the insurance institutional investor by the CIRC and truthfully submit various materials about the stock trading of the insurance institutional investor to the CIRC；

　　11. Its local business departments are managed in a standardized manner， operate well and have complete service functions；

　　12. Other requirements specified by the CIRC.

　　Article 42

　　Where an insurance institutional investor chooses to trade stocks through the seat of a business department of a securities business institution， it shall enter into relevant agreement with the head office of the business department. The agreement shall state clearly the obligations of the securities business institution specified in Item 10 of Article 41 in these Regulations. Where the securities business institution violates the aforesaid obligations and the CIRC requires the insurance institutional investor to replace the securities business institution， the insurance institutional investor shall have the right to terminate the agreement in advance.

　　The insurance institutional investor shall submit the copy of the agreement to the CIRC within 5 days after signing the agreement specified in the preceding paragraph.

　　Article 43

　　An insurance asset management company and an insurance company directly engaged in stock investment shall， every day before the opening of the market， verify the balance of securities and the balance of funds with the stock asset custodian to ensure that the balance of securities and the balance of funds are sufficient for settlement.

　　Article 44

　　Where any of the cases set forth in Article 14 in these Regulations occurs to the stocks held by an insurance institutional investor， the insurance institutional investor shall formulate specific shemes to solve the problem.

　　Article 45

　　Where the operating status of an insurance company changes and the requirements specified in these Regulations are not satisfied， the insurance company shall not hold more stocks and shall lower the proportion of stock investment within the time limit and in the manner specified by the CIRC.

　　Article 46

　　An insurance institutional investor shall reveal the risk status of stock investment by adopting Value-at-Risk and other risk measurement indexes.

　　Article 47

　　The fund transfer and expense payment among insurance companies， insurance asset management companies， stock asset custodians and securities business institutions shall be conducted by means of transferring between accounts.

　　Article 48

　　The senior managerial personnel of an insurance institutional investor responsible for stock investment shall satisfy the following requirements：

　　1. Undergraduate diploma or above；

　　2. More than 5 years of work experience in securities or finance；

　　3. Familiar with the operation of securities investment and have necessary financial and legal knowledge；

　　4. Other requirements specified by the CIRC.

　　Article 49

　　A senior meangerial personnel of an insurance institutional investor shall make decisions　concerning stock investment strictly within the scope of authority specified in t

he internal management system and risk control system. Any investment decision-making beyond the scope of authority is strictly prohibited.

　　Article 50

　　The main business personnel of an insurance institutional investor engaged in stock investment shall satisfy the following requirements ：

　　1. Undergraduate diploma or above；

　　2. More than 3 years of work experience in the field of securities or finance；

　　3. Familiar with the rules and operation procedures of securities business；

　　4. Other requirements specified by the CIRC.

　　The main business personnel mentioned in the preceding paragraph refer to the supervisors and main operational personnel engaged in stock investment.

　　Article 51

　　An insurance asset management company and an insurance company directly engaged in stock investment shall have main business personnel engaged in stock investment of a quantity matching the scale of stock investment as well as research personnel of corresponding quantity in the field of macroeconomy， industry analysis， financial engineering， etc.

　　Where the stock assets utilized by an insurance asset management company or by an insurance company directly engaged in stock investment exceed RMB 100 million， the　m

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