保险外汇资金境外运用管理暂行办法 Temporary Measures on Overseas Use of Foreign Exchange Insurance Funds

保监会令[2004]年第9号

颁布日期：20040809 　实施日期：20040809 　颁布单位：中国保险监督管理委员、 中国人民银行

　　Chapter I General Provisions

　　Article 1

　　These Measures are formulated in accordance with the Insurance Law of the People's Republic of China and Regulations of the People's Republic of China on Foreign Exchange Control and other laws and administrative regulations for the purposes of strengthening the supervision of overseas use of foreign exchange insurance funds， preventing risks and protecting the interests of the insured.

　　Article 2

　　An insurance company in these Measures refers to a Chinese insurance company， a wholly foreign-owned insurance company， a Sino-foreign joint venture insurance company or a branch of foreign insurance company established with the approval from the China Insurance Regulatory Commission （hereinafter referred to as the “CIRC”） and registered in accordance with the law.

　　Foreign exchange insurance funds in these Measures refer to the aggregate capital， common reserve， undistributed profit， reserves and guarantee deposits received by an insurance company that are denominated in foreign exchange.

　　Article 3

　　An insurance company engaged in overseas use of foreign exchange funds shall abide by the principles of safety， liquidity and profitability， make investment prudently and carry out independent operation at its own risks.

　　Article 4

　　An insurance company engaged in overseas use of foreign exchange funds shall comply with laws and administrative regulations on insurance and foreign exchange control， these Measures and relevant overseas laws and regulations.

　　Article 5

　　The CIRC and the State Administration of Foreign Exchange （hereinafter referred to as the “SAFE”） shall conduct supervision and regulation of overseas use of foreign exchange insurance funds according to law.

　　Chapter II Qualifications

　　Article 6

　　An insurance company engaged in overseas use of foreign exchange funds shall satisfy the following requirements：

　　（1） It has a permit for conducting foreign exchange business；

　　（2） Its total assets at the end of the previous year are not less than RMB 5 billion；

　　（3） Its foreign exchange funds at the end of the previous year are not less than USD 15 million or equivalent value in a freely convertible currency；

　　（4） Its solvency margin complies with relevant stipulations of the CIRC；

　　（5） It has a specialized fund use department or a relevant insurance asset management company；

　　（6） Its internal management system and risk control system comply with the stipulations of the Risk Control Guidelines for Use of Insurance Funds；

　　（7） The number of its professional managerial personnel with over 2 years' overseas investment experience complies with relevant stipulations；

　　（8） Other qualifications specified by the CIRC and the SAFE.

　　Article 7

　　An insurance company engaged in overseas use of foreign exchange funds shall， within the balance of foreign exchange funds at the end of the previous year， apply to the SAFE for investment payment that needs outward remittance of foreign exchange and submit the following documents and materials in triplicate：

　　（1） An application letter， at least including the basic information about the applicant， the proposed amount of foreign exchange payment for investment and the investment plan；

　　（2） Financial statements and balance sheet of foreign currency assets of the previous year audited by an accounting firm；

　　（3） A report of solvency status at the end of the previous year and that of the recent quarter audited by an accounting firm and their explanations；

　　（4） Information about its internal specialized fund use department or relevant insurance asset management company；

　　（5） Internal

management system and risk control system；

　　（6） Resumes of its specialized personnel engaged in overseas investment；

　　（7） Information about its domestic custodian and draft custody agreement；

　　（8） Information about its overseas trustee and draft asset management entrusting agreement unless there is no overseas trustee；

　　（10） Other materials specified by the CIRC and the SAFE.

　　The SAFE shall make a decision as to whether or not to grant approval within 20 days after receiving a complete set of application documents. In case of approval， the SAFE shall inform the applicant in writing of the approved amount of foreign exchange payment for investment. In case of disapproval， the SAFE shall inform the applicant in writing and give reasons. A copy of the decision of approval or disapproval shall be sent to the CIRC at the same time.

　　Article 8

　　Where the foreign exchange funds of an insurance company increase due to the factors including increase in shares or capital and overseas listing， it may submit relevant documents and materials to the SAFE to apply for an increase of the amount of foreign exchange payment for investment of the current year.

　　The SAFE shall decide whether or not to approve according to Article 7 hereof.

　　Chapter III Investment Scope and Proportion

　　Article 9

　　Overseas use of foreign exchange insurance funds shall be restricted to the following investment objects or instruments：

　　（1） Bank deposits；

　　（2） Bonds of foreign governments， international financial organizations and foreign companies；

　　（3） Bonds that the Chinese government or Chinese enterprises issue overseas；

　　（4） Money market products including bank bills and negotiable certificates of deposit；

　　（5） Other investment objects and instruments within the scope specified by the State Council.

　　The bank mentioned in （1） of the preceding paragraph refers to an overseas branch of a Chinese commercial bank or a foreign bank with long-term credit rating of A or above granted by an internationally recognized rating institution in the recent 3 years.

　　The bonds mentioned in （2） of the preceding paragraph refer to the bonds with credit rating of A or above granted by an internationally recognized rating institution.

　　The money market products mentioned in （4） of the preceding paragraph refer to money market products with regular earnings and rating of AAA or equivalent granted by an internationally recognized rating institution.

　　Article 10

　　The proportion of overseas use of foreign exchange insurance funds shall comply with the following requirement：

　　（1） The total investable amount of an insurance company shall not exceed 80% of the balance of its foreign exchange funds at the end of the previous year. In any of the circumstances specified in Article 8 hereof， the total investable amount shall not exceed 80% of the aggregate of the balance of foreign exchange funds at the end of the previous year and increased funds；

　　（2） The total amount of actual investment of the insurance company shall not exceed the amount of foreign exchange payment for investment approved by the SAFE；

　　（3） The deposits of an insurance company in the same bank shall not exceed 30% of the amount of foreign exchange payment for investment approved by the SAFE. The fund balance of its overseas settlement account for overseas use of foreign exchange funds shall not be restricted by this provision；

　　（4） The balance of all bonds with credit rating of A in which an insurance company invests， except the bonds that the Chinese government and Chinese enterprises issue overseas， shall be calculated at cost and not exceed 30% of the amount of foreign exchange payment for investment approved by the SAFE；

　　（5） The balance of all bonds with credit rating of below AA in whi

ch an insurance company invests， except the bonds that the Chinese government and Chinese enterprises issue overseas， shall be calculated at cost and not exceed 70% of the amount of foreign exchange payment for investment approved by the SAFE；

　　（6） The balance of the bonds issued by the same company or enterprise in which an insurance company invests shall be calculated at cost and not exceed 10% of the amount of foreign exchange payment for investment approved by the SAFE；

　　（7） Where an insurance company invests in the bonds that the Chinese government or Chinese enterprises issue overseas， the balance of these bonds shall be calculated at cost and not exceed the amount of foreign exchange payment for investment approved by the SAFE.

　　Chapter IV Investment Management

　　Article 11

　　The parent insurance company shall centrally allocate assets in respect of overseas use of foreign exchange insurance funds. The internal specialized fund use department or the relevant insurance asset management company shall be responsible for business management.

　　Branches of an insurance company shall not be engaged in overseas use of foreign exchange funds.

　　Article 12

　　A sound risk control system in respect of overseas use of foreign exchange insurance funds must be established in accordance with the Risk Control Guidelines for Use of Insurance Funds.

　　The risk control system shall at least include an investment decision-making process， an investment authorization system， a research and report system， a risk assessment and performance evaluation indicator system.

　　Article 13

　　An insurance company engaged in overseas use of foreign exchange funds may entrust overseas specialized investment in

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