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

　　Where an insurance company entrusts an overseas trustee for investment management， its internal specialized fund use department or relevant insurance asset management company shall be responsible for the entrustment and appraisal of risk status of the entrusted assets and assessment of the investment performance and management ability of the overseas trustee.

　　Where an insurance company chooses overseas trustees to manage its foreign exchange insurance funds， the insurance company shall give enough consideration to the management risks and moderately diversify the funds for entrustment to different trustees.

　　Article 16

　　The overseas use of foreign exchange insurance funds shall lay stress on the match with foreign exchange liabilities in respect of term structure and currency structure.

　　In overseas use of foreign exchange insurance funds， priority shall be given to the purchase of the bonds that the Chinese government and Chinese enterprises issue overseas.

　　Chapter V Assets Custody

　　Article 17

　　An insurance company engaged in overseas use of foreign exchange funds shall entrust domestic commercial banks to keep custody of all their assets used overseas.

　　The commercial banks mentioned in the preceding paragraph refer to Chinese banks， branches of foreign banks， Sino-foreign joint venture banks and wholly foreign-owned banks within the territory of China.

　　Article 18

　　A commercial bank as the domestic custodian of an insurance company shall satisfy the following requirements：

　　（1） It shall have been a foreign exchange authorized bank for more than 3 years；

　　（2） Its paid-up capital shall not be less than RMB 8 billion； in case of a Chinese bank， its foreign exchange capital shall not be less than the amount of a freely convertible currency equivalent to RMB 1 billion； in case of a branch of a foreign bank， the paid-up capital of its head office shall be considered as its paid-up capital；

　　（3） It shall have obtained the professional qualification for keeping custody of domestic securities investment fund；

　　（4） It shall have a sound corporate governance structure， a good and complete internal management system and a good and complete risk control mechanism；

　　（5） It shall have a special custody department and a corresponding number of full-time personnel familiar with global custody business；

　　（6） It shall have a safe and efficient settlement and payment system and an emergency mechanism；

　　（7） It shall have no record of serious violations of laws or regulations in the recent 3 years and its head office or branches shall have not be severely punished by the supervisory authorities of the country or region where it is located in the recent 3 years；

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

　　Where the amount of funds the head office of a foreign bank keep custody of exceeds USD 100 billion， any branch of the foreign bank may not be subject to the restriction of the requirement specified in （3） of the preceding paragraph.

　　Article 19

　　A domestic custodian of an insurance company shall fulfill the following obligations：

　　（1） Keeping custody of the foreign exchange funds and securities entrusted by the insurance company；

　　（2） Opening domestic custody account for foreign exchange insurance funds， settlement account for overseas use of foreign exchange funds and securities custody accounts；

　　（3） Handling the procedures of inward and outward remittance of foreign exchange funds and relevant exchange procedures；

　　（4） Supervising the overseas investment operation of insurance companies， insurance asset management companies and overseas trustees jointly with overseas escrow agents；

　　（5） Timely informing an insurance company after finding illegal and regulation-violati

　　（6） Supervising overseas escrow agents and ensuring the foreign exchange insurance funds are in safe custody；

　　（7） Keeping relevant materials including records and vouchers of the inward and outward remittance of foreign exchange funds of an insurance company for overseas use， relevant fund transfer and securities trading for no less than 15 years；

　　（8） Reporting international balance statistics according to regulations including Measures on Reporting International Balance Statistics， Operational Rules on Financial Institutions' Reporting International Balance Statistics and Operational Regulations on Financial Institutions' Reporting Overseas Assets and Liabilities， and Profits and Losses；

　　（9） Assisting the CIRC and the SAFE in inspecting the overseas use of foreign exchange insurance funds；

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

　　Article 20

　　A Domestic custodian of an insurance company shall submit relevant reports according to the following requirements：

　　（1） Reporting to the CIRC and the SAFE within 5 days after opening domestic custody account， settlement account for overseas use of foreign exchange funds and securities custody account for an insurance company；

　　（2） Reporting to the SAFE about the outward and inward remittance of funds within 2 days after an insurance company' outward remittance of principal or inward remittance of principal and earnings and sending a copy of the report to the CIRC；

　　（3） Reporting to the CIRC and the SAFE on the balance of domestic custody account of an insurance company within 5 days after the end of each month；

　　（4） Submitting the statements of overseas use of foreign exchange insurance funds to the CIRC and the SAFE within 10 days after the end of each quarter；

　　（5） Submitting the statements of overseas use of foreign exchange insurance funds of an insurance company for the previous year to the CIRC and the SAFE within 1 month after the end of each fiscal year；

　　（6） Timely reporting to the CIRC and the SAFE after finding illegal and regulation-violating investment instructions of an insurance company， an insurance asset management company or an overseas trustee；

　　（7） Other reports specified by the CIRC and the SAFE.

　　Article 21

　　After receipt of the approval documents of the SAFE about the amount of foreign exchange payment for investment， an insurance company shall sign custody agreement with its domestic custodian and open domestic custody account upon presentation of the approval documents.

　　Article 22

　　An insurance company shall submit the following documents to the CIRC and the SAFE within 5 days after the date of opening domestic custody account：

　　（1） Custody agreement；

　　（2） Domestic custodian' written commitment of supervising an insurance company' use of domestic custody account， settlement account for overseas use of foreign exchange funds and securities custody account.

　　The custody agreement shall set forth the obligations of a domestic custodian specified in Article 19 and Article 20 hereof. Where a domestic custodian violates the above obligations and the CIRC or the SAFE requires an insurance company concerned to replace the domestic custodian， the insurance company shall have the right to terminate contract before its expiration.

　　Article

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