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

23

　　The following funds are within the income scope of the domestic custody account of an insurance company：

　　（1） Foreign exchange funds transferred in by an insurance company；

　　（2） Foreign exchange insurance funds remitted back from outside China；

　　（3） Income from principal and interest of bank deposits；

　　（4） Bond interest income and the proceeds from

selling bonds；

　　（5） Interest income of money market products and the proceeds from selling money market products；

　　（6） Other income.

　　Article 24

　　The following expenditures are within the expenditure scope of the domestic custody account of an insurance company：

　　（1） Funds transferred into settlement account for overseas use of foreign exchange funds；

　　（2） Foreign exchange insurance funds remitted back to an insurance company；

　　（3） Bank deposits；

　　（4） Payment for buying bonds， including the payment for tax and fees such as stamp tax and capital gains tax；

　　（5） Currency exchange fee， custody fee and asset management fee；

　　（6） All kinds of commissions；

　　（7） Other expenditures.

　　Article 25

　　Where a domestic custodian chooses an overseas commercial bank as its overseas escrow agent， the conditions stipulated in the custody agreement shall be observed.

　　The domestic custodian shall open settlement account for overseas use of foreign exchange insurance funds and securities custody account at the overseas escrow agent for fund settlement and securities custody with overseas securities registration and settlement institutions.

　　Article 26

　　A domestic custodian shall choose an overseas commercial bank that satisfies the following requirements as its overseas escrow agent：

　　（1） The paid-up capital of the agent shall not be less than USD 2.5 billion or equivalent value in a freely convertible currency；

　　（2） It shall have a long-term credit rating of A or above granted by an internationally recognized rating institution in the recent 3 years；

　　（3） It shall have custody qualification certified by the supervisory authority of the country or region where it is located or has cooperative relationship with the domestic custodian；

　　（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 specialized custody department and a corresponding number of full-time personnel who are familiar with the custody business of the country or region where it is located；

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

　　（7） It shall have no record of being severely punished in the country or region where it is located in the recent 3 years；

　　（8） The country or area concerned has a sound financial supervision system. Its financial supervisory authorities have signed memorandum of understanding for supervision cooperation with Chinese financial supervision authorities and kept effective cooperative relationship in respect of supervision with their Chinese counterparts；

　　（9） Other requirements specified by the CIRC and the SAFE on the principle of prudence.

　　Article 27

　　The domestic custodian and overseas escrow agent of an insurance company shall strictly separate their self-owned assets from assets in their custody； they shall open and manage different accounts for overseas use of foreign exchange funds of different insurance companies.

　　Chapter VI Supervision and Regulation

　　Article 28

　　The SAFE may adjust the amount of foreign exchange payment for investment according to the overall status of international balance.

　　Article 29

　　An insurance company engaged in overseas use of foreign exchange funds shall neither act in violation of the stipulations of Article 9 and Article 10 hereof nor commit any of the following acts：

　　（1） Extending loans or providing security to others；

　　（2） Money laundering；

　　（3） Obtaining illegal gains in collusion with overseas trustees， domestic custodians and overseas escrow agents；

　　（4） Acts prohibited by relevant Chinese and overseas laws and regulation

s.

　　Article 30

　　Where an insurance company sign relevant agreements with overseas trustees and domestic custodians， they shall definitely require overseas trustees and domestic custodians in a clear and definite way to timely submit relevant statements and materials to the CIRC and the SAFE.

　　Article 31

　　The CIRC and the SAFE may require an insurance company and a domestic custodian to provide relevant materials about overseas use of foreign exchange insurance funds. When necessary， they may conduct site inspection of an insurance company or entrust a specialized intermediary institution to do so.

　　Article 32

　　An overseas commercial bank managing foreign exchange insurance funds as a trustee shall not concurrently hold the position of domestic custodian or overseas escrow agent.

　　Article 33

　　Where any of the following circumstances occurs to an insurance company， it shall report to the SAFE within 5 days after the occurrence thereof：

　　（1） Change of its overseas trustee， domestic custodian or overseas escrow agent；

　　（2） Material change of its registered capital and shareholder structure；

　　（3） It is involved in material lawsuits， severely punished or other important matters；

　　（4） Other circumstances specified by the SAFE.

　　Where the circumstances specified in （1） and （3） of the preceding paragraph occur to the insurance company， it shall report to the CIRC at the same time.

　　Article 34

　　Where any of the following circumstances occurs to a domestic custodian， it shall report to the CIRC and the SAFE within 5 days after the occurrence：

　　（1） Material change of its registered capital and shareholder structure；

　　（2） It is involved in material lawsuits or severely punished；

　　（3） Other circumstances specified by the CIRC and the SAFE.

　　Article 35

　　Where an insurance company or its domestic custodian violates these Measures or other regulations on insurance and foreign exchange， relevant supervisory authorities shall impose administrative penalties on it in accordance with their respective limits of authority and supervision responsibilities.

　　Where an insurance company violates these Measures seriously， the CIRC may restrict its business scope， order it to stop accepting new business or withdraw its license for conducting insurance business.

　　The CIRC may order an insurance company to replace its domestic custodian if the domestic custodian violates these Measures seriously.

　　Article 36

　　The CIRC and the SAFE may require the insurance company to replace its overseas trustee if the overseas trustee violates relevant stipulations.

　　Chapter VII Supplementary Provisions

　　Article 37

　　Chinese version of the materials to be submitted to the CIRC and the SAFE as stipulated in these Measures shall prevail.

　　Article 38

　　Relevant provisions of these Measures shall， mutatis mutandis， apply to the use of foreign exchange funds in Hong Kong Special Administrative Region and Macao Special Administrative Region.

　　Article 39

　　These Measures shall also， mutatis mutandis， apply to overseas use of foreign exchange funds by an insurance asset management company.

　　Article 40

　　The “day” mentioned in these Measures refers to working day， not including statutory holidays.

　　Article 41

　　The CIRC and the People's Bank of China shall be responsible for interpretation of these Measures.

　　Article 42

　　These Measures shall take effect from the date of promulgation

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