保险资产管理公司管理暂行规定 Provisional Regulations on the Administration of Insurance Asset Management Companies

中国保险监督管理委员会第2号

颁布日期：20040425 　实施日期：20040425 　颁布单位：中国保险监督管理委员会

　　Ordinance No.2 issued on 21st April 2004）

　　Reviewed and approved at the China Insurance Regulatory Committee Chairman Meeting on December 8th， 2003， Provisional Regulations on the Administration of Insurance Asset Management Companies is now promulgated and shall come into effect as of June 1st， 2004.

　　Chairman

　　April 21st， 2004

　　Provisional Regulations on the Administration of Insurance Asset Management Companies

　　Chapter I

　　General Provisions

　　Article 1

　　These Regulations are formulated in accordance with the Insurance Law of the People's Republic of China （hereinafter referred to as the “Insurance Law”） and the Company Law of the People's Republic of China for the purposes of strengthening the supervision and regulation of insurance asset management companies， preventing insurance fund managing risks， and protecting the legitimate rights and interests of insurance companies and insurance asset management companies.

　　Article 2

　　The China Insurance Regulatory Committee （hereinafter referred to as the “CIRC”） is authorized by the State Council to perform supervisory and regulatory responsibilities over insurance asset management companies.

　　Article 3

　　“Insurance asset management company” refers to a financial institution that is approved by the CIRC in collaboration with other relevant authorities， legally registered， and trusted with the responsibility to manage insurance funds.

　　“Insurance funds” refers to insurance companies' various insurance reserves， capital， working capital， public reserve， undistributed profit， and other liabilities， as well as various assets generated from the aforementioned funds.

　　Article 4

　　The insurance company that entrusts an asset management company to manage its insurance funds shall abide by the Insurance Law and related regulations made by the CIRC， follow the principles of willingness， fairness， and honesty， and may not infringe upon any national interest or public good.

　　Article 5

　　An insurance asset management company shall， in managing insurance funds， abide by the Insurance Law and related regulations of the CIRC and shoulder the duties of being honest， credible， prudential and diligent.

　　Chapter II

　　Establishment， Alternation and Termination

　　Article 6

　　The establishment of an insurance asset management company shall be subjected to the approval of the CIRC and other relevant authorities.

　　Article 7

　　An insurance asset management company shall take the following organization forms：

　　1. Limited Liability Company

　　2. Company Limited by Shares

　　Article 8

　　To establish an insurance asset company， at least one of the shareholders or founders shall be an insurance company or an insurance holding （group） company， which satisfies the following requirements：

　　1. It has engaged in the insurance business for at least 8 years；

　　2. No record of administrative penalty has been imposed on it in the last 3 years as a result of violating fund management regulations；

　　3. It must have no less than RMB 1 billion as net assets； it must have no less than RMB 5 billion as total assets， and in the case of a holding （group） company and life insurance company， its total assets must not be lower than RMB 10 billion；

　　4. Meeting the CIRC's solvency requirements；

　　5. It must have a sound corporate governance structure and internal control system；

　　6. It must have established a department for assets and liabilities matching and a risk control department and it must have a complete investment information management system；

　　7. The assets used and managed by its fund management department shall not be

lower than 50 percent of its total assets or， in the case of a life insurance company， not less than 80 percent of its total assets；

　　8. Other requirements stipulated by the CIRC.

　　Article 9

　　The total shareholding of domestic insurance companies in an insurance asset management company shall not be less than 75 percent.

　　A domestic insurance company hereof refers to an insurance company or insurance holding （group） company that is set up with approval from the CIRC and is duly registered with legal person status.

　　Article 10

　　The registered capital of an insurance asset management company shall not be less than RMB 30 million or an equivalent amount in a freely convertible currency； its registered capital shall be paid-in currency capital.

　　The registered capital of an insurance asset management company shall not be less than one thousandth of the insurance funds under its management. Those who do not satisfy this minimum registered capital requirement shall increase their capital correspondingly. However， for those whose registered capital is in excess of RMB 500 million， this requirement does not apply.

　　Article 11

　　To establish an insurance asset management company， the applicant shall submit a written application to the CIRC， together with the following documents：

　　1. A letter of application for establishment；

　　2. A feasibility study report and a preparation plan for the company to be established；

　　3. Fundamental materials of the shareholders， including the name or designation of the shareholders， legal representative， form of organization， registered capital， scope of operation， qualification certification documents， the most recent year's balance sheet， and profit and loss account that has been audited by an accounting firm；

　　4.Certification documents， balance sheet（s）， and profit and loss account（s） of the previous 3 years of the shareholders satisfying the condition set out in Article 8； The balance sheet（s） and the profit and loss account（s） must be audited by accounting firms；

　　5. Name list and resume（s） of the leader（s） of the company to be established；

　　6. Letter（s） of intent on capital contribution or share subscription agreement（s）；

　　7. Other materials required by the CIRC.

　　Article 12

　　Within 3 months after receiving a complete set of application documents， the CIRC and other relevant authorities under the State Council， shall conduct a preliminary review of the application and make a decision as to whether or not to grant approval； in case no approval is granted， the CIRC shall inform the applicant of the decision in writing and explain the reason.

　　Article 13

　　The applicant shall complete the preparation within 6 months after receiving the approval. Where the applicant fails to do so within the prescribed period， the preparatory period can be extended by 3 months by application of the applicant and with the CIRC‘s approval. Where the preparation is still not completed within the extended period， the original approval document issued by the CIRC shall become void automatically.

　　The preparing body may not engage in any commercial activities during the preparation period.

　　Article 14

　　After completion of the preparatory work， the applicant shall submit an application for operation and the following documents to the CIRC：

　　1. An application letter for operation；

　　2. Capital verification issued by a legal capital verifying agency and a photocopy of capital accounting voucher evidencing payment of the registered capital；

　　3. A name list and resumes of the proposed senior managerial personnel and major personnel；

　　4. A Certificate of ownership right or right of use of the business premises；

　　5. Articles of Association and internal management system；

　　6. Mate

rials about information management system， fund management transaction equipment， and security equipment；

　　7. Other documents required by the CIRC.

　　Article 15

　　Within 20 days after receiving a complete set of application documents for an insurance asset management company's operation， the CIRC shall decide， whether or not to grant approval； in case the application is approved， a license for conducting insurance asset management business shall be issued； in case the application is disapproved， the CIRC shall inform the applicant of the decision in writing and explain the reason.

　　Article 16

　　An insurance asset management company shall apply to the CIRC for establishment of branch offices and submit the following documents to it：

　　1. A letter of application for establishment

　　2. The scope of business of the proposed organization；

　　3. A business plan and market analysis for the next three years；

　　4. Resume（s） and related certification documents of the leader（s） of the preparation of the planned organization；

　　5. Materials about information system， fund management transaction equipment， and security equipment.

　　Article 17

　　The CIRC shall conduct a preliminary review of the insurance asset management company's application for establishment of branch offices and shall decide within 20 days after receiving the complete application documents， whether or not to grant approval； in case no approval is granted， the CIRC shall inform the applicant in writing of the decision and explain the reason.

　　Article 18

　　The applicant shall complete the preparation within 3 months of its receipt of the approval for establishment

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