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

of branch offices. Where the applicant fails to do so within the prescribed period， the original approval document issued by the CIRC shall become void automatically.

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

　　Article 19

　　Upon completion of the preparatory work of the establishment of branch offices， the applicant shall submit an application for operation to the CIRC， together with the following documents：

　　1. An application for operation；

　　2. A progress report of the preparation work；

　　3. The scope of business；

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

　　5. Certificate of right of use or ownership right of the business premises；

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

　　7. Materials about the internal organization structure and the personnel.

　　Article 20

　　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 to the branch office； in case the application is disapproved， the CIRC shall inform the applicant of the decision in writing and explain the reason.

　　Article 21

　　Upon approval of the application for operation， with the approval document and the license for conducting insurance asset management business， the insurance asset management company or the branch offices of the insurance asset management company shall proceed to register at the administration department of industry and commerce and obtain a business license for operation commencement.

　　Article 22

　　The CIRC shall uniformly design， print， issue， withhold， revoke， and withdraw the Permit for Insurance Asset Management Business. Other agencies or individuals are not allowed to design， print， issue， withhold， revoke or withdraw the said Permit.

　　Article 23

　　The senio

r managerial personnel of an insurance asset management company shall satisfy the following requirements：

　　1. A Bachelor's degree or above；

　　2. 10 years or more work experience in economic fields or 5 years or more work experience in finance， insurance， or securities；

　　3. No record of criminal conviction or administrative penalty for violation of economic rules or regulations；

　　4. Other requirement specified by the CIRC.

　　The senior managerial personnel of an insurance asset management company may not take a part-time job at any other business， unless specified otherwise by the CIRC.

　　Article 24

　　Under the following circumstances， an insurance asset management company shall report to and seek approval from the CIRC：

　　1. Change of Articles of Association；

　　2. Change of capital contributors or the shareholder who hold 10 percent or more of the company shares；

　　3. Adjustment of the scope of business；

　　4. Termination of branch offices；

　　5. Change of business premises；

　　6. Change of senior managerial personnel.

　　Article 25

　　If an insurance asset management company undergoes legal dissolution， is closed down or terminated by declared bankruptcy， the insurance funds under its management shall not be included as part of the liquidation assets.

　　Article 26

　　Upon legal dissolution of an insurance asset management company， a liquidation team shall be set up. The liquidation shall be supervised and guided by the CIRC.

　　In case that an insurance asset company is closed down according to law， the CIRC shall organize the shareholders， relevant authorities， and other specialists to set up a liquidation team on a timely basis.

　　Upon declared bankruptcy of an insurance asset management company， the people's court shall organize a liquidation team in accordance with law.

　　Article 27

　　The liquidation team shall notify the creditors within 10 days after setting up， and shall bulletin at least 3 times in the CIRC-specified newspapers within 60 days after setting up. The content of the public notice shall be subjected to the CIRC's approval.

　　The liquidation team shall entrust specialized intermediaries such as accredited accounting firms to appraise the company's rights， liabilities， and assets.

　　Article 28

　　In cases of legal dissolution， closedown， or declared bankruptcy of an insurance asset management company， the liquidation of its assets and treatment of its rights and liabilities shall be carried out in accordance with relevant laws and regulations.

　　Chapter III

　　Scope of Business and Rules for Operation

　　Article 29

　　The scope of business of an insurance asset management company includes all or part of the following：

　　1. To manage and utilize the insurance funds entrusted by its shareholders in RMB or foreign currency；

　　2. To manage and utilize the fund entrusted by insurance company controlled by its shareholders；

　　3. To manage and utilize self-possessed funds in RMB or foreign currency；

　　4. Other types of business approved by the CIRC；

　　5. Types of business approved by other authorities of the State Council.

　　Article 30

　　The management and utilization of the insurance funds is limited to bank deposits， buying and selling of governmental bonds， financial bonds， and other fund utilization forms prescribed by the State Council.

　　Article 31

　　An insurance asset management company shall report to and seek approval from the State Administration of Foreign Exchange for foreign exchange fund management and other foreign exchange businesses.

　　Article 32

　　The total investment ratio of the same investment channel and the investment ratio of the single investment target between an insurance asset management c

ompany's self-possessed fund and the entrusted funds shall be calculated separately.

　　The total investment ratio of the same investment channel and the investment ratio of the single investment target between an insurance companies' funds entrusted to other agencies and the self-managed funds shall be integrated separately.

　　Article 33

　　An insurance company and its entrusted insurance asset management company shall appoint an independent custodian.

　　The custodian shall be a commercial bank or specialized financial institutions meeting the requirements of the CIRC.

　　Article 34

　　The following funds shall be separately managed and accounted by different investment managers of the insurance asset management company：

　　1. Self-possessed funds and the insurance funds entrusted for management；

　　2. Different kinds of insurance funds entrusted for management from the same insurance company.

　　An insurance asset management company shall treat all the different insurance funds under its management equally.

　　Article 35

　　An insurance asset management company shall put any asset generated from the utilization， disposal， or others forms of management of the insurance funds into the insurance funds.

　　Aside from the remuneration specified in the relevant contract， any interests that an insurance asset management company acquired by means of the entrusted insurance funds shall be put into the insurance funds.

　　Article 36

　　A written contract shall be signed when an insurance asset management company is entrusted to manage insurance funds or when a custodian is entrusted to manage insurance funds.

　　The content and format of the written contract shall be included in a separate document issued by the CIRC.

　　Article 37

　　An insurance asset management company collects management fees according to contract and shall report the collection to the CIRC.

　　The rate of management fees shall be decided in accordance with the principles of fairness and rationality.

　　The CIRC may issue standards for the insurance asset management fees rate.

　　Article 38

　　An insurance asset management company shall not have the following behaviors：

　　1. Providing any security；

　　2. Promising a minimal return on the entrusted funds or that the entrusted funds shall not suffer any loss；

　　3. Entrusting another party to manage the insurance funds under its management；

　　4. Using the entrusted insurance funds to seek interests for a third party；

　　5. Conducting fund management transactions with shareholders or the insurance company that entrusts the fund for management， or manipulating entrusted funds from different sources to conduct such transactions；

　　6. Conspiring with the trustor to seek illegal interests in the name of asset management fees or by other means；

　　7. Other conducts forbidden by the relevant State law， regulations， or by regulatory authorities.

　　Article 39

　　Any loss of the insurance funds due to an insurance management company's violation of the State regulations or contract provisions shall be borne and indemnified by the insurance asset management company. Before the indemnification of the loss is made， no asset management fee may be collected.

　　Article 40

　　The complete record of the insurance asset management company's

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