Article 1 In order to regulate the investment of insurance funds in bonds, improve asset allocation and safeguard the legitimate rights and interests of insurance parties, these Measures are formulated in accordance with the Insurance Law of People's Republic of China (PRC), the Interim Measures for the Administration of the Use of Insurance Funds and relevant regulations.
Article 2 These Measures shall apply to bonds invested by insurance group (holding) companies and insurance companies (hereinafter referred to as insurance companies) established in China according to law, as well as bonds invested by insurance funds entrusted by professional investment management institutions conforming to the provisions of the China Insurance Regulatory Commission.
The term "bonds" as mentioned in these Measures refers to RMB bonds and foreign currency bonds issued in China according to law, including government bonds, quasi-government bonds, enterprise (company) bonds and other bonds that meet the requirements.
Article 3 The China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) shall be responsible for formulating policies on the investment of insurance funds in bonds, and supervising and managing bond investment activities according to law.
Chapter II Qualifications
Article 4 An insurance company investing in bonds shall meet the following conditions:
(1) It has a sound corporate governance, decision-making process and internal control mechanism, and a sound bond investment management system, risk control system and credit rating system;
(2) Asset custody, centralized transaction and firewall mechanisms have been established, and fund management is standardized and transparent.
(3) Reasonably set up positions in bond research, investment, trading, liquidation, accounting, credit evaluation and risk management; Investment and trading are carried out by special personnel;
(4) There shall be no less than 2 professionals with bond investment experience, including no less than 65,438+0 professionals with more than 3 years of bond investment experience; There shall be no less than 2 credit evaluation professionals, among whom there shall be no less than 1 person with more than 2 years experience in credit analysis;
(5) Establishing a management information system corresponding to the bond investment business.
Article 5 When insurance funds invest in unsecured non-financial enterprise (company) bonds, their credit risk management capabilities shall meet the standards stipulated by the China Insurance Regulatory Commission.
Chapter III Government Bonds and Quasi-government Bonds
Article 6 Government bonds invested by insurance funds refer to bonds based on government credit and supported by finance issued by People's Republic of China (PRC) and the financial departments of governments at or above the national and provincial levels (autonomous regions, municipalities directly under the Central Government and cities with separate plans) or their agencies in China, including central government bonds and provincial government bonds.
The central bank bills and bonds issued and paid by the Ministry of Finance on behalf of provincial governments shall be implemented in accordance with the provisions of the central government on bond investment.
Provisions on the investment of insurance funds in provincial government bonds shall be formulated separately by the CIRC of China.
Article 7 Quasi-government bonds invested by insurance funds refer to bonds issued by specific institutions with a credit rating equivalent to that of central government bonds with the approval of relevant departments in the State Council or the State Council.
Central government funds managed by the state budget, as repayment sources or bonds providing credit support, are included in quasi-government bond management. Financial bonds and subordinated bonds issued by policy banks and special institutional bonds issued by specific institutions approved by the State Council shall be subject to the investment regulations of quasi-government bonds.
Chapter IV Enterprise (Company) Bonds
Article 8 Enterprise (company) bonds invested by insurance funds refer to bonds issued by enterprises (companies) according to law and without government credit, including financial enterprise (company) bonds and non-financial enterprise (company) bonds.
Article 9 Financial enterprise (company) bonds include convertible bonds of commercial banks, mixed securities, subordinated bonds and financial bonds, securities company bonds, convertible bonds of insurance companies, mixed securities, subordinated term bonds and corporate bonds, RMB bonds of international development institutions, and investment varieties specified by the China Insurance Regulatory Commission.
Financial enterprise (company) bonds invested by insurance funds shall meet the following conditions:
(1) Financial enterprise (company) bonds issued by commercial banks shall have a long-term credit rating of A or above as assessed by domestic credit rating agencies; Its issuer shall meet the following conditions in addition to the relevant provisions of the People's Bank of China and the China Banking Regulatory Commission:
1. The latest audited net assets are not less than 1000 billion yuan;
2. The core capital adequacy ratio is not less than 6%;
3. A-level credit rating assessed by domestic credit rating agencies or a long-term credit rating equivalent to A-level or above;
4. For overseas listing, the domestic credit rating is exempted, and the rating of international credit rating agencies is BB or a long-term credit rating equivalent to BB or above.
The mixed securities of commercial banks invested by insurance funds shall not only meet the above requirements, but also have a long-term credit rating of AA or above assessed by domestic credit rating agencies, and the issuer's total assets shall not be less than 200 billion yuan. Mixed securities of commercial banks shall be included in the management of unsecured non-financial enterprise (company) bonds.
(2) The bonds of securities companies shall be publicly issued and have a long-term credit rating of AAA or equivalent to AA or above as assessed by domestic credit rating agencies; Its issuer shall meet the following conditions in addition to the relevant provisions of the China Securities Regulatory Commission:
1. The latest audited net capital is not less than RMB 2 billion;
2. A domestic credit rating of AAA or a long-term credit rating equivalent to AA or above;
3. Overseas listing is exempt from domestic credit rating, and the rating of international credit rating agencies is BBB or a long-term credit rating equivalent to BBB or above.
(3) Convertible bonds, mixed securities, subordinated term bonds and corporate bonds of insurance companies shall be bonds issued by insurance companies with the approval of the China Insurance Regulatory Commission and relevant departments in accordance with relevant regulations.
(4) An issuer of RMB bonds of an international development institution shall meet the following conditions in addition to the relevant provisions of the state:
1. The latest audited net assets shall be no less than USD 5 billion;
2. AAA rating or long-term credit rating equivalent to AA rating or above as assessed by domestic credit rating agencies; Exempt from domestic credit rating, and the rating of international credit rating agencies is BBB or long-term credit rating equivalent to BBB or above.
Article 10 Non-financial enterprise (company) bonds include corporate bonds, corporate bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds and other non-financial enterprise debt financing instruments, convertible corporate bonds and other investment products as stipulated by the China Insurance Regulatory Commission.
Non-financial enterprise (company) bonds invested by insurance funds shall meet the following conditions:
(a) its issuer shall meet the following conditions in addition to the provisions of the relevant departments:
1. The latest audited net assets are not less than RMB 2 billion;
2. A-level credit rating assessed by domestic credit rating agencies or a long-term credit rating equivalent to A-level or above;
3. Overseas listing is exempt from domestic credit rating, and the rating of international credit rating agencies is BB or long-term credit rating equivalent to BB or above.
(2) Guaranteed bonds of non-financial enterprises (companies) have a long-term credit rating of AA or above as assessed by domestic credit rating agencies, and their guarantees meet the following conditions:
1. Where the guarantee is provided by way of guarantee, it shall be an unconditional and irrevocable joint liability guarantee for full repayment of principal and interest, and the credit rating of the guarantor shall not be lower than that of the issuer;
2. Where the guarantee is provided by mortgage or pledge, the ownership of the guaranteed property shall be clear. If other guarantees are not set or preservation measures are not taken, the value of the secured property is not less than the amount of the guarantee as assessed by a qualified asset appraisal institution, and the guarantee has fulfilled the necessary legal procedures;
3. The amount of guarantee shall not be less than the total principal and interest to be repaid.
(3) The unsecured bonds of non-financial enterprises (companies) have a long-term credit rating of AAA or above by domestic credit rating agencies. Among them, short-term financing bonds have a rating of-1 from domestic credit rating agencies.
If the guarantee of secured non-financial enterprise (company) bonds does not fully meet the provisions of this article, it shall be included in the management of unsecured non-financial enterprise (company) bonds.
(four) unsecured bonds of non-financial enterprises (companies) invested by insurance funds shall be issued by public bidding or bookkeeping. Among them, the bookkeeping filing and distribution methods shall meet the following conditions:
Before the issuance of 1., the issuer shall disclose the filing rules in detail;
2. Bookkeeping and filing shall have a bookkeeping place that meets the requirements of security and confidentiality;
3. During the bookkeeping period, the bookkeeping manager shall designate a special person to be on duty to maintain order; Site personnel shall not disclose relevant information;
4. The bookkeeper shall keep the relevant information properly and shall not disclose it to the public.
(5) If the enterprise (company) bonds invested by insurance funds are exempted from the credit rating requirements according to the regulations, the credit rating of the issuer shall not be lower than the bond rating regulations.
The net assets mentioned in these Measures do not include the rights and interests of minority shareholders.
Article 11 An issuer of bonds of an insurance fund investment enterprise (company) shall disclose relevant information in a timely, accurate and complete manner. The frequency of disclosure shall not be less than once a year, and the disclosure shall at least include audited financial statements and tracking rating reports. The audited financial report shall be disclosed no later than May 3 1 day every year, and the tracking rating report shall be disclosed no later than June 30 every year.
Chapter V Investment Norms
Article 12 When an insurance company invests in central government bonds and quasi-government bonds, it can independently determine the total investment according to the asset allocation requirements.
Article 13 An insurance company can independently determine the total amount of investment in guaranteeing corporate bonds according to the requirements of asset allocation; The balance of bonds invested in unsecured non-financial enterprises (companies) shall not exceed 50% of the total assets of the insurance company at the end of last quarter.
Article 14 An insurance company can independently determine the investment ratio when investing in a single variety of central government bonds and quasi-government bonds in the same period.
The share of insurance companies investing in single-variety financial enterprise (company) bonds and secured non-financial enterprise (company) bonds in the same period shall not exceed 40% of the single-variety issuance in this period; The share of single-variety unsecured non-financial enterprise (company) bonds invested in the same period shall not exceed 20% of the issuance amount of single-variety bonds in this period.
Insurance companies of the same insurance group, the share of single-variety enterprise (company) bonds invested in the same period, the total does not exceed 60% of the single-variety bonds issued in this period, and the insurance companies and their investment holding insurance institutions shall apply mutatis mutandis.
Where the issuance of bonds adopts one-time approval (filing or registration) and installment issuance, the same period refers to each installment in the installment issuance of bonds.
Article 15 The balance of an insurance company's investment in enterprise (company) bonds issued by the same issuer shall not exceed 20% of the issuer's net assets in the previous fiscal year; The balance of enterprise (company) bonds issued by investment related parties shall not exceed 20% of the net assets of the insurance company at the end of last quarter.
Article 16 The investment balance of bonds entrusted by an insurance company by a number of professional investment management institutions shall be calculated on a consolidated basis, and shall not exceed the investment ratio stipulated by the China Insurance Regulatory Commission.
Article 17 The balance of investment bonds invested by insurance companies in independent accounts or products such as linked insurance products, non-life insurance products and non-scheduled income insurance products shall not exceed the proportion agreed in relevant contracts.
Chapter VII Supervision and Administration
Article 29 Provisions on the investment of insurance funds in bond credit rating agencies shall be formulated separately by the China Insurance Regulatory Commission.
Thirtieth investment management, asset custody, securities business and other institutions that provide services for insurance funds to invest in bonds shall accept the inquiry of the China Insurance Regulatory Commission on insurance funds to invest in bonds and report relevant information.
Article 31 An insurance company shall, in accordance with the provisions, submit the following information to the China Insurance Regulatory Commission in a timely manner through the insurance asset management and supervision information system and other means prescribed by the China Insurance Regulatory Commission:
Bond investment statement;
(2) Calculation method and description of risk indicators.
(3) A copy of the custody agreement signed with the custody bank and the brokerage agreement signed with the securities operation institution;
(4) Other reporting items required by the China Insurance Regulatory Commission.
Professional investment management institutions shall, in accordance with the relevant provisions, submit the relevant information about the entrusted insurance funds to invest in bonds to the China Insurance Regulatory Commission.
Thirty-second insurance funds to invest in bonds, such as default risk, should immediately start the risk management plan, and timely report to the China Insurance Regulatory Commission.
Insurance companies that invest in bonds and professional investment management institutions entrusted to invest in bonds should pay attention to the price and value fluctuations of the bonds they invest in. When issuing bonds, if the quotation of insurance funds deviates from the reasonable valuation of comparable bonds in the open market by more than 1%, or the transaction price of investment bonds deviates from the reasonable valuation of the market by more than 1%, it shall report to the China Insurance Regulatory Commission within 10 working days before the next quarter, and explain the influencing factors and countermeasures.
Article 33 China CIRC will regularly or irregularly inspect the decision-making authorization mechanism, investment management system, business operation process and credit risk management system of insurance companies and professional investment management institutions entrusted to invest in bonds, and may also hire professional intermediaries such as accounting firms to inspect the investment of insurance funds in bonds.
Insurance companies and professional investment management institutions shall report the bond valuation rules to the China CIRC.
Article 34 If an insurance company invests in bonds or a professional investment management institution entrusts it to invest in bonds, which violates laws, administrative regulations and the provisions of these Measures, the China Insurance Regulatory Commission will punish the relevant institutions and personnel in accordance with the relevant provisions.
Chapter VI Risk Control
Article 18 Insurance companies and professional investment management institutions shall establish clear decision-making and authorization mechanisms, rigorous and efficient business operation procedures, perfect risk control systems, risk disposal plans and accountability systems.
Article 19 An insurance company shall, in accordance with the requirements of asset allocation, have the professional investment management institution prudently judge the income and risk of bond investment, reasonably determine the variety allocation, term structure, credit distribution and liquidity arrangement of bond investment portfolio, and track and evaluate the asset quality, income level and risk status of bond investment.
Article 20 When an insurance company invests in bonds or entrusts a professional investment management institution to invest in bonds, it shall comprehensively use the results of external credit rating and internal credit rating, and shall not invest in enterprise (company) bonds whose internal credit rating is lower than the investable credit rating determined by the company.
If the same bond has two or more credit ratings from domestic and foreign credit rating agencies at the same time, the external credit rating shall be confirmed according to the lower principle; If there are both domestic and international credit ratings, the domestic credit rating shall prevail. The credit rating mentioned in this paper refers to the credit rating of the most recent fiscal year, and also refers to the credit rating obtained by the same issuer in the same accounting period.
Article 21 Insurance companies or professional investment management institutions entrusted to invest in bonds should pay full attention to the timeliness and adequacy of the issuer's repayment sources; When investing in the bonds of the guaranteed enterprise (company), we should pay attention to the authenticity and effectiveness of the guarantee.
Article 22 An insurance company whose solvency adequacy ratio is less than 120% at the end of last quarter shall not invest in unsecured non-financial enterprise (company) bonds; Those who already hold the above bonds may not continue to increase their holdings and reduce their holdings in due course. If the solvency is between 120% and 150% at the end of last quarter, the investment strategy should be adjusted in time, and the variety and proportion of unsecured non-financial enterprise (company) bonds should be strictly controlled.
Article 23 When an insurance company invests in bonds or entrusts a professional investment management institution to invest in bonds, it shall strengthen the management of market risk and liquidity risk of bond investment, conduct stress tests and scenario analysis on a regular basis, and appropriately adjust its investment strategy according to the test results.
Article 24 Where an insurance company invests in bonds or entrusts a professional investment management institution to invest in bonds and participate in the issuance and subscription of bonds, it shall agree in writing on the handling fees and other related expenses, which shall be realized by bank transfer in a transparent manner.
Where an insurance company invests in enterprise (company) bonds or entrusts a professional investment management institution to invest in bonds in a non-competitive way, it shall establish an inquiry system and a counterparty risk management mechanism.
Article 25 When an insurance company invests in bonds or a professional investment management institution entrusts to invest in bonds, it shall sign a bond custody agreement with the custodian bank, specifying the custody matters, custody responsibilities and obligations, supervision services and other contents, and implement them in accordance with the relevant provisions of the China Insurance Regulatory Commission.
Investment by insurance companies or investment in corporate (company) bonds entrusted by professional investment management institutions, fund transfer and fee payment with custodian banks, and fee payment with securities operating institutions shall be realized in a transparent manner through bank transfer.
Article 26 Insurance companies, securities institutions or other non-insurance companies shall not engage in the following acts:
(1) Lease and lend all kinds of bonds, unless otherwise stipulated by the China Insurance Regulatory Commission;
(2) illegally transferring interests or conveying interests by other means to seek illegitimate interests;
(3) Other acts prohibited by laws, administrative regulations and the China Insurance Regulatory Commission.
Twenty-seventh insurance companies or professional investment management institutions entrusted to invest in bonds and participate in the trading of bond derivative financial instruments are limited to managing and hedging investment risks, and shall abide by the relevant provisions of the China Insurance Regulatory Commission.
Twenty-eighth insurance funds to invest in bonds no longer meet the provisions of these measures, and shall not increase investment. Insurance companies or professional investment management institutions shall carefully assess relevant risks and deal with them in a timely and proper manner.
Chapter VIII Supplementary Provisions
Thirty-fifth foreign insurance companies set up branches in China to invest in bonds, with reference to the provisions of these measures.
Thirty-sixth insurance asset management companies use their own funds to invest in bonds, with reference to the provisions of these measures.
Article 37 The China Insurance Regulatory Commission may, in accordance with relevant regulations and market conditions, adjust the scope, variety and proportion of bonds invested by insurance funds in a timely manner, and regulate prohibited acts.
Article 38 These Measures shall be interpreted and revised by the China Insurance Regulatory Commission, and shall come into force as of the date of promulgation. Abolish the Notice on Issues Related to Insurance Institutions' Investment in Corporate Bonds (No.95 [2007] of China Insurance Regulatory Commission), Notice on Insurance Institutions' Investment in Stock Options and Convertible Corporate Bonds through Bond Separation Transactions (No.338 [2007] of China Insurance Regulatory Commission), Notice on Increasing the Investment Varieties of Insurance Institutions' Bonds (No.42 [2009] of China Insurance Regulatory Commission), and Notice on