Notice of China Insurance Regulatory Commission on Issuing the Measures for the Administration of Insurance Companies' Purchase of Central Enterprise Bonds

Article 1 According to the relevant provisions of Article 104 of the Insurance Law of People's Republic of China (PRC), with the approval of the State Council, insurance companies may purchase some central enterprise bonds. These Measures are formulated to ensure the liquidity, safety and profitability of the use of funds by insurance companies. Article 2 The central enterprise bonds mentioned in these Measures refer to the central enterprise bonds such as railways, Three Gorges and electric power (hereinafter referred to as "bonds") which are issued with the approval of the Ministry and the Commission and have a bond credit rating of AA+ or above. Article 3 The China Insurance Regulatory Commission shall submit an application for purchase ratio to the State Council every year according to the national bond issuance plan. After the State Council's approval, the China Insurance Regulatory Commission issued the purchase quota of each newly issued bond according to the bond issuance plan, considering the market share, solvency, available funds, purchase intention, internal control system construction and compliance of the insurance company. Article 4 Insurance companies shall follow the principle of voluntariness when purchasing industrial bonds. The bond purchase quota allocated by the CIRC is the maximum amount for an insurance company to purchase the bond. Article 5 Bonds shall be bought and sold by the head offices of all insurance companies. Article 6 Measures for controlling the total amount of bonds purchased by insurance companies. The balance of various bonds purchased by an insurance company through the primary market and the secondary market shall not exceed 10% of the company's total assets.

Where bonds conforming to Article 2 of these Measures are allowed to be listed and circulated, insurance companies can buy and sell them, but the amount of bonds held by insurance companies in this period shall not exceed 65,438+00% of the amount of bonds issued in this period or 2% of the total assets of insurance companies, whichever is lower.

Insurance companies can buy and sell bonds listed on the Shanghai and Shenzhen stock exchanges, and they should abide by the relevant laws and regulations of the securities market and the relevant business rules of the stock exchanges when trading. Article 7 An insurance company shall, before the end of June each year, refer to the interest rate, term and listing of bonds issued in that year, and declare its purchase intention for the next year to the China Insurance Regulatory Commission. Those who fail to report within the time limit are deemed to have no intention to purchase, and the CIRC will not consider them when allocating the purchase quota. Article 8 An insurance company shall, within 10 days after the issuance period of each bond, report the purchase situation to the China Insurance Regulatory Commission for the record. Article 9 Where an insurance company purchases bonds exceeding the limits prescribed in these Measures or purchases bonds of other companies without the approval of the China Insurance Regulatory Commission, the China Insurance Regulatory Commission may transfer the bonds within a time limit and impose a fine of 50,000 yuan to 300,000 yuan; If it fails to make corrections within the time limit, it will be given to informed criticism, and the company will be disqualified from purchasing bonds for 0/to 3 years. Article 10 The China Insurance Regulatory Commission shall be responsible for the interpretation of these Measures, and they shall be applicable when revised. Article 11 These Measures shall be implemented as of the date of promulgation.