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  • 保险机构投资者股票投资管理暂行办法 Provisional Regulations on Administration of Stock Investment of Insurance Institutional Investors

    颁布日期:20041024  实施日期:20041024  颁布单位:中国保险监督管理委员会、 中国证券监督管理委员会

      Chapter 1 General Provisions

      Article 1

      These Regulations are formulated in accordance with laws and administrative regulations including the Insurance Law of the People's Republic of China and the Securities Law of the People's Republic of China in order to strengthen administration of the stock investment of insurance institutional investors, standardize investment activities, prevent investment risks and safeguard the interests of the insured.

      Article 2

      “Insurance institutional investors” in these Regulations refer to insurance companies and insurance asset management companies that satisfy the requirements specified by the China Insurance Regulatory Commission (hereinafter referred to as the “CIRC”) and are engaged in stock investment. These Regulations shall apply to the stock investment of insurance group companies and insurance holding companies.

      “Stock investment” in these Regulations refers to an insurance institutional investor's activities of trading or entrusting qualified institutions to trade stock market products including stocks and convertible corporate bonds.

      “Stock asset custody” in these Regulations refers to an insurance company's activities of signing a custody agreement with a commercial bank or with another specialized financial institution in accordance with relevant stipulations of the CIRC and entrust it to keep custody of the stocks and funds for stock investment and to be responsible for clearing, settlement, asset evaluation and investment supervision etc.

      Article 3

      When carrying out stock investment, an insurance institutional investor shall establish an independent custody mechanism, follow the principles of prudence, safety and value increase, operate independently at its own risk and assume sole responsibility for its profits or losses.

      Article 4

      The CIRC and the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) shall, in accordance with their respective responsibilities, conduct supervision and administration of the stock investment activities of insurance institutional investors.

      Chapter 2 Qualification Requirements

      Article 5

      To accept entrustment and be engaged in stock investment, an insurance asset management company shall satisfy the following requirements:

      1. Its internal management system and risk control system comply with the stipulations of the Guidelines for Risk Control of Utilization of Insurance Funds;

      2. Having an independent trading department;

      3. Relevant senior managerial personnel and main business personnel satisfy the requirements specified in these Regulations;

      4. Having a specialized investment analysis system and a speicialized risk control system;

      5. Other requirements specified by the CIRC.

      Article 6

      Subject to approval of the CIRC, an insurance company that satisfies the following requirements may entrust relevant insurance asset management companies that satisfy the requirements specified in Article 5 hereof to carry out stock investment:

      1. Solvency margin complies with relevant stipulations of the CIRC;

      2. Internal control system and risk control system comply with the stipulations of the Guidelines for Risk Control of Utilization of Insurance Funds;

      3. Having a special department responsible for insurance funds entrustment affairs;

      4. Relevant senior managerial personnel and main business personnel satisfy the requirements specified in these Regulations;

      5. Having established a stock asset custody mechanism;

      6. No record of major violation of laws or regulations in investment in the past 3 years;

      7. Other requirements specified by the CIRC.

      Article 7

      Subjec

    t to approval of the CIRC, an insurance company that satisfies the following requirements may be engaged in stock investment directly:

      1. Solvency margin complies with relevant stipulations of the CIRC;

      2. Internal control system and risk control system comply with the stipulations of the Guidelines for Risk Control of Utilization of Insurance Funds;

      3. Having a specialized department for fund utilization;

      4. Having an independent trading department;

      5. Having established a stock asset custody mechanism;

      6. Relevant senior managerial personnel and main business personnel satisfy the requirements specified in these Regulations;

      7. Having a specialized investment analysis system and a specialized risk control system;

      8. No record of major violation of laws or regulations in investment in the past 3 years;

      9. Other requirements specified by the CIRC.

      Article 8

      To apply for direct engagement in stock investment or for entrusting an insurance asset management company to carry out stock investment, an insurance company shall submit the following documents and materials in triplicate to the CIRC:

      1. Application letter;

      2. Resolution of the board of directors on stock investment;

      3. Internal management system, risk control system and internal organization setup;

      4. Materials about the stock asset custodian and the draft custody agreement;

      5. The name list and resumes of relevant senior managerial personnel and main business personnel;

      6. Financial statements of the previous 3 years audited by an accounting firm;

      7. Current trading seat, securities account and funds account;

      8. Stock investment strategy, which shall at least explain the conception of stock investment, the investment objective and the investment portfolio;

      9. Other documents and materials required by the CIRC.

      Where an insurance company applies for direct engagement in stock investment, it shall submit in addition the descriptions of relevant investment analysis system and risk control system.

      Article 9

      When examining the application of an insurance company for direct engagement in stock investment or entrusting an insurance asset management company to carry out stock investment, the CIRC shall make the decision to or not to approve the application within 20 days after receiving a complete set of application documents and materials. Where it decides not to approve the application, it shall inform the applicant in writing and give reasons.

      The CIRC may, as it sees fit, conduct an expert review of the application of an insurance company and inform the insurance company in writing of the time needed for the expert review.

      Article 10

      Where an insurance company is directly engaged in stock investment, it shall submit to the CIRC the official custody agreement, the benchmark for evaluation of investment performance and materials about the trading seat, the securities account and the funds account within 10 days after going through relevant procedures of stock investment.

      Where an insurance company entrusts an insurance asset management company to carry out stock investment, it shall submit to the CIRC the entrustment agreement, the official custody agreement, guidelines for investment, the benchmark for evaluation of investment performance and materials about the trading seat, the securities account and the capital account within 10 days after going through relevant procedures of stock investment.

      In case of any change in the contents of the documents specified in the preceding two paragraphs, the insurance company shall report to the CIRC within 5 days after going through the procedures of change.

      The insurance company shall submit a copy of the materials about the trading seat, the securit

    ies account and the funds account to the CSRC simultaneously.

      Chapter 3 Investment Scope and Proportion

      Article 11

      The stock investment of an insurance institutional investor shall be limited to the following categories:

      1. RMB common stocks;

      2. Convertible corporate bonds;

      3. Other investment instruments specified by the CIRC.

      “RMB common stocks” mentioned in item 1 of the preceding paragraph refer to the stocks publicly issued and listed within the territory of China and subscribed for and traded in RMB.

      Article 12

      The stock investment of an insurance institutional investor may be carried out in the following ways:

      1. Subscription in the primary market, including rights issue based on market value, on-line or off-line subscription, participation in placement in name of a strategic investor, etc.;

      2. Trading in the secondary market.

      Article 13

      The stocks of a listed company held by an insurance institutional investor shall not reach 30% of the RMB common stocks of the listed company.

      The specific proportion of stock investment of an insurance institutional investor shall be separately specified by the CIRC.

      An insurance asset management company shall not carry out stock investment with its own funds.

      Article 14

      An insurance institutional investor shall not invest in RMB common stocks of the following types:

      1. Stocks subject to “special treatment” or “special treatment for warning of the risk of delisting” or the delisted stocks;

      2. Stocks whose price has risen by over 100% in the past 12 months;

      3. Stocks suspected of manipulation;

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