The insurance asset management industry ushered in new regulations: the upper limit of the cancellation of foreign capital holdings provides more long -term funds for the capital market

Our reporter Su Xiangyu Yang Jie

On August 5, the Banking Insurance Regulatory Commission issued the "Regulations on the Management of Insurance Asset Management Company" (hereinafter referred to as the "Regulations"). The "Provisions" total 7 chapters and 85 articles, including: new corporate governance chapters; risk management as special chapters; optimizing equity structure design requirements; optimizing business principles and related requirements; supplementing regulatory methods and illegal constraints.

Industry insiders interviewed by a reporter from the Securities Daily said that on the one hand, the "Regulations" is conducive to the long -term healthy development of insurance asset management companies and promotes it more marketized on the premise of strengthening risk management; on the other hand, it is conducive to promoting insurance insurance Asset management companies provide long -term "live water" for the capital market.

Refine insurance asset management company business scope

Since 2003, my country has established 33 insurance asset management companies. The person in charge of the relevant departments of the CBRC said that the current insurance asset management companies have managed the total assets of insurance asset management products and trusted management funds, and the total assets of managed total assets exceeded 20 trillion yuan. Insurance asset management companies have become the core managers of long -term funds such as insurance funds, important institutional investors in capital markets, and important forces to serve the real economy.

Regarding the content in the "Regulations", an investment director of an investment banking department and an innovation business department of a medium -sized insurance asset management company admits that "there is still a lot of changes."

The investment director further stated that the traditional business varieties of insurance asset management companies are insurance debt investment plans, equity investment plans and portfolio products, and asset support plans. If they are engaged in private equity funds business, insurance and private equity funds need to be established. In accordance with the requirements of the "Regulations", insurance asset management companies can "carry out insurance asset management product business, asset securitization business, insurance and private fund business, etc.", obviously, the business scope has increased.

"In addition, the shareholders' requirements and sources of funds of insurance asset management companies have also changed, and the core changes are more market -oriented." The above -mentioned investment director said that "according to the" Regulations ", if insurance asset management companies carry out insurance asset management business, they should meet The relevant requirements of the China Banking Regulatory Commission, but the asset securitization business mentioned in the "Regulations" should be in addition to the original asset support plan, but also includes the exchange of ABS of the exchange. However If the company is engaged in the business, it still needs to be confirmed whether the CSRC needs to be approved. "

Lu Xiaoquan (pseudonym), a senior person in the insurance asset management industry, told reporters that the "Regulations" will be applied to the insurance asset management company of direct insurance companies and reinsurance companies, realizing the insurance asset management company The coverage of regulatory rules mainly reflects the characteristics of three aspects. First, after the establishment of a comprehensive risk management system for personal insurance companies in 2010, the Banking Regulatory Commission also put forward the request for the insurance asset management company to "establish a comprehensive risk management system" for insurance asset management companies. In the future, insurance asset management institutions also need Balance and coordinated risk management organization structure; second, formally clarify the supervision and rating of insurance asset management institutions, and implement classified supervision in terms of market access and regulatory measures based on the rating results; The supervision and inspection of the management company adopts on -site inspection, on -site investigation and non -on -site supervision ". In the future, insurance asset management companies will also be included in the non -on -site supervision system.

Lu Xiaoquan also stated that the "Regulations" reflect the collaboration of regulatory rules, clarify that insurance asset management companies should establish securities investment -related employees' securities transaction behavior management system, and expand the scope of standardized personnel. "Fa" requires convergence.

Promote insurance asset management company

High -quality development

The person in charge of the relevant departments of the CBRC said that on the basis of the system integration related system, this revision has formed a relatively complete system and more distinctive institutional supervision system framework, which is conducive to further enhance the independence of insurance asset management companies, enhance marketization, professionalism, and professionalism The level ofization and promotion of high -quality development.

Zhou Jin, a partner of the China Financial Industry Management Consultation Partner, told reporters that many new contents of the "Regulations" are conducive to promoting the development of the insurance asset management industry. The reserve clarifies the requirements and provides more specific standards for industry risk management. Secondly, highlighting the importance of corporate governance in ensuring the sustainable development of insurance asset management companies and the long -term health of the industry. It clarifies the requirements System constraints. In addition, the requirements have been clarified in terms of hierarchical supervision, information disclosure, and major issues of matters, and increased illegal archives records, professional institutions illegal responsibilities, and self -discipline management.

It is worth noting that the "Regulations" comprehensively implemented the Office of the Financial Committee of the State Council on "Cancellation of the shares of the total insurance asset management company shall not be less than 75%, allowing overseas investors to hold more than 25%of the shares" measures " No longer restrict the proportion of foreign insurance insurance companies holding the shares of insurance asset management companies. At the same time, setting up the qualification conditions of the unified and applicable shareholders of domestic and foreign shareholders will help attract international insurance companies and asset management institutions to participate in the development of China's insurance asset management industry. Essence

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