200 trillion yuan of insurance asset management industry Welcome regulations, which is strictly forbidden for insurance asset management companies to carry out channel business

China Times (chinatimes.net.cn) reporter Wu Min Beijing report

After 18 years, the insurance asset management industry has ushered in new regulations.

On August 5th, the CBRC officially issued the "Regulations on the Management of Insurance Asset Management Company" (hereinafter referred to as the "Insurance Asset Management Regulations"), further strengthening the supervision of insurance asset management companies, from corporate governance, risk management, equity structure design, business principles, etc. Multiple aspects will be regulated and will be implemented from September 1 this year.

Li Wenzhong, deputy director of the Insurance Department of the Capital University of Economic and Trade, said in an interview with the reporter of the Huaxia Times: "The release of the" Insurance Asset Management Regulations "will make the operation of insurance asset management companies more standardized and rigorous, and can better prevent and control financial risks. Improve the safety of insurance asset management companies, and better meet the needs of the development of my country's insurance industry and financial markets. "

The upper limit of the proportion of foreign capital holdings

Since 2003, my country has established 33 insurance asset management companies. At present, various insurance asset management companies have managed total assets of more than 20 trillion yuan by issuing insurance asset management products and trustee management funds.

"After nearly 20 years of development, insurance asset management companies have accumulated rich experience in long -term capital management, large asset allocation, long -term asset creation and absolute income acquisition. It has become the core manager and capital of long -term funds such as insurance funds and capitals such as capital and capital The important forces of the market in the market and the important force of the real economy of the real economy, "said the relevant person in charge of the CBRC.

In order to regulate the development of insurance asset management companies, the regulatory authorities issued the "Interim Provisions on the Management of Insurance Asset Management Company" in 2004 (hereinafter referred to as the "Interim Provisions on Insurance asset Management"). In 2011 and 2012, the "Notice on Adjusting the Interim Provisions on the Management Company of Insurance Asset Management Company" and the "Notice on Relevant Regulations" and "Notice on Relevant Matters of Insurance Asset Management Company". These systems together constitute the institutional regulatory regulations of insurance asset management companies and operate to this day.

However, with the in -depth advancement of financial supply -side structural reforms, the growth of residents' pension guarantee and wealth management needs, the lagging and applicability of the relevant regulatory system has become increasingly prominent, and it is urgent to revise and improve.

After a lapse of 18 years, in order to strengthen the supervision of insurance asset management companies and promote the high -quality development of the insurance asset management industry, the China Banking Regulatory Commission revised the "Interim Provisions on the Insurance asset Management" and solicited the opinions of relevant parties and the public, and finally formed the " Insurance Asset Management Regulations.

In comparison, the biggest change in the "Insurance Asset Management Regulations" is that the proportion of the shares of the insurance asset management company shares of foreign insurance companies will no longer restrict foreign -funded insurance companies, and domestic and foreign shareholders have a unified and applicable shareholder qualification conditions. The relevant person in charge of the Banking Insurance Regulatory Commission said that this is the provisions of the Office of the State Council's Financial Commission of the State Council's Financial Commission on "Cancellation of the shares of the total insurance asset management company shall not be less than 75%, allowing foreign investors to hold more than 25% "Measures.

In fact, after joining the WTO, my country's insurance has gradually transformed from the open scope of the past and the open area to a full range of openness. At present, the proportion of foreign investment in joint venture life insurance companies has reached 100%, and the CBRC has also canceled the entry requirements for the 30 -year operation period of foreign insurance companies. Today, the domestic and foreign shareholders of insurance asset management companies also have a unified and applicable shareholder qualification conditions.

Zhu Junsheng, Research Director of the China Insurance and Pension Research Center of Tsinghua University, said in an interview with the reporter of the Huaxia Times: "Setting the qualification conditions of the unified and applicable shareholders of domestic and overseas shareholders can help attract international excellent insurance companies and asset management institutions Participating in the development of the industry will further improve the marketization, professionalization and internationalization of insurance asset management. "

Li Wenzhong also told the reporter of "Huaxia Times": "The restriction of the cancellation of foreign capital holdings is to further implement the central government's unswervingly expanding open policies and policies, oppose the needs of trade protectionism, truly allow foreign companies to enjoy national treatment, create a one Fair competition market environment. This also reflects China's confidence and determination to further expand opening up to the outside world. "

Strengthen the independence of insurance asset management institutions

Insurance asset management company is the product of professional development of insurance funds. The relevant person in charge of the CBRC pointed out that from the perspective of past practice, most of the equity structure of most insurance asset management companies is more concentrated, mainly to entrust the management of the parent company or the insurance funds in the system. In terms of corporate governance, business norms, risk management, etc. The regulatory rules of the company or insurance funds lack a relatively independent and systematic regulatory system, which restrict development to a certain extent.

The "Insurance Asset Management Regulations" added a special chapter of corporate governance, clarifying the authority, responsibilities and obligations, operation requirements, and prohibition of the insurance asset management company's shareholders' association, board of directors, and supervisors to improve the independence of the operation and operation of insurance asset management companies. If insurance asset management companies are required to establish corporate governance structures with sound organizational institutions, clear responsibilities, effective check and check supervision, and reasonable incentives and restrictions, maintain the company's independent and standardized operation, and safeguard investors' legitimate rights and interests. And the shareholders and actual controller of the insurance asset management company shall not have false capital contributions, escape or evade capital in disguise.

The "Insurance Asset Management Regulations" also echoed the relevant documents of the "New Regulations for Asset Management", requiring insurance asset management companies not to provide channel services such as evading investment scope and leverage constraints. Asset management product assets are profitable for others. In this regard, Li Wenzhong pointed out to the reporter of the Huaxia Times that the asset management channel business has always been the differences between some financial institutions in the financial market to use different types of financial institutions and the differences between the balance structure between the balance of the balance of the balance of the balance of the balance of the balance of the balance of the balance of the balance of the balance of the balance of the balance of the balance of the asset -liability. Avoid regulatory requirements and obtain a business from it. But such businesses are also easy to hide financial risks.

In Li Wenzhong, it is forbidden to provide insurance asset management companies to provide other financial institutions with channel business that avoids investment scope and leverage constraints. On the one hand, it can prevent the accumulation of insurance asset management companies' own risk, and on the other hand Cumulative and diffusion needs. After the implementation of this rule, insurance asset management companies will not provide channel business for other financial institutions, reducing the systemic risks facing their operations.

Zhu Junsheng further explained to the reporter of the Huaxia Times that the channel business is mainly to avoid supervision. In the channel business, the client determines the investment target and assumes substantive risks. The trustee does not bear the active management responsibilities and only collects channel fees as a channel function subject. For example, in the bank channel business, sometimes insurance asset management companies are used as channels. Generally, insurance asset management companies are commissioned by banks to invest in investment and operation to invest in the insurance asset management plan. In addition, banks can also deposit funds into another bank by purchasing insurance asset management plans or directly commissioned investment to transform the deposit of interbank deposits into general deposits to expand the source of funds and loan scale.

However, the regulatory authorities have already restricted the channel business. According to the "Notice on Clean up and Standardize the Channel of Insurance Asset Management Company Channel Business Class Business Related Matters" issued by the former Insurance Regulatory Commission, insurance asset management companies do not assume active management responsibilities, sources of funds and investment targets All kinds of businesses undertaken by the commissioner belong to the channel business. The article also requires that insurance asset management companies are required to clean up and compliance with the relevant channel business. "The Regulations on the Insurance Asset Management reiterated the past regulatory policies. Because in the past, it has begun to clean up, so the impact on the current operation of insurance asset management companies is relatively limited." Zhu Junsheng said.

The "Insurance Asset Management Regulations" also uses risk management as a special chapter, which comprehensively supplements the risk management system, risk management requirements, internal control audit, subsidiary risk management, affiliated transaction management, and employee management. "In the context of the current strict supervision and prevention risk of the entire financial industry, strengthening the risk management of insurance asset management companies should be required. Insurance funds, especially pension insurance funds, the requirements for security during investment are compared with other types of funds than other types of funds. Usually higher, the main business of insurance asset management companies is to invest in insurance funds, social security funds, corporate annuity, occupational annuity, etc., which are entrusted by insurance companies. Therefore, it is necessary to strengthen risk management. In order to strengthen the requirements of risk management and highlight the importance of risk management, "Li Wenzhong said.

In order to strengthen the independence, marketization and professionalization of insurance asset management institutions, the "Insurance Asset Management Regulations" also expanded the scope of business and the scope of trustees, while canceling the requirements for management rates. Specifically, the "Insurance Asset Management Regulations" clarify the scope of insurance asset management companies' trusted funds, except for insurance funds, adding basic pension insurance funds, social security funds, corporate annuity, social annuity, etc.; In addition, investment services such as new asset securitization business, insurance private equity business, investment consulting, and investment consultants. In addition, the determination of the asset management rate shall be canceled in accordance with the principles of fairness, reasonableness and marketization, and the regulations that were originally regulated by supervision formulation.

Guide to increase participation in the capital market

It is worth mentioning that insurance funds have also played a vital role in the development of the capital market. The "Insurance Asset Management Regulations" also made clear in terms of guiding insurance asset management companies to increase participation in the capital market.

In terms of institutional positioning, it is clear that the insurance asset management company "for the purpose of realizing the long -term value preservation and appreciation of assets", support, encourage and guide insurance asset management companies based on long -term investment, stable investment, value investment, and achieve differentiated development with other asset management institutions Essence

In terms of professional operation and consolidating long -term investment capabilities, on the one hand, allowing qualified insurance asset management companies to invest in the establishment of wealth management, public fund, private equity funds, real estate, infrastructure, etc. Realize refined management and professional operation. On the other hand, clarify the requirements of classified classification supervision, strengthen the use of supervision and rating results, support institutions with high supervision rating and stable operations to carry out innovative business, and guide institutions to continuously strengthen their professional construction.

The "Insurance Asset Management Regulations" encourages insurance asset management companies to improve the market -oriented operation level and actively participate in the development and construction of the capital market. Combining the practice and long -term capital needs of the insurance asset management industry, further refine the business scope of insurance asset management companies, support and guide insurance asset management companies to comprehensively improve their comprehensive service capabilities, and provide long -term capital investment operations for insurance funds, corporate annuity, and occupational annuity More comprehensive, high -quality, and efficient services help increase the proportion of direct financing. In addition, the "Insurance Asset Management Regulations" strengthened the supervision requirements of insurance asset management companies' internal control audit, related transaction management, employee management, fair treatment of investors, etc., and guided insurance asset management companies to carry out investment operations more carefully and steadily. It is conducive to fostering more stable institutional investors for the smooth and healthy operation of the capital market.

According to Wind data, as of the end of June this year, the balance of insurance funds exceeded 24.4 trillion yuan, and the amount of funds continued to grow healthy. In the first half of the year, there were 383 newly registered and combined insurance asset management products, and there were 97 new registered products in June.

The person in charge of the relevant departments of the CBRC said that the CBRC has always attached great importance to maintaining and promoting the long -term healthy and stable development of the capital market. The "Insurance Asset Management Regulations" guide insurance asset management companies to adhere to the positioning of long -term capital core managers such as insurance funds and corporate annuities, encourage insurance asset management companies to consolidate and play long -term investment advantages, better play the role of institution Stable development provides stable long -term financial support.

Zhu Junsheng told the "Huaxia Times" reporter that in general, the new regulations improved the supervision system of insurance asset management companies, and promoted the promotion of the vitality of the insurance asset management market and enhancing the marketization and professional operation of insurance asset management companies. Long -term will help improve the investment capacity of insurance asset management companies. The introduction of the new rules will help promote the standardized and market -oriented operation of insurance asset management companies, and promote the long -term operation of insurance institutions to strengthen professionalized long -term operations, which can help the business transformation of the debt side. At the same time, the new regulations guide insurance asset management companies to play the long -term advantage of funds, which also helps to cultivate more stable institutional investors for the capital market.

Editor -in -chief: Meng Junlian Editor: Zhang Zhiwei

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