The person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission answered reporters on the "Regulations on the Management of Insurance Asset Management Company"

In order to further deepen the structural reform of the financial supply side, 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 has revised the "Interim Provisions on the Management of Insurance Asset Management Company" and solicited relevant parties and public opinions on the public. It is recommended that the "Regulations on the Management of Insurance Asset Management Company" (hereinafter referred to as the "Regulations"). The person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission answered questions from reporters on the relevant questions.

1. What is the situation of the "Regulations" publicly soliciting opinions?

From December 10, 2021 to January 10, 2022, the CBRC publicly solicited opinions from the society on the "Regulations" for the "Regulations". The CBRC conducted a research one by one for the feedback from various aspects. After finishing, the relevant opinions mainly involve the specific implementation of the "Regulations", including detailed regulatory requirements, clarifying the transition period arrangement, and the connection with other regulatory regulations. , Formulate relevant rules and strengthen industry communication, etc., and further clarify supervision requirements. The "Provisions" fully adopts all aspects of opinions, adjusts individual text, and the expression is more accurate and rigorous.

2. What are the revised background and overall principles?

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 two decades 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 serving the real economy.

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 original provisions). 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. With the in -depth advancement of financial supply -side structural reforms, the implementation of the "new rules of asset management", the growing growth of residents' endowment guarantees and wealth management needs, the lagging and applicability of relevant regulatory systems have become more and more prominent. Revised and perfect.

The overall principle of revision of the "Regulations": First, the relevant spirit of the Party Central Committee and the State Council on the development of financial reform and the development of the "new rules of asset management" and other laws and regulations. The second is to adhere to the problem orientation. Comprehensively sort out the problems in the development of insurance asset management companies and the lag and absence of the original provisions, and consider the development direction of insurance asset management companies in the future, and improve the pertinence and forward -looking of the regulations. The third is to reflect the direction of marketization and professionalization. Focus on the supervision requirements of key links such as shareholders' qualifications, executive qualifications, business rules, etc., and do good supervision during the event. The fourth is to adhere to strict supervision orientation. Refine regulatory requirements, clarify illegal situations, improve regulatory means and mechanisms, and increase restriction and punishment for illegal and violations.

3. What are the main contents of the "Regulations"?

The "Regulations" total 7 chapters and 85 articles, which have been greatly revised in terms of chapter structure and terms. The main contents include the following aspects.

The first is to add special chapters of corporate governance. Combined with the supervision practice in recent years, from the aspects of overall requirements, shareholders' obligations, incentives and restraint mechanisms, shareholders' associations and board supervisory board requirements, special committee settings, independent directors system, directors' supervisors, and part -time management of executives, etc. Management company operating independence, comprehensively strengthening the system constraints of corporate governance supervision.

Second, risk management is used as a special chapter, and comprehensively increases from the aspects of risk management system, risk management requirements, internal control audit, subsidiary risk management, related transaction management, employee management, risk reserve, emergency management, etc. Manage the company's risk management capabilities, and effectively maintain long -term security security such as insurance funds.

The third is to optimize the design requirements of equity structure. Implement the deployment of the State Council's financial commission to expand the opening of the open opening up, and treat the shareholders of the insurance asset management company's domestic and foreign insurance companies, and cancel the upper limit of the proportion of foreign capital holdings. In addition, all types of shareholders have set uniform applications, and strict management of non -financial corporate shareholders.

The fourth is to optimize business principles and related requirements. The original provisions mainly specified the basic business principles of insurance asset management companies from the perspective of entrusted management insurance funds. This revision and refine the business scope of insurance asset management companies, increase the basic principles of supporting various types of funds, clearly require the establishment of a custody mechanism, improve the independence of assets and prohibit debt offset expressions. Careful operation and other regulations.

Fifth, supplement supervision methods and illegal constraints. The content of hierarchical supervision, information disclosure, and reports of major matters have been added, and the supervision and inspection methods and regulatory measures have been enriched, and the records of illegal archives, illegal responsibilities of professional institutions, monitoring of financial status and self -discipline management have been added to further improve the quality and efficiency of institutions supervision Essence

4. What are the measures for the implementation of the "Regulations"?

Comprehensive implementation of the Office of the State Council's Financial Commission's Office of the State Council's "cancellation of the shares of the domestic insurance company's total holding of insurance asset management companies must not be less than 75%, allowing overseas investors to hold more than 25%of shares", no longer restrict foreign insurance insurance companies hold There are the upper limit of the shares of insurance asset management companies. At the same time, setting up the qualifications of shareholders' unified and applicable shareholders at home and abroad will help attract international insurance companies and asset management institutions to participate in the development of China's insurance asset management industry. 5. What are the considerations of the "Regulations" in enhancing the independence of insurance asset management companies and promoting the high -quality development of insurance asset management companies?

Insurance asset management company is a product of professional development of insurance funds. From the perspective of past practice, most of the equity structure of most insurance asset management companies is more concentrated, focusing on the management of the parent company or insurance funds in the system. The rules, the lack of a relatively independent and systematic regulatory system, constrained the development to a certain extent.

Based on 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 and professionalization, and promote high -quality development Essence Specifically:

The first is to optimize the design of equity structure and clarify institutional functional positioning. Properly reduce the upper limit of the total shareholding ratio of the insurance company, and requires that the total shares of the insurance asset management company at home and abroad must not be less than 50%. While clarifying that insurance asset management companies are the core managers of insurance funds, they are the core managers of insurance funds. All types of shareholders, including insurance companies and asset management agencies, provide institutional space. In terms of business scope, in addition to entrusted management insurance funds, it enrichs the expansion of the business of insurance asset management products, other medium and long -term funds and qualified investor funds to promote diversified development.

The second is to strengthen equity management and standardize shareholders' behavior. Insurance asset management companies are required to hold the equity of insurance asset management companies in writing for a long time to hold the equity of insurance asset management companies in writing. It is required that shareholders must exercise their rights through the shareholders (large) in accordance with the law, and shall not directly intervene in the operation of insurance asset management companies. Insurance asset management companies are required to establish an effective risk isolation mechanism with shareholders, and to prevent risk infection, insider transactions, conflicts of interests, benefit transmission, etc. through measures such as isolation funds, business, management, personnel, systems, business places and information. More independent operations.

The third is to improve corporate governance requirements and strengthen key personnel management. Further clarified the authority, responsibilities and obligations, operation requirements, and prohibition of the insurance asset management company's shareholders' association, board of directors, and supervisors. The scope of executives that meet the characteristics and development needs of insurance asset management companies and the qualifications of directors, supervisors and executives of the director, supervisors and executives, strengthen the construction of independent directors, and strictly strengthen the qualification management of the key positions of the chairman. At the same time, the supervision practice of the chief risk management executive officer implemented in the past few years has been clarified again through institutionalized methods, and promoting the improvement of the company's risk management level.

The fourth is to adhere to market -oriented orientation and optimize business business rules. Clarify the basic rules of insurance asset management companies' own funds and risk management, and require insurance asset management companies to treat other funds that are equally treated in accordance with the principles of fairness, reasonable, and market -oriented. And the protection of investor rights and interests. At the same time, the "negative list" is listed. For example, it is strictly forbidden to provide guarantees and the use of entrusted management assets and insurance asset management product assets for others to make profits, etc., and compact the insurance asset management company to actively manage their responsibilities.

Fifth, enrich supervision tools and comprehensively improve the quality and efficiency of supervision. The "Regulations" clearly classify the supervision ideas, and further emphasize the role of information disclosure, external audit and self -discipline organization management on the basis of supplementing supervision and rating, illegal records, and financial status monitoring.

6. What are the ideas of "Regulations" in guiding insurance asset management companies to increase support for the capital market?

The CBRC has always attached great importance to maintaining and promoting the long -term healthy and stable development of the capital market. The "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 institutional investors Stable long -term financial support.

The first is to guide insurance asset management companies based on long -term investment. 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

The second is to guide the professional operation of insurance asset management companies and consolidate long -term investment capabilities. On the one hand, the insurance asset management company that meets the conditions is to invest in the establishment of an asset management business or a subsidiary related to the asset management business to achieve 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 third is to encourage insurance asset management companies to improve the market -oriented operation level and actively participate in the development and construction of the capital market. The "Regulations" combined with 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 for insurance funds, corporate annuity, occupational annuity and other long -term funds Investment operations provide more comprehensive, high -quality and efficient services to help increase the proportion of direct financing. In addition, the "Regulations" strengthened the supervision requirements of insurance asset management companies' internal control audit, affiliated transaction management, employee management, fair treatment of investors, etc., and guided insurance asset management companies to carry out investment operations more carefully and steadily, which is conducive to capital The market is stable and healthy to cultivate more stable institutional investors.

7. How can the "Regulations" and the current applicable relevant system be connected with the insurance asset management company?

In terms of shareholders' equity management, scope of senior management personnel and qualification conditions, and own funds, the original provisions lack special management requirements. In practice, it is mainly implemented by the provisions of the use of insurance companies and insurance funds. This revision combined with industry practice and development needs, the above content was specifically standardized, and the institutional supervision system that conforms to the characteristics of insurance asset management companies with the "Regulations" as the main body and other regulatory systems. If there is no clear in the "Regulations" and other regulatory systems of the China Banking Regulatory Commission, the insurance asset management company continues to refer to applications.

In the next step, the CBRC will further strengthen communication with the industry and promote the implementation of the "Regulations".

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