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Notice of the China Insurance Regulatory Commission and the China Securities Regulatory Commission on Issues Related to Stock Investment Trading of Insurance Institutional Investors
(February 15th, 2005)
In order to implement Some Opinions of the State Council on Promoting the Reform, Opening and Steady Growth of the Capital Market, regulate investment trading activities of insurance institutional investors, prevent and defuse investment management risks, and safeguard the interests of the insured, and in accordance with the Interim Measures for the Administration of Stock Investment of Insurance Institutional Investors, the issues related to securities accounts, trading seats, capital clearing, etc. for stock investment of insurance institutional investors are hereby notified as follows:
| | 中国保险监督管理委员会关于保险机构投资者股票投资交易有关问题的通知
（2004年10月25日 保监发[2005]13号）
各保险公司、保险资产管理公司，上海、深圳证券交易所，中国证券登记结算有限责任公司：
为贯彻落实《国务院关于推进资本市场改革开放和稳定发展的若干意见》，规范保险机构投资者投资交易行为，防范投资管理风险，保障被保险人利益，根据《保险机构投资者股票投资管理暂行办法》，现就保险机构投资者股票投资的证券账户、交易席位、资金结算等有关问题通知如下：
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1.The custodians of insurance fund investments made by insurance institutional investors (hereinafter referred to as custodians) shall apply for opening securities accounts for the insurance institutional investors as commissioned thereby. Securities accounts thus opened shall be based on the names of insurance products; a securities account name shall be a combination of the name of the insurance institutional investor and its insurance product, with the one indicated in the letter of confirmation that is issued by the department of the China Insurance Regulatory Commission (hereinafter referred to as the CIRC) responsible for overseeing insurance funds management to be treated as final.
| | 一、保险机构投资者的保险资金投资托管人（以下简称托管人）应当根据保险机构投资者委托，为保险机构投资者申请代理开立证券账户。证券账户按保险产品名称开立，账户名称为保险机构投资者名称和保险产品名称的联名，以中国保险监督管理委员会（以下简称中国保监会）保险资金运用监管部门确认函的证券账户名称为准。
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2.Insurance institutional investors shall trade in stocks through independent seats.
| | 二、保险机构投资者应当通过独立席位进行股票交易。
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(1)Independent seats mean special seats used by insurance institutional investors exclusively for stock investment of insurance funds. Insurance assets management companies may apply to a stock exchange for acquiring special seats. Insurance institutional investors may, at their option, hire special seats from securities institutions.
| | （一）独立席位是指保险机构投资者专门用于保险资金股票投资的专用席位。保险资产管理公司可向证券交易所申请办理专用席位。保险机构投资者也可向证券经营机构租用专用席位。
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(2)Securities institutions from which insurance institutional investors hire their special seats shall provide documents and materials that meet the conditions as provided for in the Interim Measures for the Administration of Stock Investment of Insurance Institutional Investors, as well as a letter of undertaking promising to perform their duties and responsibilities, to the CIRC. The CIRC will conduct assessment and issue its review opinions in terms of assets scale, corporate governance, internal control, credit-worthiness, research capability, market status, etc.
Stock exchanges shall handle relevant procedures upon the strength of the letter of confirmation issued by the CIRC department in charge of overseeing the management of insurance funds.
| | （二）向保险机构投资者出租专用席位的证券经营机构，应当向中国保监会提供符合《保险机构投资者股票投资管理暂行办法》规定条件的证明材料和履行职责的承诺书。中国保监会从资产规模、公司治理、内部控制、诚信状况、研究能力、市场地位等方面，对其进行评估并出具审核意见书。
证券交易所应当依据中国保监会保险资金运用监管部门出具的席位确认函办理相关手续。
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(3)Stock exchanges and securities institutions shall assist insurance institutional investors in taking relevant measures to ensure information security of all data related to commissioned deals and returned data of closed deals. In case a securities institution enters into the process of risk disposition, insurance institutional investors may transfer in a whole package all their businesses on the institution's special seats to a new one for custody and thus subject themselves to no impact from shutdown or liquidation of the institution.
| | （三）证券交易所、证券经营机构应当协助保险机构投资者采取相关措施，确保专用席位一切交易委托和成交回报数据的信息安全。证券经营机构进入风险处置的，保险机构投资者在该机构专用席位的全部业务，可整体转托管到新的专用席位，不因证券经营机构的关闭、清算受到影响。
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3.Insurance institutional investors and custodians shall conduct business operations such as account management, securities registration, commission, settlement, etc. for stock investment made by the former, in accordance with the Guide to Registration and Settlement Business for Stock Investment of Insurance Institutional Investors.
| | 三、保险机构投资者、托管人应当按《保险机构投资者股票投资登记结算业务指南》（见附件），开展保险机构投资者股票投资涉及的账户管理、证券登记、托管、结算等业务。
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(1)Custodians shall be responsible for liquidation and settlement of stock investment trading. Where any act such as overbuying or short sale of securities occurs in stock investment operations of insurance institutional investors, the custodians shall subject the responsible persons involved to settlement liabilities and report it to the relevant authorities.
| | （一）托管人负责所托管保险资金股票投资交易的清算与交收。保险机构投资者股票投资运作中出现的证券超买、卖空等行为，托管人应当负责追究相关责任人的交收责任，并报告有关监管部门。
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(2)Custodians shall apply for opening clearing reserve accounts at the China Securities Depository & Clearing Corporation Limited (hereinafter referred to as the China Clearing Corporation), which are used for liquidation and settlement of insurance funds under their custody.
| | （二）托管人应当以其名义在中国证券登记结算有限公司（以下简称中国结算公司）申请开立结算备付金账户，用于其所托管的保险资金的清算与交收。
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(3)The custodians and insurance institutional investors shall obtain clearing data of stock investment trading of insurance funds from stock exchanges and China Clearing Corporation in a timely manner and check with them upon finding of data errors.
| | （三）托管人和保险机构投资者应当及时从证券交易所和中国结算公司获得保险资金股票投资交易的结算数据，发现数据错误应当与证券交易所和中国结算公司核对。
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(4)The custodians, as disclosure contact of stock exchanges, shall, in line with the requirements of relevant laws and regulations, submit disclosure materials to the stock exchanges and remind the insurance institutional investors to perform their disclosure obligations in good time.
| | （四）托管人作为证券交易所的信息披露联系人，要根据相关法律、行政法规的要求，向交易所报送信息披露资料，及时提醒保险机构投资者履行信息披露义务。
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4.When participating in the subscription of stock offerings, insurance institutional investors shall comply with the provisions governing stock issuance. No ceiling will be set for subscription of newly issued stock shares in the securities accounts of insurance institutional investors.
| | 四、保险机构投资者参与股票发行申购，应当遵循股票发行的有关规定。保险机构投资者证券账户申购新股，不设申购上限。
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(1)For all traditional insurance products and participating insurance products of an insurance institutional investor, the sum declared may not exceed 10% of the total assets of the insurance institutional investor at the preceding year-end, and the number of shares declared may not exceed the total number of shares currently distributed by the insurance institutional investor. For any single investment-related insurance product or universal product, the sum declared may not exceed the total amount of assets on the product account, and the number of shares declared may not exceed the total number of shares currently distributed by the insurance institutional investor.
| | （一）保险机构投资者的所有传统保险产品和分红保险产品，申报的金额不得超过该保险机构投资者上年末总资产的10％，申报的股票数量不得超过发行股票公司本次股票发售的总量。保险机构投资者的单个投资连结保险产品和万能保险产品，申报的金额分别不得超过该产品账户资产的总额，申报的股票数量分别不得超过发行股票公司本次股票发售的总量。
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(2)Insurance institutional investors shall take effective measures to ensure that, after subscription of shares, their holding of shares issued by a single company may not exceed the ratio prescribed by the CIRC.
| | （二）保险机构投资者应当采取有效措施，保证申购股票后，持有1家公司发行的股票不得超过中国保监会规定的比例。
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5.The CIRC may, in accordance with the laws and regulations including the Insurance Law of the People's Republic of China and the Securities Law of the People's Republic of China, inquire into the circumstances regarding stock investment dealings of institutional investors through stock exchanges, China Clearing Corporation and securities institutions, all of which shall give cooperation and assistance as necessary and provide information for oversight purposes according to the CIRC requirements.
| | 五、根据《中华人民共和国保险法》、《中华人民共和国证券法》等法律、行政法规的规定，中国保监会可通过证券交易所、中国结算公司和证券经营机构查询保险机构投资者的证券投资交易情况。证券交易所、中国结算公司和证券经营机构应当积极配合、协助，并按中国保监会的要求向其提供监管所需的信息。
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6.When opening special securities accounts for state treasury bonds, or funds, directly at China Clearing Corporation, insurance institutional investors shall present the letter of confirmation issued by the CIRC department responsible for overseeing the management of insurance funds.
．．．．．． | | 六、保险机构投资者直接到中国结算公司开立国债、基金专用证券账户，应当出具中国保监会保险资金运用监管部门的确认函。
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