各保险公司、各保险资产管理公司：

为进一步规范投资动作行为，确保《保险外汇资金境外运用管理暂行办法》的有效实施，经商国家外汇管理局同意，我会制定了《保险外汇资金境外运用管理暂行办法实施细则》。现印发给你们，请认真贯彻执行。

特此通知

二00五年九月一日

保险外汇资金境外运用管理暂行办法实施细则

第一章　总则

第一条　为加强保险外汇资金境外投资管理，规范投资运作行为，防范市场和经营风险，保障当事人合法权益，根据《中华人民共和国保险法》、《保险外汇资金境外运用管理暂行办法》（以下简称办法）等法律法规，制定本细则。

第二条　保险外汇资金境外投资，由保险公司（以下简称委托人）董事会决定，可以委托境内保险资产管理公司或者境外专业投资管理机构（以下统称受托人）管理。其他管理方式，由中国保险监督管理委员会（以下简称中国保监会）另行规定。

第三条　委托人应当按照《办法》规定，委托商业银行（以下简称托管人）独立托管境外运用的保险外汇资金及投资形成的外汇资产（以下统称保险外汇资金）。

第四条　委托人应当公开、公平、公正选择受托人和托管人，按照安全性、流动性和收益性原则，审慎制定资产战略配置计划。

第五条　受托人、托管人应当本着诚实信用、审慎勤勉、忠实尽职的原则，公平管理保险外汇资金，确保保险外汇资金安全。

第六条　中国保监会负责制定保险外汇资金境外投资管理政策。中国保监会、国家外汇管理局（以下简称国家外汇局）按照各自职责，依法对保险外汇资金境外投资活动进行监督管理。

第二章　申报管理

第七条　委托人向国家外汇局提交保险外汇资金境外投资付汇申请时，应当同时向中国保监会提交下列文件和材料：

（一）《办法》第七条规定的文件和材料；

（二）公司董事会有关保险外汇资金境外投资的决议原件；

（三）境外投资管理制度和风险控制制度，至少包括委托事务管理规则、保险外汇资金境外投资指引（以下简称投资指引）制定要素和流程、受托人和境内托管人选择标准与流程、交易对手选择标准、信息沟通机制、绩效评估机制、风险控制机制、监督检查措施和重大突发事件处理机制等；

（四）境外投资战略配置方案，至少说明投资理念、资产负债、投资目标、投资品种、投资比例、投资市场、币种配置、业绩基准和交易席位安排等；

（五）第三方独立托管方案，至少说明境内托管人、境外托管代理人、次托管人的名称和所在国家，以及与委托人、受托人的关联关系；

（六）最近3年受托人、托管人合法合规、审慎经营的调查报告；

（七）保证提供材料真实性和履行《办法》、本细则规定职责的承诺书；

（八）中国保监会规定的其他文件和材料。

中国保监会根据《办法》和本细则有关规定，对委托人境外投资管理条件进行审核。

第八条　境内受托人管理保险外汇资金境外投资，应当向中国保监会提供下列文件和材料：

（一）法定代表人或者其授权人签署的申请书；

（二）境外投资管理制度和风险控制制度，至少包括投资授权制度、合规管理制度、研究报告制度、品种选择制度、交易管理制度、信息管理制度，以及投资决策流程、交易对手选择标准、风险评估和绩效考核指标、风险控制机制、职业道德准则、稽核检查措施和重大突发事件处理机制等；

（三）境外投资管理方案、操作策略和交易席位安排等；

（四）境外投资专业人员数量和简历；

（五）信息系统、交易系统和投资管理系统等保险外汇资金投资技术支持系统的说明；

（六）与委托人、境内托管人、境外托管代理人关联关系的说明；

（七）保证提供材料真实性和履行《办法》、本细则规定职责的承诺书；

（八）中国保监会规定的其他文件和材料。

中国保监会根据《保险资产管理公司管理暂行规定》、《办法》和本细则有关规定，从公司治理、资产规模、管理经验、投资业绩、研究能力、内部控制和市场地位等方面，对境内受托人从事保险外汇资金境外投资管理业务的条件进行审慎评估，并出具审核意见书。

第九条　境外受托人管理保险外汇资金境外投资，除符合《办法》第十四条规定条件外，还应当具备下列条件：

（一）具有独立法人资格；

（二）具有5年以上保险资产管理经验；

（三）购买与资产管理规模相适应的责任保险。

第十条　境外受托人有下列情形之一的，可不受《办法》第十四条第（三）项实收资本和净资产均不低于6000万美元或者等值自由兑换货币的限制：

（一）相互制、合伙制受托人，受托管理资产规模在2000亿美元或者等值自由兑换货币以上；

（二）控股股东符合《办法》第十四条第（三）项实收资本和净资产的规定，能够提供全责担保。

第十一条　境外受托人管理保险外汇资金境外投资，应当向中国保监会提交下列文件和材料：

（一）法定代表人或者其授权人签署的申请书；

（二）符合《办法》第十四条、本细则第九条和第十条规定条件的书面说明，受托人实收资本和净资产不足6000万美元或者等值自由兑换货币的，应当提供控股股东的全责担保函；

（三）境外投资管理制度和风险控制制度，至少包括投资授权制度、合规管理制度、研究报告制度、品种选择制度、交易管理制度、信息管理制度，以及投资决策流程、交易对手选择标准、风险评估和绩效考核指标、风险控制机制、职业道德准则、稽核检查措施和重大突发事件处理机制等；

（四）境外投资管理方案、操作策略和交易席位安排等；

（五）境外投资专业人员数量和简历；

（六）信息系统、交易系统和投资管理系统等保险外汇资金投资技术支持系统的说明；

（七）所在国家或者地区监管机构核发的营业执照（副本），或者营业执照有效复印件；

（八）所在国家或者地区监管机构出具的监管意见书，或者经公证的公司董事或者合伙人签署的声明；

（九）会计师事务所审计的最近1年公司财务报表；

（十）会计师事务所出具的最近1年公司内控制度审计报告；

（十一）责任保险有效保单复印件；

（十二）与委托人、境内托管人、境外托管代理人关联关系的说明；

（十三）保证提供材料真实性和履行《办法》、本细则规定职责的承诺书；

（十四）中国保监会规定的其他文件和材料。

前款第（八）项所称监管意见书和声明，应当包括实收资本、净资产、管理资产规模、业务管理经验和最近3年无重大违法违规行为等内容。

中国保监会根据《办法》和本细则有关规定，从公司治理、资产规模、管理经验、研究能力、投资业绩、内部控制和市场地位等方面，对境外受托人受托管理保险外汇资金的条件进行审慎评估，并出具审核意见书。

第十二条　境内托管人托管委托人境外投资保险外汇资金，应当向中国保监会提交下列文件和材料：

（一）法定代表人或者其授权人签署的申请书；

（二）符合《办法》第十八条规定条件的书面说明；

（三）从事保险外汇资金境外投资托管业务的资质证明；

（四）独立托管操作流程和管理制度，至少包括账户开立、资产保管、资金追加和提取、证券交割和资金清算、内部控制与风险防范、与委托人和受托人信息核对、境外代理人及其次托管人选择、职业道德准则、稽核检查机制和重大突发事件处理机制等；

（五）会计师事务所审计的最近1年公司财务报表和经公证的公司董事签署的声明；

（六）会计师事务所出具的最近1年公司内控制度审计报告，报告应当包括托管业务内容；

（七）全球托管网络列表，注明与保险外汇资金托管相关的境外托管代理人、次托管人的名称和所在国家，以及符合《办法》第二十六条规定条件的说明；

（八）与委托人、受托人关联关系的说明；

（九）保证提供材料真实性和履行《办法》、本细则规定职责的承诺书；

（十）中国保监会规定的其他文件和材料。

前款第（五）项所称声明应当包括实收资本、净资产、托管资产规模、托管业务经验和最近3年无重大违法违规行为等内容。

中国保监会根据《办法》和本细则有关规定，从资本实力、公司治理、托管规模、业务经验、内部控制、市场地位和服务水平等方面，对境内商业银行从事保险外汇资金境外投资托管业务的条件进行审慎评估，并出具审核意见书。

第三章　品种管理

第十三条　委托人保险外汇资金境外投资币种配置，限于美元（USD）、欧元（EUR）、日元（JPY）、英镑（GBP）、加元（CAD）、瑞士法郎（CHF）、澳元（AUD）、新加坡元（SGD）、港币（HKD）以及中国保监会批准的其他币种。

保险外汇资金境外投资币种配置策略，应当经委托人投资决策委员会或者其授权部门批准。币种配置应当符合《办法》、本细则的规定以及保险外汇资金境外投资管理协议（以下简称投资管理协议）和投资指引的约定。

第十四条　《办法》第九条第（一）项所称银行存款，是指根据受托人要求存放在境外银行，并由该银行承诺按期支付本金和利息的款项，包括银行发行、承诺保本保息的结构性存款等。

《办法》第九条第（二）项所称外国政府债券是指主权国家以中央政府名义发行，并承诺按期偿还本金和利息的债券，包括政府担保按期还本付息的住房抵押贷款债券（MBS）等。

《办法》第九条第（二）项所称国际金融组织债券是指多边政府组成的政策性金融机构发行的债券等。

《办法》第九条第（四）项所称货币市场产品，包括货币市场基金等。

第十五条　委托人保险外汇资金投资境外股票，限于中国企业在纽约、伦敦、法兰克福、东京、新加坡和香港证券交易所上市的股票。

第十六条　委托人保险外汇资金投资境外股票，可采用一级市场申购和二级市场交易方式。一级市场申购包括配售、定向配售和以战略投资者身份参与配售等。

第十七条　委托人保险外汇资金境外投资的金融产品，其国际评级机构的信用评级，应当符合《办法》第九条规定，其中：

（一）结构性存款为最近3年发行银行的评级，在A级或者相当于A级以上；

（二）中国企业在境外发行债券的评级，在BBB级或者相当于BBB级以上；

（三）住房抵押贷款债券（MBS）的评级，在AAA级或者相当于AAA级；

（四）货币市场基金的评级，在A－1级或者相当于A－1级。

第十八条　委托人保险外汇资金境外投资比例，应当符合《办法》第十条规定，其中：

（一）结构性存款的余额，按照成本价格计算不得超过国家外汇局核准投资付汇额度的5％；

（二）住房抵押贷款债券（MBS）的余额，按照成本价格计算不得超过国家外汇局核准投资付汇额度的20％；

（三）中国企业在境外发行股票的总额，按照成本价格计算不得超过国家外汇局核准投资付汇额度的10％，投资单一企业发行的股票，不得超过该股票总额的5％；

（四）单个关联方的银行存款，不得超过国家外汇局核准投资付汇额度的10％；单个关联方发行的债券，不得超过国家外汇局核准投资付汇额度的3%，且不得超过该期债券发行总额的10％；单个关联方发行的股票，不得超过该股票总额的2％。

前款第（四）项所称关联方是指：

（一）委托人直接或者间接持有企业股份超过10％的；

（二）企业直接或者间接持有委托人股份超过10％的；

（三）委托人和企业分别被同一企业直接或者间接持有股份超过10％的；

（四）中国保监会认定的其他与委托人有利益关系的企业。

第四章　协议管理

第十九条　委托人与受托人签订投资管理协议，应当要求其提供中国保监会出具的审核意见书。投资管理协议除符合《办法》、本细则所有规定和一般委托惯例外，还应当符合以下规定：

（一）明确委托人和受托人的职责与义务；

（二）明确委托人对投资品种、投资比例和投资市场的限制，确定因市场波动、信用评级调整等因素超出投资限额的处理方法；

（三）明确委托人、中国保监会对受托人的监督职责。受托人应当按照投资管理协议的约定和要求，及时向委托人、中国保监会提供管理保险外汇资金的全部和相关信息；

（四）明确受托人应当遵循利益回避的原则；

（五）明确受托人每年应当聘请会计师事务所，对内部控制执行情况进行审计，审计报告包括其管理的保险外汇资金。明确委托人有权聘请会计师事务所，对受托人管理的保险外汇资金进行审计，受托人应当予以配合；

（六）明确受托人应当配合境内托管人进行合规性检查，及时核对保险外汇资金状况，提供相关信息，并确保信息真实、准确；

（七）明确受托人应当按照审慎、尽职原则，管理保险外汇资金境外投资，因各种疏忽、操作失误、证券和资金余额不足，或者与第三方协议条文瑕疵、系统故障和员工欺诈等造成损失的，受托人应当赔偿由此造成的直接损失并承担民事责任。受托人对是否审慎、尽职负有举证责任；

（八）明确受托人违反有关法律法规、《办法》、本细则规定以及投资管理协议和投资指引约定造成保险外汇资金损失的，应当负责赔偿并承担民事责任。受托人退任之前的赔偿及民事责任，不因退任免除；

（九）明确受托人违反有关法律法规、《办法》、本细则规定以及投资管理协议和投资指引约定，利用受托管理的保险外汇资金，为自己或者他人谋取不当利益，所得利益归于保险外汇资金，造成保险外汇资金损失的，应当负责赔偿并承担民事责任。受托人退任之前的赔偿及民事责任，不因退任免除；

（十）明确投资管理费计提和支付方法；

（十一）明确投资管理协议仲裁条款约定，应当将争议提交中国或者中国香港特别行政区的仲裁机构；

（十二）明确投资管理协议解除和终止有关事项；

（十三）明确投资管理协议文字以中文为准，根据协议需要、市场实务或者其他要求以外文为准的，应当附中文译本；

（十四）明确其他需要确定的事项。

委托人与受托人签订投资管理协议前，应当聘请具有5年以上执业资历的专业律师，审核投资管理协议并出具法律意见。

第二十条　委托人与境内托管人签订保险外汇资金境外投资托管协议（以下简称托管协议），应当要求其提供中国保监会出具的审核意见书。托管协议除符合《办法》、本细则所有规定和一般托管惯例外，还应当符合以下规定：

（一）明确委托人和境内托管人的职责与义务；

（二）明确委托人应当配合境内托管人进行合规性检查。境内托管人应当配合中国保监会进行合规性检查，及时核对保险外汇资金状况，提供相关信息，并确保信息真实、准确；

（三）明确委托人、中国保监会对境内托管人的监督职责。托管人应当按照托管协议的约定和要求，及时向委托人、中国保监会提供托管保险外汇资金的全部和相关信息；

（四）明确境内托管人需要聘用境外托管代理人、次托管人时，应当向委托人说明境外托管代理人、次托管人的选择标准、管理流程和监督措施并获得其认可。境内托管人应当将境外托管代理人和次托管人的选定结果，报中国保监会；

（五）明确境内托管人每年应当聘请会计师事务所，对内部控制执行情况进行审计，审计报告包括其托管的保险外汇资金。明确委托人有权聘请会计师事务所，对托管人托管的保险外汇资金进行审计，境内托管人应当予以配合；

（六）明确境内托管人应当按照审慎、尽职原则，监督境外托管代理人及其次托管人托管保险外汇资金的业务活动，因各种疏忽、操作失误、头寸不足，或者与第三方协议条文瑕疵、系统故障和员工欺诈等造成损失的，境内托管人应当赔偿由此造成的直接损失并承担民事责任。境内托管人对是否审慎、尽职负有举证责任；

（七）明确境内托管人违反有关法律法规、《办法》、本细则规定以及托管协议和投资指引约定造成保险外汇资金损失的，应当负责赔偿并承担民事责任。境内托管人退任之前的赔偿及民事责任，不因退任免除；

（八）明确境内托管人违反有关法律法规、《办法》、本细则规定以及托管协议和投资指引约定，利用托管的保险外汇资金，为自己或者他人谋取不当利益，所得利益归于保险外汇资金，造成保险外汇资金损失的，应当负责赔偿并承担民事责任。境内托管人退任之前的赔偿及民事责任，不因退任免除；

（九）明确托管费计提和支付方法；

（十）明确托管协议的签订、解释和争议解决，适用中华人民共和国有关法律法规，有关仲裁条款约定，应当将争议提交中国或者中国香港特别行政区的仲裁机构；

（十一）明确托管协议解除和终止有关事项；

（十二）明确托管协议文字以中文为准，根据协议需要、市场实务或者其他要求，境内托管人与境外托管代理人和次托管人所签协议以外文为准的，应当附中文译本；

（十三）明确其他需要确定的事项。

委托人与境内托管人签订托管协议前，应当聘请具有5年以上执业资历的专业律师，审核托管协议并出具法律意见。

第五章　投资管理

第二十一条　委托人应当按照《保险资金运用风险控制指引》，建立保险外汇资金境外投资管理制度和风险控制制度，制定科学、严谨、高效的境外投资管理流程。

第二十二条　委托人应当充分考虑保险外汇资金属性，按照资产负债匹配管理的要求，加强和改善资产战略配置。

第二十三条　委托人应当按照标准和规定程序，采用招标方式选择受托人和境内托管人。原则上一个委托人只能选择一个境内托管人。

第二十四条　委托人应当授权境内托管人，按照不同受托人、不同保险产品和不同性质的外汇资金，分别开设托管账户，维护各类资金的独立性。境内托管人应当予以配合。

第二十五条　委托人在境外上市，应当在6个月内将上市募集的保险外汇资金调回境内，国家法律法规另有规定的，从其规定。取得境外投资资格的委托人，应当从获批之日30日内，将上市募集的保险外汇资金直接划入境内或者境外托管账户。

第二十六条　委托人制定投资指引，至少包括投资理念、投资目标、投资品种、投资比例、投资市场、投资期限、业绩基准、交易对手选择标准和清单、流动性和风险控制要求。投资指引应当同时送达受托人和境内托管人。

第二十七条　委托人在境内托管人和境外托管代理人之外的商业银行存款，应当要求该银行向境内托管人提供所有权文件正本或者证明全部所有权的文件正本，定期向境内托管人提供该笔存款信息。存款提前终止或者到期，应当划回境内托管人指定账户。

第二十八条　委托人应当定期审核投资指引，根据政策环境、市场走向和投资情况，及时进行调整并通知受托人、境内托管人。审核投资指引频度每年应当不少于一次。

第二十九条　委托人应当根据投资管理协议相关条款，定期评估受托人的投资管理能力和实际投资业绩，相应调整委托管理规模。发现受托人违法违规的，委托人可以解除投资管理协议。评估受托人频度每年应当不少于一次。

第三十条　委托人应当根据托管协议相关条款，定期评估境内托管人、境外托管代理人、次托管人的托管能力和实际服务水平，不能达到托管协议要求，或者发现有违法违规行为的，委托人可以要求更换境外托管代理人和次托管人，或者解除托管协议。评估境内托管人频度每年应当不少于一次。

第三十一条　委托人、受托人应当对保险外汇资金境外投资的汇率风险、利率风险、信用风险、市场风险、流动性风险和操作风险进行跟踪评估，控制境外投资风险。

第三十二条　受托人投资运作前，委托人、受托人和境内托管人，应当就文件制备、交易操作以及交易和结算指令的下达、确认、执行等达成一致。委托人、受托人应当将发送指令人员、授权书，以及授权额度通知境内托管人。

第三十三条　受托人应当严格执行法律法规、《办法》、本细则规定以及投资管理协议和投资指引约定，设置专门指令和审核系统，确保交易指令不会违反限制性规定。

第三十四条　受托人不得将保险外汇资金用于投机性外汇买卖，不得用保险外汇资金抵押融资或者用其他负债方式进行投资。

第三十五条　受托人作出下列重大决策前，应当有书面研究报告：

（一）涉及受托管理保险外汇资金10％的；

（二）投资组合需做重大调整的；

（三）业绩基准需做重大调整的；

（四）投资风险容忍度需做重大调整的；

（五）交易对手选择标准需做重大调整的；

第三十六条　受托人应当在《办法》、本细则规定以及投资管理协议和投资指引约定内，充分考虑信用状况、风险属性、收益能力、信息透明程度和流动性等指标，确定可投资品种范围。

第三十七条　受托人应当采用风险价值和其他风险计量指标，揭示不同投资品种风险状况和受托管理保险外汇资金总体风险。

第三十八条　受托人因市场波动、信用评级调整等因素，造成投资管理不符合《办法》、本细则规定以及投资管理协议和投资指引约定的，应当及时通知委托人、境内托管人，并在合理期限内进行调整。

第三十九条　受托人应当公平、公正管理不同受托资金，定期向委托人提供受托管理保险外汇资金的投资业绩和风险评估等报告。

第四十条　境内托管人应当对受托人投资行为进行合规性检查，发现违反《办法》、本细则规定以及投资管理协议和投资指引约定的，境内托管人应当及时通知委托人和受托人，委托人和受托人应当共同确定解决方法并做相应处理。

第四十一条　境内托管人、境外托管代理人和次托管人应当按照托管协议的相关规定，共同负责托管保险外汇资金的清算、交收与保管，及时准确核对资产状况。托管资产所有权文件正本或者证明全部所有权的文件正本，应当由境内托管人保管，投资所在地法律法规另有规定的，从其规定。

第四十二条　因市场波动、信用评级调整等因素，造成受托人投资管理不符合《办法》、本细则规定以及投资管理协议和投资指引约定的，境内托管人应当及时通知委托人和受托人，监督受托人在合理期限内调整，并将调整结果报告中国保监会。

第六章　监督管理

第四十三条　委托人委托多个受托人管理保险外汇资金境外投资，其投资余额合并计算，不得超过中国保监会规定的投资比例。

第四十四条　委托人除按照《办法》第三十三条、第三十四条规定，向中国保监会报告有关事项外，还应当报告下列事项：

（一）每季结束后10日内，上报境外专用外汇账户余额以及该账户所有收支情况；

（二）每季结束后10日内，上报结构性存款情况，报告至少包括合约主要条款、利率变动区间、存款期限、内在风险概要、影响产品潜在损失等重要内容；

（三）每季结束后10日内，上报在关联方存款、购买关联方债券、股票情况，报告至少包括交易各方的关联关系、业务性质、交易金额、相应比例和定价政策；

（四）每年6月底前，上报对上一年受托人、托管人管理保险外汇资金的评估报告；

（五）增加或者减少单一受托人管理保险外汇资金规模，包括决策依据和受托人投资管理业绩，应当自决定之日起15日内上报；

（六）投资指引制订或者变更，应在15日内上报；

（七）投资管理协议、托管协议及法律意见签订，应在5日内上报；

（八）投资市场发生重大突发事件、发生影响保险外汇资金安全和投资业绩的重大突发事件，应在2日内上报；

（九）受托人和境内托管人发生重大突发事件，应在2日内上报。

委托人报告前款第（八）项规定事项时，应当包括资产保全和风险防范措施。

第四十五条　与委托人有下列关系的商业银行，不得担任该委托人的境内托管人和境外托管代理人：

（一）委托人直接或者间接持有商业银行股份超过10％的；

（二）商业银行直接或者间接持有委托人股份超过10％的；

（三）委托人和商业银行分别被同一企业直接或者间接持有股份超过10％的；

（四）中国保监会认定其他可能影响境内托管人、境外托管人独立性的。

第四十六条　有下列关系的商业银行和境外受托人，不得同时担任同一委托人的境内托管人、境外托管代理人和受托人：

（一）商业银行直接或者间接持有境外受托人股份超过10％的；

（二）境外受托人直接或者间接持有商业银行股份超过10％的；

（三）商业银行和境外受托人分别被同一企业直接或者间接持有股份超过10％的；

（四）中国保监会认定其他可能影响受托人和境内托管人独立性的。

第四十七条　受托人应当向中国保监会报告下列事项：

（一）每年6月底前，上报会计师事务所出具的上一年公司内部控制审计报告、财务报表，包括投资业绩和受托管理保险外汇资金情况；

（二）每季度结束后15日内，上报受托管理保险外汇资金的投资业绩和风险评估报告；

（三）投资市场发生重大突发事件、发生影响保险资金安全和投资业绩的重大突发事件，应在2日内上报；

（四）注册资本、股东结构或者合伙人发生重大变化，应在5日内上报；

（五）涉及重大诉讼、受到重大处罚，应在5日内上报；

（六）中国保监会规定的其他事项。

受托人报告前款第（三）项规定事项时，应当包括资产保全和风险防范措施。

第四十八条　境内托管人除按照《办法》第二十条规定，向中国保监会报告有关事项外，还应当报告下列事项：

（一）每年6月底前，上报会计师事务所出具的上一年公司内部控制审计报告、财务报表，包括托管保险外汇资金情况；

（二）注册资本和股东结构发生重大变化，应在5日内上报；

（三）涉及重大诉讼、受到重大处罚，应在5日内上报；

（四）确定或者变更境外托管代理人及其次托管人，应在5日内上报；

（五）中国保监会规定的其他事项。

第四十九条　中国保监会按照《办法》第九条、第十条及有关规定，可采取下列措施：

（一）根据保险外汇资金境外投资和国际金融市场情况，调整各项投资比例；

（二）根据委托人管理能力，逐步调整投资品种、投资币种和投资市场。

第五十条　中国保监会定期不定期对委托人和境内受托人境外投资合规和风险控制情况进行检查，也可聘请会计师事务所等中介机构对委托人和境内受托人境外投资情况进行检查。

第五十一条　中国保监会根据《办法》和本细则有关规定，对受托人和境内托管人从事保险外汇资金境外投资业务情况进行年度审核。

受托人和境内托管人应当分别按照本细则第八条、第九条、第十条和第十一条、第十二条规定提供文件材料。

中国保监会发现受托人或者境内托管人，不具备《办法》和本细则规定条件的，可书面要求受托人或者境内托管人说明理由。

第五十二条　委托人、境内受托人违反《办法》、本细则和有关规定的，中国保监会应当与其相关高级管理人员和主要业务人员监管谈话或者进行质询，情节严重的，可依法给予行政处罚。

第五十三条　境内托管人、境外受托人违反《办法》、本细则和有关规定的，中国保监会将记录其业务不良行为，情节严重的，可停止其从事保险外汇资金境外投资业务。

第七章　附则

第五十四条　本细则所称托管人托管的保险外汇资金，包括保险机构管理的境内和境外保险外汇资金。

第五十五条　本细则所称会计师事务所是指有境外相关行业审计经验、在全球范围内享有信誉并被广泛认可的会计师事务所。

本细则所称国际评级机构限于穆迪公司（Moody's Investors Service）、标准普尔公司（Standard & Poor's）、惠誉公司（Fitch Ratings）以及中国保监会认可的其他评级机构。

第五十六条　本细则自公布之日起执行。

Notice of the China Insurance Regulatory Commission on Printing and Distributing the Detailed Rules for the Implementation of the Interim Measures for Administration of Overseas Use of Foreign Exchange Insurance Funds
Bao Jian Fa [2005] No. 77

All insurance companies and all insurance asset management companies:

With a view to further standardizing the investment activities and ensuring the effective implementation of the Interim Measures for Administration of Overseas Use of Foreign Exchange Insurance Funds, upon the approval of the State Administration of Foreign Exchange, the China Insurance Regulatory Commission has formulated the Detailed Rules for the Implementation of the Interim Measures for Administration of Overseas Use of Foreign Exchange Insurance Funds, and hereby print and distribute them to you.

Please comply with and carry them out earnestly.

the China Insurance Regulatory Commission
September 1, 2005

Detailed Rules for the Implementation of the Interim Measures for Administration of Overseas Use of Foreign Exchange Insurance Funds

Chapter I General Provisions

Article 1 With a view to intensifying the administration of overseas investment of foreign exchange insurance funds, standardizing investment operations, preventing market risks as well as business risks and guaranteeing the legitimate rights and interests of the parties concerned, the present Detailed Rules are formulated in accordance with such laws and regulations as the Insurance Law of the People's Republic of China and the Interim Measures for the Administration of Overseas Use of Foreign Exchange Insurance Funds （hereinafter referred to as the Measures）.

Article 2 The overseas investment of foreign exchange insurance funds shall be decided by the board of directors of an insurance company （hereinafter referred to as the entrusting party） and may be entrusted for management to an insurance asset management company within the territory of China or an overseas investment management organization （hereinafter referred to as the entrusted party）. The provisions on any other methods of management of foreign exchange insurance funds shall be separately formulated by the China Insurance Regulatory Commission （hereinafter referred to as the CIRC）.

Article 3 An entrusting party shall, in accordance with the provisions of the Measures, entrust a commercial bank （hereinafter referred to as the custodian party） to independently keep custody of its foreign exchange insurance funds used overseas as well as its foreign exchange assets as formed in investment （hereinafter uniformly referred to as the foreign exchange insurance funds）.

Article 4 An entrusting party shall choose its entrusted party and custodian party in an open, fair and impartial manner, and shall, in accordance with the principles of safety, liquidity and profitability, prudently formulate a plan for strategic allocation of assets.

Article 5 An entrusted party or custodian party shall, in accordance with the principles of being honest and creditworthy, prudent and diligent, loyal and duteous, manage the foreign exchange insurance funds in a fair manner, and guarantee the safety of the foreign exchange insurance funds.

Article 6 The CIRC shall be responsible for formulating the policies for administration of overseas investment of the foreign exchange insurance funds. The CIRC and the State Administration of Foreign Exchange （hereinafter referred to as the SAFE） shall, according to their respective functions and duties, conduct supervision and administration on the overseas investment of the foreign exchange insurance funds according to law.

Chapter II Administration of Application

Article 7 An entrusting party shall, when submitting to the CIRC an application for foreign exchange payment so as to make overseas investment with its foreign exchange insurance funds, simultaneously submit the following documents and materials:

（1） The documents and materials as prescribed in Article 7 of the Measures;

（2） The original copy of the decision of the board of directors of the company on the overseas investment with its foreign exchange insurance funds;

（3） The management system and risk control system for overseas investment, which shall at least include the management rules on the entrusted affairs, elements and procedures in the formulation of the guidance for overseas investment with its foreign exchange insurance funds （hereinafter referred to as the investment guidance）, standards for and procedures of selecting the relevant entrusted party and the custodian party within the territory of China, standards for selecting trade partners, information communication mechanism, performance evaluation mechanism, risk control mechanism, measures for supervision and examination, and the mechanism for handling major emergencies,

（4） A plan of strategic allocation of overseas investment, stating at least the concept of investment, assets and liabilities, investment objectives, investment products investment proportion, investment market, currency allocation, performance benchmark, and arrangement of trading seats, etc.;

（5） An independent custodian plan of the third party, stating at least the name of the custodian party within the territory of China, the overseas custodian agent, and the name of the secondary custodian and the relevant county where it is located, and the related party relationships with the aforesaid entrusting party and entrusted party;

（6） A research report on that the relevant entrusted party and the custodian party have carried out their business operations in a law-abiding and prudent manner for the latest 3 years;

（7） A document of commitment, promising the authenticity of the materials it submits and the performance of functions and duties as prescribed in the Measures and the present Detailed Rules; and

（8） Other documents and materials as prescribed by the CIRC.

The CIRC shall carry out an examination over the conditions for management of overseas investment as made by an entrusting party according to the relevant provisions of the Measures and the Detailed Rules.

Article 8 An entrusted party within the territory of China that manages the overseas investment of foreign exchange insurance funds shall submit to the CIRC the following documents and materials:

（1） An application signed by the legal representative or any person authorized thereby;

（2） The management system and the risk control system for overseas investment, which shall at least include an investment authorization system, an administration system to check out whether or not the relevant laws and regulations are observed, a research and report system, a investment product selection system, a transaction management system, an information management system, and the procedures for investment decision-making, standards for selecting trade partners, indicators of risk evaluation and performance assessment, a risk control mechanism, rules of professional ethics, audit and examination measures and a mechanism for handing major emergencies, etc;

（3） A management scheme of overseas investment, operational strategies and the arrangement of trade seats, etc.;

（4） The number of professionals who engage in overseas investment as well as the resumes thereof;

（5） A statement on the technical supporting systems for the investment with foreign exchange insurance funds, such as the information system, transaction system, and investment management system, etc.;

（6） A statement on the related party relationship with the entrusting party, the custodian party within the territory of China and the overseas custodian agent;

（7） A document of commitment, promising the authenticity of the materials it submits and the performance of the functions and duties as prescribed in the Measures and the present Detailed Rules; and

（8） Other documents and materials as provided by the CIRC.

The CIRC shall, in accordance with the relevant provisions of the Interim Provisions on the Administration of Insurance Assets Management Companies, the Measures and the present Detailed Rules, prudently carry out evaluation on the qualifications of an entrusted party within the territory of China for engaging in the management of overseas investment of foreign exchange insurance funds in terms of corporate governance, assets size, management experience, investment performance, research capability, internal control, and market position, etc.

Article 9 An overseas entrusted party that manages the overseas investment of foreign exchange insurance funds shall satisfy not only the requirements as prescribed in Article 14 of the Measures but also the following requirements:

（1） Having the qualification of an independent legal-person;

（2） Having experience in insurance assets management for 5 years or more; and

（3） Having purchased the liability insurance corresponding to the size of the assets it managements.

Article 10 An overseas entrusted party under any of the following circumstances may be exempted from the restriction that the paid-in capital and net assets or its equivalent in convertible currency may not be less than 60 million US dollars:

（1） Being an entrusted party of mutual system or partnership, with the size of assets under its management or its equivalent in convertible currency being not less than 200 billion US dollars; and

（2） The relevant controlling shareholders satisfying the provisions of item （3） of Article 14 of the Measures on paid-in capital and net assets and being able to offer full-liability guaranty.

Article 11 An overseas entrusted party who manages overseas investment of foreign exchange insurance funds shall submit to the CIRC the following documents and materials:

（1） An application with the signature of the legal representative or a person authorized by it;

（2） A written statement conforming to the requirements as prescribed in Article 14 of the Measures, Articles 9 and 10 of the present Detailed Rules, and if the sum of paid-in capital and net assets of the entrusted party or their equivalent in convertible currency does not come up to 600 million US dollars, the full-liability guarantee letter of the controlling shareholder shall be provided;

（3） The management system and risk control system for overseas investment, which shall at least include a investment authorization system, a regularity management system, a research and report system, a variety selection system, a transaction management system, an information management system, and the procedures for investment decision-making, standards for selecting trade partners, indicators of risk evaluation and performance assessment, a risk control mechanism, rules of professional ethics, measures for inspection and examination and a mechanism for handling major emergencies, etc.;

（4） An overseas investment management plan, operational strategies and the arrangement of trade seats, etc.;

（5） The number of overseas investment professionals as well as the resumes thereof;

（6） A statement on the technical supporting systems for the investment with foreign exchange insurance funds such as the information system, transaction system and investment management system;

（7） The business license （duplicate） as issued by the supervisory organization of the country or region where it is located, or the valid photocopy thereof;

（8） The position paper on supervision as issued by the supervisory organization of the country or region where it is located or the announcement as signed by the directors or partners of the company upon notarization;

（9） Financial statements of the company of the latest year as audited by an accounting firm;

（10） An audit report of the latest year on the internal control system of the company as issued by an accounting firm;

（11） A photocopy of the valid guarantee slip of liability insurance;

（12） A statement on the related party relationship between the entrusted party and the entrusting party, the custodian party within the territory of China and the overseas custodian agent;

（13） A document of commitment, promising the authenticity of the materials it submits and the performance of the functions and duties as prescribed by the Measures and the present Detailed Rules; and

（14） Other documents and materials as prescribed by the CIRC.

The position paper on supervision and the announcement as mentioned in item （8） of the preceding paragraph shall cover such contents as paid-in capital, net assets, size of the assets under its management, business management experience, and the certification of no major irregularity or rule-breaking act during the latest 3 years.

The CIRC shall, in accordance with the relevant provisions of the Measures and the present Detailed Rules, prudently carry out evaluation on the qualifications of an overseas entrusted party for managing the foreign exchange insurance funds under its management in terms of corporate governance, assets size, management experience, research capability, investment performance, internal control and market position, and issue the opinions on the examination.

Article 12 A custodian party within the territory of China who, under custodianship, manage the overseas investment with foreign exchange insurance funds of an entrusting party shall submit to the CIRC the following documents and materials:

（1） An application with the signature of the legal representative or a person authorized by it;

（2） A written statement satisfying the requirements as prescribed in Article 18 of the Measures;

（3） The certification of qualifications for undertaking the custody business of the overseas investment with foreign exchange insurance funds;

（4） The procedures for independent custodian operation and management system, which shall at least include the opening of an account, assets preservation, capital supplement and withdrawal, securities transaction and capital settlement, internal control and risk prevention, verification of information with the entrusting party and the entrusted party, selection of the overseas agent and the secondary custodian, the rules of professional ethics, the inspection and examination mechanism and the mechanism for handling major emergencies;

（5） Financial statements of the latest year of the company as audited by an accounting firm and the announcement as signed by the director of the company upon notarization;

（6） An audit report of the latest year on the internal control system of the company as issued by an accounting firm, which shall include its custody business;

（7） A list of global custodian network indicating the names of the overseas custodian agents relating to the entrustment of foreign exchange insurance funds, and secondary custodian agents as well as the countries where they are located, and explanations meeting the requirements as prescribed in Article 26 of the Measures;

（8） A statement on its related party relationship with the entrusting party and entrusted party;

（9） A document of commitment promising the authenticity of the materials it submits and the performance of the functions and duties as prescribed by the Measures and the present Detailed Rules; and

（10） Other documents and materials as prescribed by the CIRC.

The "statement" as mentioned in item （5） of the preceding paragraph shall cover such contents as the paid-in capital, net assets, size of custody assets, experience in custody business, and the document certifying no major irregularity or rule-breaking act in the latest 3 years.

The CIRC shall, in accordance with the Measures and the present Detailed Rules, prudently carry out evaluation on the qualifications of the commercial banks within the territory of China for undertaking the custody business of the overseas investment of foreign exchange insurance funds in terms of capital strength, corporate governance, size of custody assets, business experience, internal control, market position and service level, and issue its opinions on examination.

Chapter III Management of Varieties

Article 13 The currency allocation of an entrusting party in the overseas investment with foreign exchange insurance funds shall be limited to US dollar （USD）, Euro （EUR）, Japanese Yen （JPY）, Great Britain Pound （GBP）, Canadian Dollar （CAD）, Swiss Franc （CHF）, Australian Dollar （AUD）, Singapore Dollar （SGD）, Hong Kong Dollar and other currencies as approved by the CIRC.

The strategy of currency allocation in the overseas investment with foreign exchange insurance funds shall be subject to the approval of the Investment Decision-making Commission of the entrusting party or the authorized department thereof. The currency allocation shall conform to the provisions of the Measures and the present Detailed Rules as well as the agreement on the management of the overseas investment of foreign exchange insurance funds （hereinafter referred to as the investment management agreement） and the stipulations of the investment guidance.

Article 14 The term "bank deposit" as mentioned in item （1） of Article 9 of the Measures refers to the money required by the entrusted party to be deposited in an overseas bank that promises to pay the principal and interest for it on a periodic basis, including the structured deposit with guaranteed principal and interest as issued by an overseas bank.

The term "foreign government bonds" as mentioned in item （2） of Article 9 of the Measures refers to the bonds issued by a sovereign state in the name of its central government, which promises to pay the relevant principal and interest on a periodic basis, including the mortgage-backed securities （MBS） as guaranteed by the government for duly payment of the principal and interest.

The term "bonds of an international financial institution" as mentioned in item （2） of the Measures refers to the bonds as issued by a policy-related multi-lateral financial institution.

The term "monetary market products" as mentioned in item （4） of Article 9 of the Measures includes the monetary market funds.

Article 15 The investment made by an entrusting party in overseas stocks with the foreign exchange insurance funds shall be limited to the stocks of Chinese enterprises that are listed on the New York Stock Exchange, London Stock Exchange, Frankfurt Stock Exchange, Tokyo Stock Exchange, Singapore Stock Exchange or Hong Kong Stock Exchange.

Article 16 The means of subscription in the primary market and transaction in the secondary market may be adopted for the investment as made by an entrusting party in overseas stocks with its foreign exchange insurance funds. The subscription in the primary market includes the allotment, placement and the participation in the allotment in the name of a strategic investor.

Article 17 As for the financial products in which an entrusting party made the overseas investment with foreign exchange insurance funds, the credit rating as assessed by an international rating institution shall conform to the provisions of Article 9 of the Measures, in particular:

（1） The credit rating of the bank issuing the structured deposits during the latest three years shall be Grade A or above;

（2） The credit rating of a Chinese enterprise issuing bonds abroad shall be Grade BBB or above;

（3） The credit rating of mortgage-backed securities （MBS） shall Grade AAA or the equivalent of Grade AAA; and

（4） The credit rating of the monetary market funds shall be Grade A-1 or the equivalent of Grade A-1.

Article 18 The proportion of overseas investment as made by an entrusting party with its foreign exchange insurance funds shall comply with the provisions of Article 10 of the Measures, in particular:

（1） The balance of the structured deposits calculated at the cost price may not exceed 5% of the amount of the foreign exchange payment for investment as approved by the SAFE;

（2） The balance of the mortgage-backed securities （MBS） calculated at the cost price may not exceed 20% of the amount of the foreign exchange payment for investment as approved by the SAFE;

（3） The total amount of the stocks as issued abroad by a Chinese enterprise calculated at the cost price may not exceed 10% of the amount of the foreign exchange payment for investment as approved by the SAFE; the amount of the stocks as issued by an enterprise with single investment may not exceed 5% of the total amount of the stocks.

（4） The bank deposits of a single related party may not exceed 10% of the amount of the foreign exchange payment for investment as approved by the SAFE; the bonds as issued by a single related party may not exceed 3% of the amount of the foreign exchange payment for investment as approved by the SAFE and may not exceed 10% of the total amount of bonds in the very issuance; the stocks as issued by a single party may not exceed 2% of the total amount of the stocks.

The term "related party" as mentioned in item （4） of the preceding paragraph refers to:

（1） An entrusting party that directly or indirectly holds more than 10 % of the shares of the enterprise;

（2） An enterprise that holds directly or indirectly more than 10% of the shares of the entrusting party;

（3） An enterprise that simultaneously holds more than 10 % of the shares of the entrusting party and the enterprise in a direct or indirect way; or

（4） Any other enterprise as recognized by the CIRC that has an interest relationship with the entrusting party.

Chapter IV Administration of Agreement

Article 19 Where an entrusting party and an entrusted party conclude an agreement on the management of investment, they shall be required to provide the examination opinions as issued by the CIRC. The investment management agreement shall comply with not only all the provisions of the Measures and the present Detailed Rules and the general practice of entrustment but also the following provisions:

（1） Clarifying the responsibilities and obligations of the entrusting party and the entrusted party;

（2） Clarifying the restrictions on the investment varieties, investment proportion and investment market, and determining the measures for handling any overstepping of investment quota due to such factors as market fluctuation and credit rating adjustment;

（3） Clarifying the supervisory responsibilities of the entrusting party and the CIRC on the entrusted party. An entrusted party shall, according to the stipulations and requirements of the investment management agreement, provide all of the information on the management of the foreign exchange insurance funds and related information to the entrusting party and the CIRC in a timely manner;

（4） Clarifying that the entrusted party shall observe the principle of avoiding interest conflicts;

（5） Clarifying that the entrusted party shall employ an accounting firm to conduct an audit on the implementation of internal control on an annual basis and the audit report shall cover the foreign exchange insurance funds under its management; and clarifying that the entrusting party has the right to employ an accounting firm to carry out an audit on the foreign exchange insurance funds under the management of the entrusted party and the entrusted party shall be cooperative.

（6） Clarifying that the entrusted party shall cooperate with the custodian party within the territory to conduct inspection on complying with relevant provisions, and to check the foreign exchange insurance funds, provide relevant information and guarantee the authenticity and accuracy of the information;

（7） Clarifying that the entrusted party shall, according to the principles of being prudent and duteous, manage the overseas investment of foreign exchange insurance funds and, if any loss has been incurred due to its negligence, misconduct, insufficient balance of securities or capital, any flaw in any article of the agreement as concluded with a third party, system failure or personnel fraudulence, the entrusted party shall be liable for the loss directly arising therefrom and shall bear civil liabilities. The entrusted party shall bear the burden of proving that it is prudent and duteous;

（8） Clarifying that an entrusted party, who violates the relevant laws and regulations, the provisions of the Measures or the present Detailed Rules, or the stipulations of the investment management agreement or the investment guidance, and thus causes any loss of foreign exchange insurance funds, shall be liable for the loss and shall bear civil liabilities. Resignation of the entrusted party from entrustment may not exempt it from compensation or civil liabilities.

（9） Clarifying that where an entrusted party violates the relevant laws and regulations, the provisions of the Measures or the present Detailed Rules, uses the foreign exchange insurance funds under its management to seek any improper benefits for himself or any other person, the said illegal benefits shall be incorporated into the foreign exchange insurance funds. And if any loss of the foreign exchange insurance funds is inflicted, the entrusted party shall be liable for the loss and shall bear civil liabilities. Resignation of the entrusted party from entrustment may not exempt it from compensation and civil liabilities.

（10） Clarifying the methods of withdrawal and payment of investment management fees;

（11） Clarifying that it is stipulated in the arbitration clause of the investment management agreement that any dispute shall be submitted to an arbitration institution of China or the Hong Kong Special Administrative Region of China;

（12） Clarifying other relevant matters relating to the rescission and termination of the investment management agreement;

（13） Clarifying that the Chinese version of the investment management agreement shall prevail. And if foreign language version will prevail according to the agreement, market practice or any other requirement, a Chinese translation shall be attached; and

（14） Clarifying any other matter that needs to be clarified.

Before an entrusting party and an entrusted party conclude an investment management agreement, they shall employ a professional lawyer with more than 5 years practicing experience to examine the investment management agreement and give legal advice.

Article 20 Where an entrusted party and a custodian party within China conclude a custody agreement on overseas investment of foreign exchange insurance funds （hereinafter referred to the custody agreement ）, they shall be required to provide the examination position paper as issued by the CIRC. The custody agreement shall comply with not only all the provisions of the Measures and the present Detailed Rules and the common practice in custody but also the following provisions:

（1） Clarifying the responsibilities and obligations of the entrusting party and the custodian party within the territory of China;

（2） Clarifying that the entrusting party shall cooperate with the custodian party within the territory of China to make inspection on complying with the relevant laws and regulations. The custodian party within the territory of China shall cooperate with the CIRC to make inspection on complying with the relevant laws and regulations and to check the foreign exchange insurance funds in a timely manner, provide other relevant information and guarantee the authenticity and accuracy of the information;

（3） Clarifying the supervisory functions and responsibilities of the entrusting party and the CIRC on the custodian party within the territory of China. The custodian party shall, according to the stipulations and requirements of the custody agreement, provide all the information and the relevant information of the foreign exchange insurance funds under its custody to the entrusting party and the CIRC in a timely manner;

（4） Clarifying that where the custodian party within the territory of China needs to employ an overseas custodian agent or a secondary custodian, it shall clarify to the entrusting party the standards for selecting an overseas custodian agent or a secondary custodian, the management procedures and supervisory measures, and shall obtain the recognition thereof. The custodian party within the territory of China shall report to the CIRC the result of selection of an overseas custodian agent or a secondary custodian;

（5） Clarifying that the custodian party within the territory of China shall employ an accounting firm to conduct an audit on the implementation of its internal control on an annual basis and the audit report shall include the foreign exchange insurance funds under its custody; and clarifying that the entrusting party has the right to employ an accounting firm to conduct an audit on the foreign exchange insurance funds under the custody of the custodian party and the custodian party within the territory of China shall provide assistance;

（6） Clarifying that the custodian party within the territory of China shall, according to the principles of being prudent and duteous, supervise the business operations of the foreign exchange insurance funds under the custody of an overseas custodian agent or a secondary custodian, and if any loss is incurred due to any negligence, misconduct, position deficiency or flaw in any article of the agreement as concluded with a third party, system failure or personnel fraudulence, the custodian party within the territory of China shall be liable for the loss as directly resulted in therefrom and shall bear civil liabilities. The custodian party within the territory of China shall bear the burden of proving that it is prudent and duteous;

（7） Clarifying that a custodian party within the territory of China who violates the relevant laws and regulations, the provisions of the Measures or the present Detailed Rules, or the stipulations of the investment management agreement or the investment guidance, and thus cause any loss of the foreign exchange insurance funds, shall be liable for the loss and shall bear civil liabilities. Resignation of the custodian within the territory of China from custodianship may not exempt it from compensation or civil liabilities.

（8） Clarifying that where a custodian party within the territory of China violates relevant laws and regulations, the provisions of the Measures and the present Detailed Rules, or the stipulations of the investment management agreement or the investment guidance by using the foreign exchange insurance funds under its custody to seek any improper benefits for himself or any other person, the benefits shall be incorporated into the foreign exchange insurance funds. And if any loss of the insurance foreign exchange is inflicted, the custodian party shall be liable for the loss and shall bear civil liabilities. Resignation of a custodian within the territory of China from custodianship may not exempt it from compensation or civil liabilities.

（9） Clarifying the methods of withdrawal and payment of custodian fees;

（10） Clarifying that the conclusion, interpretation of the custody agreement and the resolution of disputes shall be subject to the relevant laws and regulations of the People's Republic of China and it is stipulated in the arbitration clause of the custody agreement that any dispute shall be submitted for arbitration to an arbitration institution of China or Hong Kong Special Administrative Region of China;

（11） Clarifying other relevant matters relating to the rescission and termination of the custody agreement;

（12） Clarifying that the Chinese version of the custody agreement shall prevail, and if, in line with the agreement, market practice or any other requirement, the foreign language version of the agreement concluded between a custodian party within the territory of China and a overseas custodian agent and a secondary custodian will prevail, a Chinese translation shall be attached; and

（13） C