Circular on Regulating Stock Investments of Insurance Institutions
关于规范保险机构股票投资业务的通知
An insurance company or insurance asset management company shall establish different grades of stock pools, such as a prohibited pool, reserve pool and core pool.
保险公司和保险资产管理公司应当建立禁选池、备选池和核心池等不同层级的股票池。
Issue: May 2009
CLP Reference: 3910/09.03.18
PRC Reference: 保监发 〔2009〕 45号
Promulgated: 18 March 2009
Keywords (click to search):
insurance company
insurance asset management comapny
stock assets
solvency adequacy ratio
stock pools
value at risk
VaR
(Issued by the China Insurance Regulatory Commission on March 18 2009.)
(中国保险监督管理委员会于二零零九年三月十八日发布。)
Insurance companies and insurance asset management companies:
With a view to supporting the reform and development of the capital market and enhancing the self-determined allocation and investment management capabilities of insurance institutions, we hereby notify you on matters relevant to further regulating the investment of insurance proceeds in stocks as follows:
为支持资本市场改革发展，提高保险机构自主配置和投资管理能力，现就进一步规范保险资金投资股票有关事项通知如下：
1. Enhancement of the management of the allocation of stock assets: an insurance company shall centrally allocate domestic and foreign stock assets and rationally determine the scale and ratio of its stock investments in line with the characteristics of its insurance proceeds and its solvency position. If it has a solvency adequacy ratio of at least 150%, it may, in accordance with provisions, normally invest in stocks. If its solvency adequacy ratio falls between 100% and 150% for four quarters in succession, it shall revise its stock investment strategy. If its solvency adequacy ratio falls below 100% for two quarters in succession, it may not increase its stock investments, and it shall report its market risks and take effective counter and control measures in a timely manner.
一、改进股票资产配置管理。保险公司应当根据保险资金特性和偿付能力状况，统一配置境内境外股票资产，合理确定股票投资规模和比例。偿付能力充足率达到150%以上的，可以按照规定，正常开展股票投资，偿付能力充足率连续四个季度处于100%到150%之间的，应当调整股票投资策略，偿付能力充足率连续两个季度低于100%的，不得增加股票投资，并及时报告市场风险，采取有效应对和控制措施。
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