Circular on the Investment in the Equity Interests of Commercial Banks by Insurance Institutions

关于保险机构投资商业银行股权的通知

This Circular aims to enhance the investments of insurance capital. Insurance institutions may now invest in the equity of unlisted banks. Investment qualifications, withdrawal mechanism, and risk management are also covered.

(Issued by the China Insurance Regulatory Commission on September 21 2006.)

(中国保险监督管理委员会于二零零六年九月二十一日发布。)

Bao Jian Fa [2006] No.98

保监发 [2006] 98号

Insurance companies and insurance asset management companies:

各保险公司、保险资产管理公司：

With a view to further broadening investment channels for insurance capital, improving the asset allocation, increasing investment management efficiency and promoting strategic cooperation between the insurance and banking sectors, following the approval of the State Council, insurance group (or holding) companies, insurance companies and insurance asset management companies (Insurance Institutions) may invest in the equity interests of commercial banks (Bank Equity). We hereby notify you on relevant matters as follows:

为进一步拓宽保险资金投资渠道，改善资产配置状况，提高投资管理效益，促进保险业与银行业战略合作，经国务院批准，保险集团(控股)公司、保险公司、保险资产管理公司(以下简称保险机构)可以投资商业银行股权(以下简称银行股权)。现将有关事项通知如下：

1. Investment Scope and Investment Principles

一、投资范围和投资原则

Insurance

保险机构可以投资境内国有商业银行、股份制商业银行和城市商业银行等未上市银行的股权。保险机构投资银行股权应当遵循审慎原则，按照资产负债匹配管理要求，严格选择投资对象，慎重确定投资方式，合理安排投资额度，妥善配置各类资金，确保投资符合公司战略，支持主营业务发展，提高核心竞争能力，切实维护公司股东和被保险人权益。