Chapter 1 General Provisions Article 1 In order to regulate the use of insurance funds, prevent risks in the use of insurance funds, protect the legitimate rights and interests of insurance parties, and maintain the order of the insurance market, in accordance with the "Insurance Law of the People's Republic of China" and other Laws and administrative regulations formulate these Measures. Article 2 The provisions of these Measures shall apply to the insurance fund utilization activities of insurance group (holding) companies and insurance companies established in accordance with the law within the territory of China. Article 3 The term “insurance funds” as mentioned in these Measures refers to the capital, provident fund, undistributed profits, various reserves and other funds denominated in local and foreign currencies of insurance group (holding) companies and insurance companies. Article 4 The use of insurance funds must be primarily aimed at serving the insurance industry, adhere to the principles of prudent prudence and safety, comply with solvency regulatory requirements, implement asset and liability management and comprehensive risk management based on the nature of insurance funds, and achieve intensification, specialization, and standardization and marketization.

Insurance funds should be used independently. Shareholders of insurance group (holding) companies and insurance companies shall not interfere with the use of insurance funds in violation of laws and regulations. Article 5 The China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) shall supervise and manage insurance fund utilization activities in accordance with the law. Chapter 2 Fund Utilization Forms Section 1 Fund Utilization Scope Article 6 The use of insurance funds is limited to the following forms:

(1) Bank deposits;

(2) Trading of bonds, stocks, Securities investment fund shares and other securities;

(3) Investment in real estate;

(4) Investment in equity;

(5) Other funds specified by the State Council Use form.

Insurance funds engaged in overseas investment must comply with the relevant regulations of the China Insurance Regulatory Commission, the People's Bank of China and the State Administration of Foreign Exchange. Article 7 If insurance funds are used for bank deposits, a commercial bank that meets the following conditions shall be selected as the deposit bank:

(1) Capital adequacy ratio, net assets and provision coverage ratio meet regulatory requirements;

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(2) The governance structure is standardized, the internal control system is sound, and the operating performance is good;

(3) No major violations of laws and regulations have been discovered in the past three years;

(4) The credit rating meets the standards set by the China Insurance Regulatory Commission. Article 8 The bonds invested by insurance funds shall reach the credit rating assessed by a credit rating agency recognized by the China Insurance Regulatory Commission and meet the prescribed requirements, mainly including government bonds, financial bonds, enterprise (company) bonds, non-financial enterprise debt financing instruments and Other bonds that comply with the regulations. Article 9 The stocks invested by insurance funds mainly include stocks that are publicly issued and traded and stocks that are non-publicly issued by listed companies to specific objects.

Insurance funds carry out stock investment, which is divided into general stock investment, major stock investment and listed company acquisitions. The China Insurance Regulatory Commission implements differentiated supervision according to different situations.

The investment of insurance funds in company stocks listed on the National Equities Exchange and Quotations, as well as stocks subscribed and traded in foreign currencies, shall be separately stipulated by the China Insurance Regulatory Commission. Article 10 If insurance funds are invested in securities investment funds, the fund manager shall meet the following conditions:

(1) Good corporate governance and sound risk control mechanism;

(2) In accordance with the law Fulfill the contract and safeguard the legitimate rights and interests of investors;

(3) The establishment time is more than one year (inclusive);

(4) There have been no major violations of laws and regulations in the past three years; Three years, and there have been no major violations of laws and regulations since the date of its establishment;

(5) Establish an effective firewall mechanism between securities investment funds and specific customer asset management businesses;

(6) The investment team is stable, the historical investment performance is good, and the scale of assets under management or fund share is relatively stable. Article 11 The real estate invested by insurance funds refers to land, buildings and other fixtures attached to the land. Specific measures shall be formulated by the China Insurance Regulatory Commission. Article 12 The equity invested by insurance funds shall be the equity of joint-stock companies and limited liability companies that are legally established and registered within the country and have not been publicly listed on the stock exchange. Article 13 Insurance group (holding) companies and insurance companies shall use their own funds when purchasing real estate for their own use, conducting acquisitions of listed companies, or engaging in equity investments to achieve controlling stakes in other enterprises. Article 14 Equity investments made by insurance group (holding) companies and insurance companies to achieve controlling stakes in other enterprises shall meet relevant solvency regulatory provisions. If the insurance subsidiary of an insurance group (holding) company does not meet the solvency supervision requirements of the China Insurance Regulatory Commission, the insurance group (holding) company shall not invest in non-insurance financial enterprises.

Equity investments to achieve controlling stakes should be limited to the following enterprises:

(1) Insurance enterprises, including insurance companies, insurance asset management institutions, professional insurance agencies, insurance brokerage institutions, and insurance companies Adjustment agency;

(2) Non-insurance financial enterprises;

(3) Enterprises related to insurance business.

The term “insurance asset management institutions” as mentioned in these Measures refers to financial institutions that are approved by the China Insurance Regulatory Commission, registered in accordance with the law, and entrusted to manage insurance funds and other funds, including insurance asset management companies and their subsidiaries, and other professional insurance companies. Asset Management Agency.