CBRC issued pilot measures: Silver and holding hands to build a firewall first

The dreams of banks participating in insurance companies are coming true, but the risks are likely to follow. To this end, the CBRC November 26 issued the "Commercial Bank investment insurance company Equity pilot Management Measures" (hereinafter referred to as "measures") stipulates that each commercial bank can only invest in an insurance company.　　And after the joint-stock insurance, the Commercial Bank board is responsible for establishing and perfecting the "firewall" system, ensuring the effective isolation of the bank and the participating insurance company in the business place, the management decision-making, the personnel, the finance, the information system and so on.　　The method is divided into five chapters and 26 articles, and puts forward specific standards for the admission conditions, application procedures, risk control and supervision and management of the pilot institutions. "The method" was introduced mainly to prevent the risk of bank participation. Wang Yu, an insurance expert, told reporters that it is a good thing for the bank to hold hands, to help reduce operating costs, to dig deeper into more valuable information and to spread the cost of management more widely. But the risks brought by the bank's equity insurance will not be overlooked. Since banking has a risk in the balance of other financial businesses, it is important to prevent the cross transmission of risk.　　"In this case, the" firewall "between the bank and the equity insurance becomes the key. Building a firewall in the corporate governance after the bank shares the insurance, the method emphasizes the ultimate responsibility of the Commercial Bank board of Directors, and requires the bank board of Directors to establish and perfect the "firewall" system, to ensure that banks and insurance companies in the business place, business decision-making, personnel, finance, information systems, etc.　　The Bank board shall have personnel familiar with the operation and risk management of the insurance business and a Non-executive director responsible for the supervision and management of the firewall. "In the current situation of separation supervision, firewalls are necessary." Sour, a professor at the Central University of Finance and Economics, told reporters that since banks and insurance are two different financial sectors, there are also differences in the regularity and control of risk. At present, our country is still the system of separate supervision, the supervision is relatively independent, the various regulatory agencies are not the same restrictions on all kinds of enterprises. Under such conditions, mixed operation needs to have internal firewall, if the firewall is not perfect, there will be problems. "For example, if banks use their savings and credit funds to invest in stock markets through insurance, the risk of being caught and repaid will be compromised by depositors." That's a big risk!　　"In order to improve the" firewall "method" also requires commercial banks to send their shares of the insurance company's senior managers and business personnel, must be separated from the commercial bank pay and labor contract relations, not mutually part-time.　　On the basis of building "firewall", the "method" has also made a clear precaution against the risk of related transaction caused by bank equity participation insurance.　　The approach requires that, in addition to the bank's board of directors to specify a Non-executive director responsible for the supervision and management of the associated transaction, it also stipulates that the commercial bank shall not provide any form of credit to the company and its affiliated enterprises and the clients they guarantee. At the same time, the "method" AlsoThe company buys the bank shareholder various kinds of securities the behavior to have the clear stipulation. Commercial banks shall not sell their subordinated bonds directly or indirectly to the insurance companies to which they are a shareholder. Other securities issued by the Commercial Bank and its controlling affiliated party shall not exceed 10% of the total amount of the securities issued by the insurer whose shares are directly or indirectly held.　　When the commercial bank and its controlling affiliated party underwrite the securities, the sale amount of the insurance company to which it shares shall not exceed 10% of the total underwriting amount. "This is mainly to prevent the concentration of risk and contagion caused by the associated transactions between banks and insurers," Wang Yu said, "because of the lack of supervision, financial holding companies have internal mutual funds, provide security and to evade supervision and transfer of profits, which highlights the issue of risk transmission and conflict of interest, Therefore, it is very important to prevent the risks caused by the related transactions after the bank shares insurance.　　"In order to prevent the duplication of capital calculations that may arise from the unsound management of the table, the scheme also requires commercial banks to manage their investment insurance companies and to deduct the capital investment of the investment insurance company from the bank capital in the calculation of the capital adequacy ratio." Prevent unfair competition The bank shares the insurance industry once was regarded as activates the insurance the catfish, the bank sufficient fund may replenish the insurance company's capital, the bank's customer resources, the network superiority also can promote the insurance enterprise the development.　　However, there is a view in the insurance industry that once a bank shares an insurance company, it is bound to strengthen the sales of the products of the insurance companies, and may even form unfair competition in the market. In view of the above problems, the "method" has made a clear stipulation that the commercial banks should follow the fair Trading principle of the market and should not have unfair competition behavior when they cooperate with the investment insurance company, and stipulate that the sales personnel of the insurance company shall not conduct marketing in their parent bank business area.　　, the insurance certificate and promotional materials printed by the Commercial Bank's shares shall not use the name and all kinds of logos of its shareholder bank. In this regard, Sour said that the equity relationship is not unbreakable, bank equity insurance is also in order to profit, so the branch under the bank headquarters in the specific implementation, may take into account its cooperative insurance products customer awareness, the space for profit and other factors,　　Therefore, in the actual operation of the bank does not sell shares of insurance company products will also exist. In view of the problem that the bank shares insurance may bring out the customer information, "The method" clearly requires that commercial banks should strictly abide by the relevant rules of customer information confidentiality.　　The commercial bank must obtain the customer's consent and the business dealings shall not impair the lawful rights and interests of the clients. After the pilot of the bank share insurance has been approved, several banks have passed the "gossip" with the right insurance company. But up to now, in addition to the Bank of communications to the China-Baokang 51% stake in the acquisition has been approved by the regulatory authorities, the Beijing Bank intends to acquire the first Aetna 50% stake in the construction bank to buy a happy life insurance 51% of the stake, ICBC plans with the Chinese insurance Group and Fortis Group'sThe joint venture application is still in the bewildering, has not been a clear statement by the regulatory authorities.