Insurance funds may invest real estate to ban investment Enterprise board

Circ on "Interim measures for the administration of the use of insurance funds (draft)" openly solicit opinions insurance funds can invest real estate ban Venture board recently, China Insurance Regulatory Commission on "the use of the administration of funds interim measures (draft)" openly solicit opinions.　　The interim measures expressly stipulate that the insurance funds may not buy gem stock, shall not buy the stock which is "specially dealt with" by the exchange, nor invest in industries with high energy consumption, high pollution, etc. that do not conform to the national industrial policy, or immovable property that does not have a stable cash flow return. As to the scope of the use of insurance funds, the interim measures are clear, the use of insurance funds is limited to the following forms: Bank deposits, trading bonds, stocks, securities Investment Fund shares, investment in real estate, the State Council of other forms of funds used.　　The fund company of the fund invested by the insurance fund shall have no bad records, and the investment team is stable; The first fund contract takes effect for more than one year; The historical investment performance is good, the management asset scale steady growth. As to the investment of the insurance funds on the real estate of the social concern, the interim measures are clear, the insurance institutions may engage in real estate investment, mainly including the infrastructure real estate, the non infrastructure real estate and so on. In addition, the capital of the Insurance Group (holding) company and the insurance company can be engaged in the private property and the shareholding investment for the purpose of holding.　　The equity investment enterprise which takes the holding as the aim should be limited to the insurance enterprise, the non insurance Financial enterprise and the insurance company. The interim measures clarify that the insurance institution engages in the use of insurance funds and shall not have the following actions: deposit in Non-bank financial institutions, buy gem stocks, or be traded by the exchange for "special handling", "warning of the existence of special treatment to terminate the listing risk"; Use stock investment The transfer of interest and the manipulation of price violations; To use investment assets for credit transactions, or to issue loans or guarantees to others, to invest in industries with high energy consumption and high pollution that do not conform to the state's industrial policies, or immovable property that does not have a stable cash flow return; Insurance Group (holding) companies invest in non-financial Enterprises ' equity Other investment activities prohibited by the Circ.　　The specific proportion of insurance fund investment and the standard of asset recognition shall be separately stipulated by Circ. The interim measures are also clear, the insurance institutions engaged in the use of funds should be centralized governance, by the same corporate governance and use, branch offices may not be engaged in the use of insurance funds business.　　Should choose the qualified trade bank and other institutions, the implementation of insurance funds to use third-party trusteeship.　　According to the relevant regulations, the insurance asset management institutions may, as the basic assets, issue or initiate the establishment of insurance assets management products by using the investment varieties of the scope of the insurance funds. On the decision-making operation mechanism of insurance funds, the interim measures are clear, and the application of insurance funds is carried out by the board. The Board of Directors of insurance Company shall bear ultimate responsibility for asset allocation and investment policy, risk control and compliance management. Investments in stocks, unsecured bonds, infrastructure debt schemes and equity plans, and risky assets such as equity and real estate, as well as the use of major insurance funds such as entrusted investment, shall be subject toThe Board was considered for adoption.　　The Board shall establish an investment asset and Liability Committee (Investment Decision Committee) and a risk management committee. The interim measures also regulate the risk management of insurance funds. It is stipulated that the insurance institution should establish the risk management system of the insurance funds and make qualitative and quantitative analysis of the risks that may arise in the course of the application of the insurance funds.　　Insurance institutions should strengthen interbank lending and bond repurchase business governance, strictly control the scale of financing and use of leverage, and prohibit the use of short-term borrowing funds to invest in high-risk and poor activity of assets. For the supervision and administration of the use of insurance funds, the interim measures are clear, and the major equity investment of the insurance institution shall be approved by the CIRC. The insurance asset Management institution issues or initiates the establishment of the Insurance assets Management product, the investment object is the open market transaction circulation negotiable securities, implements the initial declaration approval, the similar product afterwards reports, the investment object is the Non-public market transaction circulation assets, the implementation approves.