China Banking and Insurance Regulatory Commission: Cancel the record management of investment management capabilities of insurance institutions

　　Sino-Singapore Jingwei Client, October 10th, on the afternoon of the 10th, the China Banking and Insurance Regulatory Commission issued the "Notice on Matters Concerning Optimizing the Supervision of the Investment Management Capability of Insurance Institutions."

According to the person in charge of relevant departments, the "Notice" consists of the main text and seven appendices. The main text mainly stipulates the basic requirements for the self-assessment, management and information disclosure of the investment management capabilities of insurance institutions; the appendix sets out the specific construction standards for various investment management capabilities. Refine the requirements.

　　Screenshot source: China Banking Regulatory Commission website

　　The person in charge pointed out that, on the one hand, to optimize and integrate the investment management capabilities of insurance institutions, and to refine the requirements for capacity building standards.

After the adjustment, the investment management capabilities of insurance institutions have shared credit risk management capabilities, stock investment management capabilities, equity investment management capabilities, real estate investment management capabilities, derivatives management capabilities, debt investment plan product management capabilities, equity investment plan product management capabilities, etc. 7 class.

On the other hand, we will further deepen the reform of “delegating management and service”,

. The method, frequency, etc. were clarified, and violations and responsibilities were stipulated, and the main responsibility of insurance institutions was fully consolidated.

　　The person in charge introduced that the "Notice" listed specific standards for various investment management capabilities in the annex.

Various investment management capability standards are the basis and minimum requirements for insurance institutions to carry out related investment businesses, and are also the main basis for insurance institutions to carry out investment management capability self-assessment and information disclosure.

In terms of specific content, the competency standards mainly specify the organizational structure design, professional team composition, institutional system construction, investment operation mechanism, risk control system, information system construction, etc. of insurance institutions, and propose different investment management capabilities. Differentiated requirements.

　　The "Notice" requires that the investment management capacity building and self-assessment content that insurance institutions publicly disclose should cover various elements of relevant capacity standards.

If the qualifications of personnel are involved, the specific qualifications and working experience of the professionals shall be listed one by one; if the system is involved, the name of the corresponding system and the number of the text shall be listed one by one; if the process mechanism is involved, the overall framework and the division of labor shall be clearly stated , The name of the management rules and the information of the responsible person; if it involves the construction of an information system, the system name, main functions and other information should be listed.

In terms of risk holders, insurance institutions shall, in accordance with the format and content requirements of the relevant standards for information disclosure on the use of insurance funds, do a good job in the disclosure of information for risk holders of various investment management capabilities.

The frequency and method of information disclosure of risk-responsible persons related to investment management capabilities shall be implemented in accordance with the "Notice".

　　The person in charge mentioned that the disclosure of information on the investment management capabilities of insurance institutions is divided into three categories: first disclosure, semi-annual disclosure and disclosure of major events.

For insurance institutions that do not have relevant investment management capabilities, they should fully carry out the self-assessment of investment management capabilities in accordance with the "Notice" standards and requirements before launching relevant investment business for the first time, and should perform information at least 10 days before launching relevant investment business Disclosure procedures.

　　For insurance institutions that already have relevant investment management capabilities, they should continue to strengthen their investment management capabilities, and carry out investment management capabilities self-assessment work at least once every six months to ensure that they continue to meet regulatory requirements, and should be conducted before January 31 and July 31 each year Public disclosure is self-assessed.

　　If an insurance institution experiences major emergencies such as changes in the key personnel of the investment team, changes in major systems and processes, and major system failures, or in situations where the investment management capabilities do not meet the capability standards, they shall report the relevant situation to the China Banking and Insurance Regulatory Commission within 10 days after the changes in related matters , And make public disclosures.

If major issues have not been resolved, and the investment management capability cannot meet the capability standards for the time being, no new investment business may be added.

　　The person in charge stated that in order to fully integrate the supervision of the investment management capabilities of insurance institutions and promote the smooth and smooth transition of the information disclosure of the investment management capabilities of relevant insurance institutions, the "Notice" clarifies that insurance institutions that have obtained the ability to file can continue to carry out corresponding measures. For investment management business, it is required to continue to strengthen the construction of investment management capacity and carry out self-assessment of investment management capacity in accordance with the provisions of the "Notice".

The self-assessment of the registered investment management capabilities shall be disclosed in the latest semi-annual disclosure (that is, January 2021).

If there is no disclosure within the time limit, no new investment activities may be added.

　　In addition, because the "Notice" integrates the original infrastructure investment plan product innovation capabilities and the real estate investment plan product innovation capabilities into the debt investment plan product management capabilities, the insurance asset management that has previously obtained infrastructure or real estate investment plan product innovation capabilities Institutions can continue to issue debt investment plan products before completing the first disclosure of the credit investment plan product management capability or the latest semi-annual disclosure, but the product investment is limited to the scope permitted by the original filing capacity.

Those who have issued equity investment plan products before the issuance of the "Notice" can continue to carry out related businesses before completing the first disclosure of equity investment plan product management capabilities or the most recent semi-annual disclosure.

　　After the "Notice" is issued, how does the China Banking and Insurance Regulatory Commission strengthen supervision during and after the event?

The person in charge replied that the "Notice" is an important measure taken by the China Banking and Insurance Regulatory Commission to deepen the reform of "delegating management and service" and further promote the optimization of the business environment. It is of great significance for further promoting the market-oriented reform of the use of insurance funds and improving the efficiency of independent investment decision-making by insurance institutions.

After the "Notice" is issued, the China Banking and Insurance Regulatory Commission will focus on strengthening the supervision during and after the incident by compacting institutional responsibilities, strengthening supervision and inspection, and exerting supervision and joint efforts.

　　One is to compact the main responsibility of insurance institutions.

Investment management capabilities are the prerequisite and foundation for insurance institutions to carry out various investment management businesses. Insurance institutions must have relevant investment management capabilities to carry out investment management activities.

The “Notice” emphasizes that insurance institutions should continue to strengthen investment management capacity building, and clearly requires that the professional committees of insurance institutions’ boards of directors to perform audit duties should review the investment management capacity building of insurance institutions at least annually, and it is strictly forbidden to make relevant investments without performing information disclosure and reporting procedures. Business, it is strictly forbidden to carry out corresponding investment business without investment management ability, and it is strictly prohibited to add related investment when the investment management ability does not continuously meet the requirements.

　　The second is to give full play to the power of industry self-regulatory organizations.

The China Insurance Regulatory Commission has instructed the Insurance Industry Association of China and the Insurance Asset Management Association of China to establish an information disclosure system for the investment management capabilities of insurance institutions, formulate information disclosure and self-assessment report templates for various investment management capabilities, and promote the realization of the investment management capabilities of insurance institutions. The standardization of the key points of disclosure of organizational structure, risk-responsible persons, personnel team information, systems and system construction, etc., promotes the timely, true, accurate and complete information disclosure work of insurance institutions.

At the same time, the Insurance Industry Association of China and the Insurance Asset Management Association of China have also incorporated investment management capacity building into industry self-discipline management. On the one hand, they guide and urge relevant institutions to do a good job in information disclosure through regular training and announcements. Timely listen to the opinions and suggestions of market institutions, and continuously optimize and improve the construction of the information disclosure system.

　　The third is to comprehensively strengthen supervision and inspection and penalties for violations.

The China Banking and Insurance Regulatory Commission will intensify off-site monitoring and on-site investigations and inspections in accordance with the principles of strict inspection, strict handling, and disclosure of penalties. It will continue to track and supervise the investment management capacity and self-assessment of insurance institutions. Responsible personnel shall be severely punished in accordance with laws and regulations.

　　The fourth is to give full play to the role of social supervision.

The "Notice" requires insurance institutions to disclose detailed investment management capacity building and self-evaluation on the company's official website and corresponding industry association websites, and guide insurance institutions to accept the supervision of the news media and the general public on their investment management capabilities through information disclosure.

The China Banking and Insurance Regulatory Commission will guide the Insurance Industry Association of China and the Insurance Asset Management Association of China to continue to do a good job in the disclosure of information on the investment management capabilities of insurance institutions and the construction of related working mechanisms to facilitate the joint efforts of social supervision, public opinion supervision, and company internal supervision.

(Zhongxin Jingwei APP)