Regulations Governing Foreign Investments by Insurance Companies Article 12
This English translation was last updated on 2024-05-17, but the Chinese text was amended on 2026-09-04. Later amendments may not be reflected in the translation — please refer to the Chinese text.
In cases where the board of directors of an insurer has adopted the relevant transaction procedures and risk management measures and determines the foreign currency risk limit each year for which the risk management committee or risk management department monitors periodically, such company may use its funds in items denominated in RMB. Provided that, however, the use of funds of such company in relation to government or corporate securities is limited to the following items:1. Government bonds and treasury bills in the Mainland China area, including those traded among banks on the bond market.2. The stocks transacted in the centralized markets and the initial public offering (IPO) stocks before being listed in centralized market.3. Corporate bonds and financial bonds traded on the centralized market or among banks in the Mainland China area.4. The securities investment funds and Exchange Traded Funds (ETF) listed in the Mainland China area.5. Transactions of financial derivatives may be engaged for hedging purposes within the actual investment amounts under Subparagraphs I to IV of this Paragraph.The investments of government or corporate securities of the Mainland China in accordance with the previous paragraph shall satisfy the following regulations：1. There is no situation as listed in Article 17, paragraph 2, sub-paragraphs 1 and 3.2. Unless an insurer is permitted by the competent authority to make an investment in accordance with subparagraphs 3 and 4 of the preceding paragraph, where the ratio of total adjusted net capital to risk-based capital for the most recent period at the time of investment is below the regulatory standard, the insurer’s investment shall be limited to subparagraphs 1 and 5 of the preceding paragraph.3. The total amount of such investment, in accordance with the preceding subparagraph, shall not exceed 5% of the foreign investment limits approved for that insurer.Where an insurer invests in corporate bonds or financial bonds listed under Subparagraph 3 of Paragraph 1 hereof, the credit rating of the issuance of the bond shall have a rating of BBB+ or its equivalent from a foreign credit rating agency. However, where there is no bond issue rating, the credit rating of the issuer or guarantee provider of the abovementioned bonds shall comply with the following provisions:1. In cases of corporate bonds or financial bonds other than subordinated bonds, the credit rating of the issuer or guarantee provider from a foreign credit rating agency shall be equivalent to A- or above; and2. In cases of subordinated corporate bonds or subordinated financial bonds, the credit rating of the issuer or guarantee provider from a foreign credit rating agency shall be equivalent to A+ or above.The competent authority may, if necessary, restrict the investment items that the funds of an insurer may be used for as enumerated under paragraph 1.Items of investment provided within paragraph 1, in addition to being bound by the respective conditions as provided for by the law, shall have their transaction amounts calculated respectively into each item’s limit amount, conforming to the following conditions:1. The total amount of investment in the government bonds and treasury bills in the Mainland China area shall not exceed 5% of the approved limit on foreign investment for that insurer.2. The total amount of investment in subordinated corporate bonds and financial bonds mentioned in Subparagraph 3 of Paragraph 1 hereof shall not exceed 1% of the insurer's approved foreign investment limit.3. The total amount of investment in the securities issued by the same corporation with attributes satisfactory to Subparagraphs 2 and 3 of Paragraph 1 shall not exceed 1% of the insurer's approved foreign investment limit and shall not exceed 10% of the owners’ Equity.4. The total amount of investment in each of the securities investment funds and exchange traded funds listed in the Mainland China area shall not exceed 1% of the insurer's approved foreign investment limit and shall not exceed 10% of the total amount already issued by that fund.5. The grand total of investment in securities and exchange traded funds as defined under Subparagraphs 1/`4 under Paragraph 1 shall not exceed 10% of the insurer's approved foreign investment limit.An insurer shall, while utilizing funds defined under any subparagraph of Paragraph 1, faithfully comply with requirements by the laws and ordinances concerned and the internal operating norms regarding utilization of the funds. The non-life and life insurers shall, respectively pursuant to the requirements set forth in Article 11 of Regulations Governing Public Disclosure of Information by Non-life Insurance Enterprises and Article 11 of Regulations Governing Public Disclosure of Information by Life Insurance Enterprises, make disclosure to the public under the notes which should be made under the information disclosure website the total amount of the funds utilized for investment under Paragraph 1 and the profitability performance and shall keep such information renewed on a quarterly basis.
中文原文 保險業辦理國外投資管理辦法第12條
保險業已訂定經董事會通過之從事大陸地區投資相關交易處理程序及風險監控管理措施，並由董事會每年訂定外匯風險管理限額及由風險管理委員會或風險管理部門定期控管者，得依本辦法從事以人民幣計價之各項資金運用，但其於從事大陸地區政府、公司相關有價證券之運用，以下列項目為限：
一、大陸地區政府公債及國庫券，包括於銀行間債券市場交易之標的。
二、大陸地區集中市場交易股票及集中市場上市前首次公開募集股票。
三、大陸地區集中市場或銀行間債券市場交易之公司債及金融債券。
四、大陸地區掛牌上市之證券投資基金及指數股票型基金（ETF）。
五、於依本項第一款至前款所為實際投資額度內，得基於避險目的，從事衍生性金融商品交易。
保險業依前項規定從事大陸地區政府、公司相關有價證券之投資，應符合下列規定：
一、無第十七條第二項第一款及第三款所列之情事。
二、投資時最近一期自有資本與風險資本之比率未達法定標準者，以從事前項第一款、第五款投資為限。
但經主管機關核准投資前項第三款及第四款規定者，不在此限。
三、保險業依前款規定從事之投資總額，不得超過該保險業經核定國外投資額度百分之五。
保險業資金投資第一項第三款所列公司債及金融債券，其債券發行評等等級須經國外信用評等機構評定為BBB+級或相當等級以上，但無債券發行評等者，其發行公司或保證公司之信用評等等級應符合下列規定：
一、投資於公司債或金融債券且非屬次順位者，其發行公司或保證公司之信用評等等級須經國外信用評等機構評定為A-級或相當等級以上。
二、投資於次順位公司債及次順位金融債券者，其發行公司或保證公司之信用評等等級須經國外信用評等機構評定為A+級或相當等級以上。
第一項各款所列保險業資金得從事運用之項目，主管機關得於必要時予以限制。
第一項所列投資項目，其交易金額應分別併入本辦法各項商品限額計算，並應符合下列規定：
一、投資於大陸地區政府公債及國庫券之投資總額，不得超過該保險業經核定國外投資額度百分之五。
二、投資於第一項第三款之公司債及金融債券且屬次順位者之投資總額，不得超過該保險業經核定國外投資額度百分之一。
三、投資於同一公司所發行符合第一項第二款及第三款之有價證券投資總額，不得超過該保險業經核定國外投資額度百分之一及發行公司業主權益百分之十。
四、投資於大陸地區掛牌上市證券投資基金及指數股票型基金之每一基金投資總額，不得超過該保險業經核定國外投資額度百分之一及該基金已發行總額百分之十。
五、投資於第一項第一款至第四款之有價證券及指數股票型基金之投資總額，合計不得超過該保險業經核定國外投資額度百分之十。
保險業從事第一項各款資金運用，應確實遵循相關法令規定及各項資金運用內部作業規範。
財產保險業及人身保險業並應分別依財產保險業辦理資訊公開管理辦法第十一條及人身保險業辦理資訊公開管理辦法第十一條規定，於資訊公開網頁之說明文件應記載事項項下公開揭露從事第一項各款資金運用之投資總額及損益情形，並每季更新一次。
一、大陸地區政府公債及國庫券，包括於銀行間債券市場交易之標的。
二、大陸地區集中市場交易股票及集中市場上市前首次公開募集股票。
三、大陸地區集中市場或銀行間債券市場交易之公司債及金融債券。
四、大陸地區掛牌上市之證券投資基金及指數股票型基金（ETF）。
五、於依本項第一款至前款所為實際投資額度內，得基於避險目的，從事衍生性金融商品交易。
保險業依前項規定從事大陸地區政府、公司相關有價證券之投資，應符合下列規定：
一、無第十七條第二項第一款及第三款所列之情事。
二、投資時最近一期自有資本與風險資本之比率未達法定標準者，以從事前項第一款、第五款投資為限。
但經主管機關核准投資前項第三款及第四款規定者，不在此限。
三、保險業依前款規定從事之投資總額，不得超過該保險業經核定國外投資額度百分之五。
保險業資金投資第一項第三款所列公司債及金融債券，其債券發行評等等級須經國外信用評等機構評定為BBB+級或相當等級以上，但無債券發行評等者，其發行公司或保證公司之信用評等等級應符合下列規定：
一、投資於公司債或金融債券且非屬次順位者，其發行公司或保證公司之信用評等等級須經國外信用評等機構評定為A-級或相當等級以上。
二、投資於次順位公司債及次順位金融債券者，其發行公司或保證公司之信用評等等級須經國外信用評等機構評定為A+級或相當等級以上。
第一項各款所列保險業資金得從事運用之項目，主管機關得於必要時予以限制。
第一項所列投資項目，其交易金額應分別併入本辦法各項商品限額計算，並應符合下列規定：
一、投資於大陸地區政府公債及國庫券之投資總額，不得超過該保險業經核定國外投資額度百分之五。
二、投資於第一項第三款之公司債及金融債券且屬次順位者之投資總額，不得超過該保險業經核定國外投資額度百分之一。
三、投資於同一公司所發行符合第一項第二款及第三款之有價證券投資總額，不得超過該保險業經核定國外投資額度百分之一及發行公司業主權益百分之十。
四、投資於大陸地區掛牌上市證券投資基金及指數股票型基金之每一基金投資總額，不得超過該保險業經核定國外投資額度百分之一及該基金已發行總額百分之十。
五、投資於第一項第一款至第四款之有價證券及指數股票型基金之投資總額，合計不得超過該保險業經核定國外投資額度百分之十。
保險業從事第一項各款資金運用，應確實遵循相關法令規定及各項資金運用內部作業規範。
財產保險業及人身保險業並應分別依財產保險業辦理資訊公開管理辦法第十一條及人身保險業辦理資訊公開管理辦法第十一條規定，於資訊公開網頁之說明文件應記載事項項下公開揭露從事第一項各款資金運用之投資總額及損益情形，並每季更新一次。