Regulations Governing Foreign Investments by Insurance Companies Article 9
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.
The securitized asset-backed products referred to in Subparagraph 10 of Article 5 include:1. Asset-backed securities;2. Commercial mortgage-backed securities;3. Residential mortgage-backed securities; and4. Collateralized debt obligations.An insurer’ investment in securitized asset-backed products listed above shall be restricted to those with a credit rating equivalent to A- or above by the foreign credit rating agencies and the total amount of such investment in such investment shall not exceed 20% of the approved foreign investment limit. In addition, the investment in each of such products shall not exceed 1% of the insurer’s funds.Where an insurer invests in the residential mortgage-backed bonds specified in Subparagraph 3 of paragraph 1, the average FICO of the underlying asset pools shall reach 680 or higher.An insurer’s investment in the residential mortgage-backed securities issued or guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and Government National Mortgage Association is exempted from the provisions of Paragraphs 2 and 3. The total amount of such investment and the subtotal amount attributed to each of the above agencies shall not exceed 50% and 25% of the limit imposed on the insurer’s foreign investment respectively.Where an insurer invests in any of the following collateralized debt obligations, the amount and conditions of such investment shall comply with Article 17:1. The collateralized debt obligations of which part of the underlying assets are below BBB- or equivalent credit rating by the foreign credit rating agencies;2. The collateralized debt obligations with such underlying asset pool as is based on a leverage financing structure or contains subprime mortgage loans or leverage loans.
中文原文 保險業辦理國外投資管理辦法第9條
第五條第十款所稱資產證券化商品之種類如下：
一、資產基礎證券。
二、商業不動產抵押貸款債券。
三、住宅不動產抵押貸款債券。
四、抵押債務債券。
保險業投資於前項之資產證券化商品，其信用評等須經國外信用評等機構評定為A-級或相當等級以上，且其投資總額不得超過保險業經核定之國外投資額度百分之二十，對每一資產證券化商品之投資金額，不得超過保險業資金百分之一。
保險業投資於第一項第三款之住宅不動產抵押貸款債券，其資產池之債權平均信用評等分數須達六百八十分以上。
保險業投資於美國聯邦國民抵押貸款協會、聯邦住宅抵押貸款公司及美國政府國民抵押貸款協會等機構發行或保證之住宅不動產抵押貸款債券，不受第二項及前項規定限制。
但其投資總額不得超過保險業經核定之國外投資額度百分之五十，每一機構之債券投資金額，不得超過保險業經核定之國外投資額度百分之二十五。
保險業投資於下列抵押債務債券，其投資金額及條件應符合第十七條之規定：
一、資產池個別資產之信用評等等級經國外信用評等機構評定未達BBB-級或相當等級之抵押債務債券。
二、資產池採槓桿融資架構，或資產池之個別資產含次級房貸或槓桿貸款之抵押債務債券。
一、資產基礎證券。
二、商業不動產抵押貸款債券。
三、住宅不動產抵押貸款債券。
四、抵押債務債券。
保險業投資於前項之資產證券化商品，其信用評等須經國外信用評等機構評定為A-級或相當等級以上，且其投資總額不得超過保險業經核定之國外投資額度百分之二十，對每一資產證券化商品之投資金額，不得超過保險業資金百分之一。
保險業投資於第一項第三款之住宅不動產抵押貸款債券，其資產池之債權平均信用評等分數須達六百八十分以上。
保險業投資於美國聯邦國民抵押貸款協會、聯邦住宅抵押貸款公司及美國政府國民抵押貸款協會等機構發行或保證之住宅不動產抵押貸款債券，不受第二項及前項規定限制。
但其投資總額不得超過保險業經核定之國外投資額度百分之五十，每一機構之債券投資金額，不得超過保險業經核定之國外投資額度百分之二十五。
保險業投資於下列抵押債務債券，其投資金額及條件應符合第十七條之規定：
一、資產池個別資產之信用評等等級經國外信用評等機構評定未達BBB-級或相當等級之抵押債務債券。
二、資產池採槓桿融資架構，或資產池之個別資產含次級房貸或槓桿貸款之抵押債務債券。