21 Interpretation | The scope and space of insurance investment financial products expand again: incorporate wealth management products, etc.

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21 Interpretation | The scope and space of insurance investment financial products expand again: incorporate wealth management products, etc.

2022-05-15 00:07:58 14 ℃

The 21st Century Business Herald reported that on May 13, the CBRC amended and issued the "Notice on Financial Products Relevant Financial Products" (hereinafter referred to as the "Notice").

The "Notice" specifies the financial product behavior issued by insurance funds investment in non -insurance financial institutions. Asset management products and asset securitization products issued by financial institutions in accordance with the law.

Compared with the revision, the "Notice" deleted an infrastructure investment plan, real estate investment plan, asset support plan and related requirements issued by insurance capital investment insurance asset management companies.

The relevant person in charge of the CBRC stated that the main consideration is that the regulatory authorities have successively introduced the "Interim Measures for the Management of Insurance Asset Management Products", "Notice on Printing and Distributing the Implementation Rules for the Implementation of Insurance Asset Management Products", "Asset Support Planning Business Management Interim "Measures" and other policies have further improved the management and operation of relevant products. At the same time, according to regulatory requirements, insurance asset management companies should have corresponding product management capabilities. Therefore, for products issued by insurance asset management companies, insurance institutions can invest in the requirements of product management regulations on the requirements of investor qualifications, which is conducive to streaming of insurance capital investment insurance asset management products and other financial products and other financial products Supervision mechanism.

Support the financial market steady operation

Financial products are an important part of insurance asset allocation. In recent years, the field of insurance funds has gradually expanded the scope and variety of investment financial products in accordance with the principles of the system. Especially after the implementation of the original investment financial product policy in 2012, the scale of insurance funds investment in financial products has continued to increase.

As of the end of December 2021, the scale of insurance funds investment in financial products was 1.72 trillion yuan, accounting for 7.39%of the balance of funds, and the variety covered commercial bank wealth management products, collective capital trusts, credit asset support securities, asset support special plans, etc. The structure is further improved.

With the rapid development of my country's financial markets, financial products such as wealth management companies have continued to emerge, and their risk income characteristics meet the needs of insurance funds. The industry has a strong willingness to allocate.

At the same time, with the implementation of the "Notice on Optimizing the Supervision of Insurance Institutional Investment Management Capacity Supervision" and other policies, the implementation of regulatory requirements for financial product investment concentration and investment management capabilities has been adjusted, and it is necessary to clarify the system.

In addition, the original policy requires further strengthening in terms of financial product decision -making process and post -investment management. Therefore, it is necessary to combine the new situation and situation to revise the "Notice".

China Life Insurance (Group) Corporation Chief Investment Officer, Wang Junhui, Secretary of the Party Committee and President of China Life Asset Management Co., Ltd., said that scientific and effectively broaden the scope of insurance funds investment in financial products, which will help further open up the allocation of more risks and benefits. Space, improve the allocation structure, increase investment income, decentralized investment risks, straighten out the financial product supervision mechanism of insurance funds in the industry and abroad, which is conducive to enriching insurance funds to serve the real economic channels of the insurance funds, and promote and ensure the improvement of the Chinese capital market and stable operation.

Taikang Asset CEO Duan Guosheng said that the "Notice" further rationalized the supervision mechanism of financial products inside and outside the industry and foreign investment in the insurance capital investment, and put forward higher requirements for insurance fund investment management capabilities. As a long -term stable scale, insurance funds will scientifically use various financial product tools with stronger subject consciousness to continue to promote comprehensive capabilities and system construction, give full play to long -term investment advantages, support the steady operation of the financial market, serve high quality of the economy economy, and serve high quality of the economy economy. develop.

Greed up the scope of investment financial products

After the revision, there were seventeen "Notice", adding five articles from the original policy, 13 revisions, and deleting seven. The main revised content includes: one is to broaden the scope of investment financial products. Incorporate wealth management company wealth management products, single asset management plans, debt -to -equity investment plans, etc. into the scope of investment financial products, and further improve the structure of insurance asset allocation.

Yang Ping, general manager of Huatai Assets, pointed out that in the competition and cooperation of financial stability in serving the real economy, meeting the needs of the people's good life, maintaining financial stability in the people, wealth management subsidiaries have entered a new stage of the development of asset management development. The scope of financial products into insurance investment and financial products not only meet the needs of market development, but also strengthen the needs of competition and cooperation in the industry. The stable development of the real economy and financial markets.

Xinhua Life believes that the "Notice" incorporates financial products that meet the needs of insurance funds into the scope of investment, which is conducive to alleviating the pressure of asset allocation facing the insurance industry, improving investment performance, decentralizing investment risks, improving the quality of the real economy, promoting insurance Fund implementation serving national strategic strength.

The second is to implement the main responsibility. Clarify the insurance asset management company's entrusted investment financial products, and shall bear active management responsibilities such as due diligence, investment decision -making, and post -investment management. Cancellation of external credit rating requirements for insurance capital investment credit asset support securities and asset support special plans, and guide institutions to implement the responsibility of risk management subjects.

Yang Ping believes that those who can not be on the person cannot go. The professional development of institutional capabilities is matched with business opportunities and capacity requirements, realizing the equality of responsibility and rights, and promoting the professional development and construction of the industry. Without diamond diamonds, porcelain can not be used. The third is to strengthen the requirements of penetrating supervision. In response to some financial products, insurance institutions are required to penetrate the corresponding investment management capabilities according to the nature of the product's basic assets, and to manage the corresponding investment ratio according to the basic asset category, which truly reflects the risk of investment assets.

The fourth is to standardize investment single asset management products. For private financial products issued by insurance companies' investment single asset management plans and private equity products issued by a single investor, it is required to improve the selection standards and processes of investment managers, carefully formulate investment guidelines, and maintain asset security.

Fifth, improve post -investment management requirements. Insurance institutions are required to clarify the responsibility for post -investment management of investment in financial products, equipped with professional post -investment managers, regularly track the investment status of investment, and take effective measures to control the risks.

Yang Ping emphasized that the standardized operation and development is also a barrier for industry risk management. On the basis of steadily promoting the release of investment, it is escorted.

Do a good job of commissioning investment management business connection

The "Notice" is connected with the investment management business entrusted by insurance funds.

The Interim Measures for the Investment Management of Investment Entrusted by Insurance Fund in 2012 stipulates that eligible securities companies and fund management companies can entrust insurance funds to conduct relevant asset management business. After the release of private equity management business supervision rules for asset management and securities and futures management agencies, securities companies and fund management companies have carried out private equity management business through the establishment of a private equity asset management plan.

In order to adapt to the development of the market situation, the "Notice" has added a single asset management plan to the scope of investable financial products, and simultaneously deletes securities companies, fund management companies, etc. as investment Manager's relevant requirements.

The "Notice" stipulates the conditions that the securities asset management company's management insurance funds should be available. In practice, some securities companies have set up new securities asset management companies to carry out asset management business. In order to promote the stable transition of relevant businesses and increase support for the capital market, for the asset management subsidiary of the securities company that has been approved by the State Council's securities supervision and management agency in accordance with the law and the exhibition industry is less than three years, its asset management business qualifications and management scale may be possible. Continuous calculations with the parent company of the securities company; due to mergers and acquisitions, reorganization, risk disposal, etc., the new company undertakes the qualifications of the private asset management business of the original securities company, and the qualifications of the asset management business may be continuously calculated with the original company.

Ye Peng, deputy general manager and financial leader of Pacific Life Insurance Company, said that the "Notice" specifies the behavior of the insurance capital investment insurance industry's external financial products, including investing in commercial banks or wealth management companies, trust companies, securities companies, securities asset management companies, and asset management companies, and Asset management products and asset securitization products issued by financial institutions such as securities investment fund management companies, financial asset investment companies, and other financial institutions. The definition of related financial products, access and other aspects of various aspects meet the relevant requirements of the use of top -level insurance funds, new asset management regulations, etc., but also have policies and regulations on asset -liability management, investment management capabilities, asset management products in the insurance industry in recent years. Maintain coordination, optimized the construction of the system system, and improved the quality and efficiency of the regulatory system.

Ye Peng continued that the "Notice" focused on the implementation of the main responsibility, clarified that insurance institutions should have corresponding investment capabilities, conduct substantial evaluation of relevant financial product risks, and guide institutions to implement the responsibility of risk management. Financial products are responsible for post -investment management, equipped with professional post -investment management personnel, regularly track the investment status, and take effective measures to control the risks.

Guoshou shares said that with the completion of this revision, the scope and space of insurance funds investing in financial products have been further expanded. First of all, through investment asset support special plans, credit assets support securities, debt -to -equity investment plans, wealth management products and other financial products other than insurance industry, insurance institutions enrich the types of investment varieties, can better implement the major decision -making and deployment of the Party Central Committee, support support The needs of state -owned enterprise reform and the development of private small and micro enterprises to continuously broaden the channels for serving the real economy; secondly, through business cooperation and experience exchanges with financial industry such as securities firms and financial subsidiaries , Accelerate the cultivation of insurance talents; at the same time, promote the continuous improvement of risk identification capabilities, improve the internal risk control system, refine job responsibilities requirements, improve industry asset quality, and reduce investment risks.

In the future, with the continuous construction of my country's new development pattern and the development of the capital market, insurance funds will continue to exert their advantages. By allocating more types of financial products, we will continue to provide multi -level and diversified financial services to the real economy, and continuously improve services to improve services The quality of the real economy.