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| Draft Issued on Overseas Investment of Insurance Capital |
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The China Insurance Regulatory Commission (CIRC) published the draft regulation on overseas investment of insurance capital on Thursday and invited submissions. Under the draft, qualified insurance institutions will be able to invest foreign exchange in money market instruments, fixed-income products as well as equity products such as stocks, shares and equity funds. Total investment overseas cannot exceed 15 percent of the total assets of the company and should be approved by the CIRC, said the draft. Insurance institutions will be able to entrust professional investment institutions to use financial derivatives to avoid investment risks. Speculation would be prohibited and information disclosure required. The draft clearly defines the qualifications, information disclosure, supervision and management of applications, accounts, investment and risk of insurance capital invested overseas. A circular released by the People's Bank of China in April allows qualified insurance companies to buy foreign exchange to invest in overseas fixed-income products and money market instruments. (Xinhua News Agency December 22, 2006) |
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